Marketing

Management
Midterm Notes
Marketing Management
Features & Importance
What is Marketing
→ Marketing is the management process of identifying, anticipating and satisfying customer
requirements profitably

Features of Marketing
1. Systematic process
• Designing the Product – meets the needs and desires of the target market.
• Fixing the Price – appropriate pricing strategy based on market conditions and consumer
perceptions.
• Distribution at the Right Place – product reaches the target market through efficient and
effective distribution channels.
• Effective Promotion – implementing promotional strategies to communicate the value of the
product to the target audience.
2. Ideas, Goods & services
• Tangible Goods (FMCG & Durables) – Physical products that consumers can touch and feel.
• Intangible Services – Provide value without a physical product.
• Ideas (Govt. / Social) – Concepts or social initiatives to influence public opinion and behavior.
3. Target Market – Identifying and focusing on specific segments of the market that are most likely to be
interested in the product or service.
4. All Pervasive – Marketing is omnipresent and influences various aspects of business and society.
5. Customer Satisfaction – Satisfied / Dissatisfied/ Delighted – whether needs are being met
6. Competitive Advantage – Seeking ways to differentiate the product or service from competitors to gain
a competitive edge in the market.
7. Corporate Image – Building and maintaining a positive perception of the company and its products or
services in the eyes of the public.
8. Expansion of Business – Using marketing strategies to facilitate the growth and expansion of the
business into new markets or product lines.
9. Organizational Objective – Aligning marketing activities with the overall goals and objectives of the
organization

Importance of Marketing

1. Customer satisfaction – whether customer needs are being met

2. Competitive Advantage – help differentiate a business, gives it a competitive edge
3. Corporate image – shapes perception of brand among consumers
4. Customer relationship – helps communicate with customers
5. Expansion of Business – helps with market research and promotional efforts that drive business growth
6. Economies of scale – can increase demand, allowing businesses to benefit from economies of scale in
production.
7. Efficiency – streamlines communication and resource allocation
8. Organizational Objective – aligns with organizational goals, guiding efforts toward achieving strategic
objectives.
9. Optimum use of Resource – helps allocate resources effectively, optimizing budgets for maximum
impact.
Functions of Marketing
1. Market research (Consumer/Dealer)
• Collection and analysis of data related to consumer preferences and behaviors
• Understand dynamics of the dealer network
• Guides decision making about product, target audience, etc.
2. Branding
• Establish unique and recognizable identity
• Create emotional connection with consumers
• Helps build trust, differentiates offering from competitors
3. Advertising
• Communication process that promotes product or service through various media channels
• Aims to create awareness, generate interest, influence consumer behavior
4. Product Design
• Involves conceptualization and creation of products
• Aims to meet consumer needs and preferences
• Helps enhance functionality, aesthetics, usability
5. After sale service
• Support and assistance provided to customers after they have made a purchased
• Resolve issues, maintenance services
• Helps ensure customer satisfaction – foster loyalty and improve brand perception
6. Sales Promotion
• Short term incentives to stimulate immediate sales or encourage consumer actions
• Discounts, coupons, contests to boost sales
7. Salesmanship/Personal selling
• Direct interaction between salesperson and potential buyers
• Allows for tailored communication, addressing customer needs, and guiding individuals
through purchase process
8. Pricing
• Determine monetary value of product
• Considers factors like production cost, competitor pricing, perceived value, market demand
• Aim is to create a competitive and profitable pricing structure
9. Test marketing
• Launch product to limited market before a full scale launch
• Helps assess consumer response, identify potential issues, and fine tune marketing strategies
before a broader market entry
10. Physical Distribution
• Movement of products from the manufacturer to the end users
• Transportation, warehousing, inventory, management and order fulfillment
• Ensures timeline product availability and delivery

