MGT 3300 Lecture Notes - Lecture 13: U.S. Consumer Product Safety Commission, North American Free Trade Agreement, Sherman Antitrust Act
Document Summary
The economic environment affects the way firms and the whole economy use resources. The economic environment is affected by the interactions of all the elements of the macro-economic system. The economic environment can change very rapidly. In periods of rapid business decline, even a well-planned marketing strategy may fail. Due to recession, consumers tend to spend less in many categories that are not necessities. Therefore marketing managers found ways to adapt their marketing strategies and lessen the impact of the recession. Interest rates and inflation affect consumer buying processes. Interest rates can go up sharply in times of high inflation. Global trade is affected by exchange rates. The political environment refers to the way societies order their governments and to the attitudes of the government and people toward business. Let"s talk about two examples of different characteristics of the political environment. Nationalism is an emphasis on a country"s interests before anything else.
