Question

What on your insight on diverse elements influencing marketing action focusing on the environmental forces such as social, economic, technology, regulatory and competitiveness

how does it apply to your professional or personal experience

Answer 1

Federal, state , and local bodies may lay down rules or restrictions on business behaviour. Control is meant to benefit both customers and companies. Few rules (such as copyright laws) are preferred by companies while chafing under others (such as advertisement restrictions). For starters, the cigarette industry has had to learn to deal with a federal TV and radio advertisement ban. More recently, several food industry firms have voiced unhappiness about the legislation forcing trans-fat content to be labelled. The television sector is deeply worried about the Federal Communications fines levied

Marketing professionals face a barrage of economic news every day. They need to ingest it, analyse its impact, and change marketing plans accordingly. The news is often (but not recently) cause for optimism: the economy is improving, unemployment is decreasing, consumer morale is increasing. The news makes us anxious at other moments (like today)-our economy is poor, factory productivity is down, jobless claims are growing, consumer morale has fallen, credit is difficult to obtain. Company naturally thrives as the economy is rising, jobs are complete, and prices are steady. It's cheaper to sell goods when buyers are able to purchase them. On the other hand , consumers have less money to spend while the economy is declining (or stalled) and unemployment is increasing, and the role of the marketer is tougher.

The marketing combination is often transformed by emerging technology in another significant manner: they change the way firms sell their goods. Consider the transformative developments brought on by the Internet, which creates a modern platform for advertisers to advertise and offer a wide variety of products and services. Marketers need to keep up-to - date with technical advances and change their tactics, both to take advantage of the possibilities and to escape risks.