Evolution of Marketing
1. The Exchange concept
a. Lack of marketing research to find out customer preference
b. No emphasis on R&D
c. Emphasis only on profits
2. The Production concept
It came into existence after industrial revolution
a. Customer will prefer products that are widely available at lower cost
 b. Emphasis on profits
c. Large scale production
3. The product concept
Consumer will prefer product that offer high quality and performance
a. Emphasis on research to improve quality
b. Lack of emphasis on customer relation
4. The selling concept
Consumers will prefer those products which are aggressively promoted
a. Greater focus on promotion mix
b. Emphasis on market share
c. Lack of emphasis on customer relation
5. The Marketing concept
The success depends on customer satisfaction
a. Focus on 4P’s
b. Emphasis on market research
c. Balancing profit with customer satisfaction
6. The Societal concept
Society’s welfare + customer satisfaction + company’s profits
a. Emphasis on development of ‘Green goods’.
b. Focus on marketing research
7. The Relationship marketing concept
Company will grow if it maintains excellent relationship with all its stakeholders
8. The Holistic concept of Marketing
a. Integrated marketing
b. Relationship marketing
c. Internal marketing
d. Performance marketing

Strategic Marketing Management

Marketing Strategy Involves
• Identifying Markets & customers requirement in those markets
• Planning products that would meet customer requirements.
• Organizing and allocating resources to marketing activities.
• Implementing marketing activities to deliver customer satisfaction and to achieve firm’s objectives.

Traditional Marketing v/s Strategic Marketing Management

Aspect Traditional Marketing Strategic Marketing Management
1 Meaning Focused on Customer Satisfaction Emphasis on Differentiation from
Customer
2 Marketing Research Hardly any emphasis Major emphasis
3 Nature of Decision Reactive Proactive
Making
4 Nature of Strategy Stability Involves Stability, Growth, and
Retrenchment (S, G & R)
5 Opportunity Sensing Ad hoc Ongoing
6 Objective Primarily Profit Inclusive of Social Objectives
7 Pricing Cost Plus Market Oriented
8 Promotion Mix Few Elements Integrated Mix
Marketing Research Features
1. Systematic Process – structured and organized approach, involving defined steps such as problem
identification, data collection, analysis, and interpretation
2. Specific in Nature - focuses on addressing specific marketing issues or problems, providing targeted
insights rather than general information
3. Scope – different types of scopes for different areas – product development, pricing, promotional
4. Applied Research – Aims to solve practical marketing problems faced by businesses
5. Bridges company-customer gap – helps companies align their products or services with customer
expectations, bridging the gap between what is offered and what customers desire.
6. Continuous in Nature – providing companies with timely and relevant information to adapt to changing
market conditions
7. Company objectives – aligned with overall business objectives, ensuring that the insights gained
contribute to the achievement of organizational goals.
8. Cost effective - the benefits of informed decision-making often outweigh the investment, making it a
cost-effective strategy in the long run.
9. Professional Approach - uses established methodologies and techniques, often involving professionals
with expertise
10. Marketing mix decision - guide the use of the 4 P’s

Marketing Research Process

1. Identify and define Problem
2. Conduct a preliminary investigation – brief review of available information, previous research, and
discussions to gain insights and refine the research objectives.
3. Determine data needs - identify the specific types of data required to address the research objectives,
nature of data (qualitative, quantitative)
4. Determine data sources – primary sources (collect directly) or secondary sources (from previous
research)
5. Create a research design – comprehensive plan for overall approach, select method, procedures
6. Design questionnaire – carefully craft questions, structure, get unbiased respondents
7. Designing sample of respondents – determine target audience and get a representative sample,
specify characteristics of participants
8. Collection of data – collect data – survey, interview, questionnaire, etc.
9. Organization of data – prepare data for analysis – data pre-processing
10. Analysis and interpretation of data – apply statistical or qualitative analysis – data mining – pattern,
trends, correlations, insights
11. Preparation of Research report – summarize finings, conclusions and recommendations

Marketing Information System (MIS)

The data is collected from customers, competitors, company sales force and other staff, government,
specialized agencies and sources.

