MGMA01H3 Chapter Notes - Chapter 2: Business Cycle
15 Apr 2011
School
Department
Course
Professor
Document Summary
Introduction: organizations operate in an environment that is constantly shifting and changing. Environmental scanning: environmental scanning is the process by which the marketing manager gathers and sorts information about the marketing environment. Information can be gathered periodically or continuously and they usually come from informal or formal sources. If issues rise that affects an industry as a whole, all the industry players will act in cohesion to correct the problem: example: all car manufacturers adopting the policy to have air bags. The economic environment: economic environment is the factors in a region or country that affect the production, distribution, and consumption of its wealth. Key elements are monetary resources, inflation, employment, and productive capacity. Principles of marketing chapter 2: successful firms have a rising sales trend line, achieved by foreseeing, correctly defining and reaching new market opportunities. Unemployment: unemployment is defined as people actively looking for work who do not have jobs.
