Question

1.Explain the purpose of environmental scanning.

2.Discuss how economic forces affect marketing.

3.Describe how technological changes can affect marketing.

4.Discuss the forms of competition that exist in a market.

5.Explain how regulatory forces ensure competition and protect producers and consumers.

6.Identify factors that influence ethical and unethical marketing decisions.

7.Describe the different concepts of social responsibility.

8.Describe the stages in the consumer purchase decision process.

9.Distinguish among three variations of the consumer purchase decision process: extended, limited, and routine problem solving.

10.Identify the major psychological influences on consumer behavior.

11.Identify the major sociocultural influences on consumer behavior.

Answer 1

1. Environmental scanning is to help the management to strategies future direction for its employees.

2. Economic factors such as, expansionary monetary policy increases the money supply in the market and contractionary do the vice versa.

Employment rate affects demand and supply of goods

Inflation decreases demand etc

3. technological changes may reduce labour requirement and may increase both the quality and quantity of the product by the producer, also, manipulating it's price, accordingly.

4.perfect competition - many producers fighting in market for the same product.

monopolistic competition - two firms producing stuff for same demand, with slight change

oligopoly - two producers producing exact same good and fighting in the market.

monopoly. - one producer, producing entirely different product