Components of MIS
1. Internal Records
a. Sales records (area wise, product wise, time wise)
b. Salesforce performance records – about performance of sales teams, achievements, targets
c. Test marketing – records and results – help evaluate feasibility and potential success of new
products
d. Marketing research report – findings, summary, insights from consumer or product research
 e. Dealer records - Information about dealers, distributors, or retailers, including their
performance, inventory levels, and relationships with the company.
f. Marketing and distribution cost records – records of costs associated with such activities,
helping assess the efficiency and profitability
2. Marketing Intelligence
a. Marketing intelligence can be collected by marketing managers, sales force, consultants,
marketing intelligence specialists, and channel intermediaries
b. Information about market trends, competitor actions, and other relevant factors influencing
the business environment.
3. Marketing research
a. Consumer research – consumer preferences, behavior, attitude – help understand market
demand, assess needs, challenges
b. Dealer research – ensure effective channel management
c. Product research
d. Promotion research – study effectiveness of promotional activities – ads, sales promo, etc.
e. Pricing research – analyze pricing strategies and their impact on consumer behavior,
profitability, competitiveness
f. Place research – examine distribution channel to ensure efficient product placement and
availability
4. Marketing decision support system (MDSS)
a. Forecasting and analytical marketing support – Tools and models to aid in forecasting market
trends, demand, and sales, providing analytical support for decision-making.
b. Custom database design and management system – Designing and managing databases
customized to the specific needs of the marketing function, facilitating efficient storage and
retrieval of relevant information.
c. Research tracker database system – A system to track and manage the progress of marketing
research initiatives, ensuring timely and organized execution of research projects.

Nature of MIS
1. Systematic process
• MIS is a systematic and organized process involving the collection, processing, and dissemination
of information to support decision-making in marketing. It follows a structured approach, ensuring
efficiency and reliability in managing data.
2. Professional approach
• MIS involves a professional and disciplined approach to handling information. Trained individuals,
often with expertise in information systems and technology, manage the system to ensure accuracy
and relevance.
3. Continuous in nature
• The nature of MIS is continuous, with a regular flow of information to meet the dynamic needs of
the marketing environment. It involves ongoing monitoring, data collection, and analysis to keep
abreast of changes and trends.
4. Components of MIS
• MIS is comprised of various components, including internal records, marketing intelligence,
marketing research, and decision support systems. These components work together to provide a
comprehensive view of the marketing environment.
5. Unified and centralized system
• MIS is often designed as a unified and centralized system where data from various sources are
integrated into a single platform. This centralization ensures consistency and facilitates easy access
to information
6. Use of latest technology
 • MIS leverages the latest technology for data collection, processing, and analysis. This may include
the use of advanced software, databases, analytics tools, and other technological solutions to
enhance the efficiency of information management.
7. Cost effective information
• MIS aims to provide cost-effective information by optimizing data collection processes, minimizing
redundancy, and ensuring that the information generated adds significant value to the decision-
making process.
8. Decision making
• A key function of MIS is to support decision-making in marketing. It provides decision-makers with
relevant, accurate, and timely information, enabling them to make informed and strategic
decisions.
9. Future oriented
• MIS is future-oriented, anticipating the information needs of the organization. By analyzing trends
and patterns, it helps businesses prepare for future challenges and opportunities.

Product Life Cycle

I. Product Development
• Objective → research and development of new product
• Keep in mind
o Unique selling proposition (USP)
o Existing product
o Target audience
• Think of why products are developed the way they are
• Features
o Product ideas
o R&D
o Product testing and trial
o Publicity undertaken to create awareness

II. Introduction
• Objective : To create awareness in the market
• Sales : Low to moderate
o Why? Because overhead costs are very high – promotion, ads
• Focus is not on high revenue
• Minimum product range
• Pricing strategy : Penetrative pricing
o Keep prices similar to competitors / Slightly lower
III. Growth
• Objective : Increase market share and profits
• Sales : High
• Increase in sale will give you increase in market share
• Growth in Profits
• Can increase product range
o Launch variants / Experiment
• Expansion in distribution
• Pricing strategy : can change according to environment
• Aggressive promotions

