MCS 1000 Study Guide - Final Guide: Consumerism, Disposable And Discretionary Income

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sergio Meza

Document Summary

Environmental forces are external events that affect the market, consumers, and the whole industry overall. Environmental forces may open new opportunities or generate threats for all competitors in the industry. In order to take advantage of those opportunities, firms should continuously monitor the environment to be in a better position to align strengths and alleviate weakness. Also, firms must monitor the environment to anticipate threats and alleviate their consequences. Ethics include the sets of moral values and principles that govern the actions of persons and institutions. In some cases, what is ethical coincides with what is legal. Laws are values and conducts defined formally by society and enforced by authorities. The main function of (cid:373)arketi(cid:374)g is to satisf(cid:455) (cid:272)o(cid:374)su(cid:373)ers" (cid:374)eeds. O(cid:374) the other ha(cid:374)d, it is important to ask if accomplishing that is the only thing firms need to do. The simple answer could be, not necessarily because consumers and firms are part of the same society.