Section 3
External Factors
By Boundless
Marketers must be aware of the business cycle, and react appropriately according to which stage of the cycle the economy is in.
The CPI and CCI are measures of the strength of the economy, and perceptions of businesses and individuals towards the economic future.
Companies doing business outside of the US should be aware that the political environment can differ greatly.
Companies must abide by existing laws and regulations when doing business in a country; these laws may influence marketing activities.
Whether doing business abroad or locally, marketers must understand the cultures that govern customers' buying habits and ethical norms.
Marketers must understand the different demographic groupings that exist and the demographic changes that are constantly occurring.
Marketers must be able to anticipate and adapt to future trends and technological advancements in order to stay ahead of the competition.