Introduction to marketing Assignment Example | Topics and Well Written Essays - 2250 words

Introduction to marketing - Assignment Example These include government rules, regulations and policies that impact on the business environment. According to Georgiev’s (2013, p. 4) study, these policies and regulations include tax policies, trade and labour laws, trade restrictions, tariffs, environmental laws and regulations, infrastructure and development policies. On the same note, political stability is also a critical factor that affects both the economy and the business. From these factors, it is clear that the political factors impact on the daily operations of businesses. This requires that businesses prepare to respond to the current, as well as anticipated future legislations, in order to adjust their marketing policies accordingly. These factors relate to the economy and affect how an entity conducts its business and their profitability. These factors include inflation, interest rates, exchange rates, economic growth, and disposable income of consumers and businesses. An entity has no control over these factors, and it only adjusts its business strategies, commercial and financial policies to benefit most from the prevailing economic conditions. These denote the social-cultural factors and include the shared beliefs and attitudes and can affect the business strategies positively or negatively. They include the demographic aspects such as religious beliefs and social stigmas, age distribution, employment and income statistics, education and career trends, overall general attitude, and population growth rate. These factors have a great impact on the operation of an entity since poor strategies, especially those which go against the societal norms face opposition, criticism protests and even negative publicity. A marketer must, therefore, understand individuals based on age as well as the whole society and what drives them to making a purchase. These factors are brought about by the technological landscape changes in the