Textbook Notes (363,260)
Canada (158,278)
MGTA02H3 (361)
Chapter 5

Chapter 5 Notes

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Social and Cultural Environment -issues reflect the values, beliefs, and ideas that form the fabric of Canadian society today -we continue to insist on a greener Canada, we have seen the fall of Freon in air conditioners and increased reliance on recycling materials in the goods we consume -changing social values force companies to develop and promote new products for both individual consumers and industrial consumers -example, Dot-com sites collect personal information but consumers want privacy -therefore there has been a growing demand for better privacy protection Technological Environment -they create new goods and services such as satellite dishes -new products make some existing products obsolete (example, compact discs are replacing audiotapes -they often stimulate new goods and services not directly related to the new technology itself -cell phones are not only used for business communication, for also for recreation and leisure -DNA fingerprinting is a product -it involves marketing decisionssuch as pricing and promotion Economic Environment -determine spending patterns by consumers, businesses, and governments -markets are mostly concerned with inflation, interest rates, recession, and recovery -the business cycle must be monitored which features a pattern of transition from periods of prosperity to recession to recovery (return to prosperity) -consumer spending increases as consumer confidence in economic conditions grows during periods of prosperity -it decreases during low-growth periods, when unemployment rises and purchasing power declines -nations form more and more economic connections, the global economy is becoming more prominent in the thinking of marketers everywhere Competitive Environment -markets must convince buyers that they should purchase their products instead of those of other sellers -each marketing program seeks to make its product the most attractive -a failed program loses the buyers dollar forever -three specific types of competition are: www.notesolution.com
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