IV. Maturity
• Objective : To maintain or defend market share (sustain position)
• There is some stagnation
o Revenue flattens
• Low expenditure
o People already know about your product
• If brand does not defend, market share drops
• Trial and error experimentation – can try new things
• Promotion – retentive advertising strategy
• Very intensive competition

V. Decline
• Objective : To cut down the cost and reduce losses
• Strategy : Modification or withdrawal
• Sales : Declining
• Profit : Declining
• Modification requires money/ capital – incur cost – rebranding
• Reduction in distribution

Phase Development Introduction Growth Maturity Decline

R&D, testing, Stable sales,
brand Launch, Rapid sales, maintain share, Stagnant/dropping
awareness awareness, expand base, more sales, lose share,
Key aspects (opt.) build base build loyalty competition obsolete
High spend,
Limited/ pre- differentiation, High spend, Reduce spend,
launch buzz excitement, benefits, differentiation, Target spend, cost
Marketing (opt.) create demand competition loyalty reduction, niche
Adjust,
Premium, penetration Competitive, Lower price,
Pricing N/A skimming (opt.) bundles (opt.) clearance sale
Testing Limited, Wider
Distribution channels selective channels Peak, stable Decline
Consider
Sales Low/none Slow Increase Stable/dip withdrawal
Profits Negative Low/negative Rising Stagnant Decline
Segmentation, Targeting, Positioning (STP)
→ Helps with product design and product launches
→ help businesses identify and understand their target audience, customize their offerings, and position
themselves effectively in the market.

Segmentation

• Dividing people into groups

• Understand the need
• Conduct research – to validate need
o WHY? To narrow down target audience
• Target → Finding bullseye in segment
• Definition: Segmentation involves dividing the market into distinct groups of consumers who have
similar needs, characteristics, or behaviors.
• Process: Businesses analyze various factors such as demographics, psychographics, behavior, and
geographic location to identify meaningful segments.
• Purpose: It allows companies to tailor their marketing efforts to specific groups, ensuring that products
or services meet the unique preferences and requirements of each segment.

Targeting

• Targeting individuals in a segment

• Creating a target audience
• Definition: Targeting is the selection of one or more market segments that a business aims to serve
with its products or services.
• Process: After identifying market segments, businesses evaluate the attractiveness of each segment
and choose the ones that align with their capabilities and objectives.
• Purpose: Targeting helps focus resources on the most promising opportunities, increasing the
efficiency and effectiveness of marketing efforts.

Positioning

• Products create perceptions in the mind

• Examples
o Brand identity
o Brand image
• Create positioning map – to identify gap in the market
• Definition: Positioning involves creating a distinct image and identity for a product or brand in the
minds of the target audience relative to competitors.
• Process: Businesses emphasize unique selling propositions (USPs) or key differentiators that set their
offerings apart from others in the market.
• Purpose: Positioning helps consumers perceive a product or brand in a specific way, influencing their
purchasing decisions and establishing a competitive advantage.
New Product Development
Process of New Product Development

1. Idea Generation – get all inputs

2. Analysis – check what’s feasible
3. Shortlist ideas – filter out
4. Investigation – Check if it exists in the market/ competitors / has it been done before / pricing, strategy
5. Idea selection – Pick feasible one
6. Product development – prototype / design
7. Testing – take into market and check
8. Commercialization – advertising, marketing
9. Review
10. Marketing Mix – product, place, price, promotion

Product Planning

• Market analysis
• Look of the product
• Labelling vs Packaging
o Labelling – color, logo, font, text
o Packaging – shelf space, sizes, user friendly
• Need of the product

Why do Products Fail?

