ADMS 2200 Lecture Notes - Lecture 3: Regulatory Agency, Market Environment, Consumer Protection

• School: York University
• Department: Administrative Studies
• Course: ADMS 2200
• Professor: Andreas Strebinger

Document Summary

Marketers constantly monitor crucial trends and developments in the business environment through environmental scanning. The goal of this process is to analyze the information and decide whether these trends represent significant opportunities or pose major threats to the company. The firm can then determine the best response to a particular environmental change. Environmental scanning is a vital component of effective environmental management. Strategic alliances are especially common in international marketing, where partnerships with local firms provide regional expertise for a company expanding its operations abroad. Members of such alliances share risks and profits. Alliances are considered essential in a country such as china, where laws require foreign firms doing business there to work with local companies. There are five forces in marketing"s external environment competitive, political-legal, economic, technological, and social-cultural. these forces provide the frame of reference within which all marketing decisions are made.