MARKETING ENVIRONMENT
The act of monitoring developments outside of the firm’s control with the goal of detecting and responding to threats and opportunities is known as this.
What is environmental scanning.
What are larger profits, larger markets, necessity, increased demand, and innovation.
The legal process in which one firm pays to use or distribute the resources—including products, trademarks, patents, intellectual property, or other proprietary knowledge—of another firm is known as this.
What is licensing.
This comprises the internal structure of the firm as well as a firm’s customers and corporate partners.
What is a firm's internal environment.
How the value of one country’s currency changes in relation to the value of other currencies is known as this.
What is currency fluctuation.
The largest developing middle class is found in this country.
What is China.
Age, gender, education, and ethnicity are all examples of this factor of the external environment.
What is demographics.
The belief by residents of a country that it is inappropriate or immoral to purchase foreign-made goods and services is known as this.
What is consumer ethnocentrism.
When the government of a country artificially controls the value of its currency relative to the currencies of other countries, this is known as this.
What is currency manipulation.
Increased environmental concerns and concerns around nutrition would be examples of this environmental factor.
What are sociocultural factors.
How wealth is allocated across the population of a country, is known as this.
What is income distribution.
When a company sells its exports to another country at a lower price than it sells the same product in its domestic market it is engaged in this.
What is product dumping.
This analysis consists of examining the political, econoimc, social, technological, environmental, and legal factors impacting a firm's environment.
What is PESTEL Analysis.
The lowest risk strategy for entering a foregin market is this.
What is exporting.
What is the role of marketing in business?
What is to understand the organization’s customers and markets in an effort to develop strategies to sell products or services that produce profit