MKT-3050 Chapter 2: Chapter 2 Marketing Principles
Document Summary
Lecture notes: elements outside the firm that may affect it either positively or negatively must be constantly scanned and monitored by businesses on an ongoing basis as part of their strategic planning process. In particular, marketers seek to identify economic, competitive, technological, legal/political/ethical, and sociocultural trends, because these trends manifest as opportunities or threats to the business. Sociocultural environment: refers to characteristics of a society, its people, and its cultural values and beliefs. Lecture notes: the sociocultural environment refers to the characteristics of the society, the people who live in that society, and the culture that reflects the values and beliefs of the society. Differences in values between one country and another often explains why marketing efforts that are a big hit in the u. s. can flop abroad. For example of cultural values, italian housewives spent. 5 more hours a week cleaning the house than americans. This dedication should make them perfect customers for cleaning products.
