BUSMKT 1040 Chapter 3: Chpt. 3 - Understanding the Marketing Environment, Ethical Behavior, and Social Responsiblity
Document Summary
Chapter 3: understanding the marketing environment, ethical behavior, and social responsibility. Section 1 - environmental scanning: environmental scanning: process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends, an environmental scan of today"s marketplace. Period of increasing births, which resulted from baby boomers having children: exerts influence on music, sports, computers, video games, and all forms of. Includes values that may differ over time and between countries: companies are changing their business practices to respond to trends in consumer values. In an inflationary economy, the cost to produce and buy products and services escalates as prices increase. Internet of things (iot); network of products embedded with connectivity-enabled electronics: the information gathered by the internet of things has led to an explosion in interest in advanced analytics that can predict consumer preferences and behavior.
