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Topics Discussed in Class - My Participation in Class
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REFLECTIVE The business environment is changing dramatically with the passage of time. Globalization has changed the industry practices being followed in the past. Companies are coming up with strategies and innovation to market the products and penetrate in the global markets (Keegan and Green, 2012)…
I had no idea that understanding the change in trends, economic environment, political and legal environment is significantly important for marketing. In economies where the culture varies, the marketers have to come up with new and innovative strategies to increase demand. The marketing strategies are built on the basis of understanding the economic environment of a society which comprise of factors like demographics, culture, political & legal environment and the technological advancements to which the people have adapted to. Globalization has increased competition and the barriers have been removed. This in turn has brought changes in the institutional environment and has brought a significant effect on the marketers and their strategies (Griffith, 2010). In this globalizing world the marketer must make an attempt to understand the laws and regulation of the economies they are engaging in business with. They must respect the culture of the people so that effective marketing can be done. Understanding the people must be the primary objective of the marketer. The political condition and stability of an economy may be subject to change. This may change a few laws and regulations of the economy. The stability of the company may be tested under these varying conditions. ...
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