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Boundless Marketing
The Marketing Environment
Marketing Textbooks Boundless Marketing The Marketing Environment
Marketing Textbooks Boundless Marketing
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Section 3

External Factors

Book Version 3
By Boundless
Boundless Marketing
Marketing
by Boundless
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7 concepts
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General Economic Conditions

Marketers must be aware of the business cycle, and react appropriately according to which stage of the cycle the economy is in.

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Consumer Income, Purchasing Power, and Confidence

The CPI and CCI are measures of the strength of the economy, and perceptions of businesses and individuals towards the economic future.

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Political Environment

Companies doing business outside of the US should be aware that the political environment can differ greatly.

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Applicable Legislation

Companies must abide by existing laws and regulations when doing business in a country; these laws may influence marketing activities.

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Cultural Values

Whether doing business abroad or locally, marketers must understand the cultures that govern customers' buying habits and ethical norms.

Demographics

Marketers must understand the different demographic groupings that exist and the demographic changes that are constantly occurring.

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Trends

Marketers must be able to anticipate and adapt to future trends and technological advancements in order to stay ahead of the competition.

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