• Experimental
• Not what people are used to
• “Me too” product
• Failure in delivering benefit
o Not fulfilling USP or ad promises
• Wrong timing for entering market
o Late – idea has become too old or boring
o Early – market is not ready
• Sales efforts
o Overselling (pushing)
o Lack of sales skills
o Very strong market leader (monopoly)
• Repetition
o Same product over and over again
o No change in communication
Consumer Behavior
→ Needs recognition
→ Study of how individuals, groups, and organizations select, purchase, use, and dispose of goods,
services, ideas, or experiences to satisfy their needs and wants.
→ It's like understanding the entire journey a consumer takes before, during, and after buying something.

Factors Influencing Consumer Behavior

1. Marketing Factors (4 P’s)
a. Product – Features, benefits, brand, packaging, quality, variety.
b. Price – Cost, value, discounts, credit options, payment methods.
c. Place – Distribution channels, availability, location, inventory management.
d. Promotion – Advertising, public relations, sales promotion, personal selling, social media.
2. Personal Factor
a. Age – Preferences, needs, buying power change with age.
b. Gender – Marketing messages and channels may differ for genders.
c. Education – Influences product knowledge, brand perception, and decision-making.
d. Income – Affects purchasing power and product choices.
3. Psychological Factors
a. Learning – Past experiences shape preferences and buying habits.
b. Attitude – Beliefs and feelings towards products and brands. / reaction or response to
situations (calculative/ impulsive/ spendy)
c. Motive – Underlying reasons for purchase, like needs, desires, or goals.
d. Perception – Individual interpretation of information and cues.
4. Situational Factors
a. Physical surrounding – Store atmosphere, music, lighting can influence decisions.
b. Social surrounding – Presence of others, peer pressure, social norms.
c. Time factor – Urgency, seasonality, time pressure can affect choices.
d. Momentary conditions – Mood, emotions, temporary needs can influence purchases.
5. Social Factors
a. Reference group – People whose opinions and behavior influence your decisions
b. Family – Family roles, values, and dynamics impact buying decisions.
c. Role and status – Social roles and desired image can influence product choices.
6. Cultural Factors
a. Religion – Values, beliefs, and practices can influence buying habits.
b. Subculture – Shared values and norms within a larger culture, influencing preferences.

Features of Consumer Behavior

1. Process
2. Influenced by various factors
3. Different for different customers
4. Different for different products
5. Varies across religion
6. Vital for marketer
7. Reflect status
8. Result in spread effect
9. Improves standard of living
 • Process: It's not just a single action, but a series of steps like recognizing needs, searching for
information, evaluating options, making purchases, and post-purchase evaluation.
• Multi-factorial: Various internal (personal, psychological) and external (social, cultural, situational)
factors influence consumer choices.
• Individualistic: Each customer has unique preferences, priorities, and decision-making styles.
• Product-specific: Behavior can vary depending on the type of product (necessity vs. luxury, high vs. low
involvement).
• Cultural influence: Religious beliefs, values, and traditions can shape consumption patterns.
• Marketing tool: Understanding consumer behavior allows marketers to tailor products, promotions,
and pricing strategies effectively.
• Status reflection: Choices can reflect social status, aspirations, and belonging to certain groups.
• Trendsetting: Consumer behavior can lead to trends and influence the adoption of new products or
services. Positive experiences can lead to word-of-mouth marketing, influencing others.
• Living standard impact: Wise choices can lead to improved well-being and a higher standard of living.

Buying Decision Process

1. Need identification – consumer recognizes a need or problem that can be satisfied through a purchase.
2. Information search – consumers actively seek information about potential solutions or products to
address their identified need.
3. Listing of alternative – based on gathered information, consumers compile a list of potential
alternatives or options that could fulfill their requirements.
4. Evaluation of alternative – assess and compare the listed alternatives, considering factors like features,
quality, price, and brand reputation.
5. Attitude – develop an overall attitude or perception toward the alternatives, influenced by preferences,
beliefs, and emotional considerations.
6. Trial purchase – may make a trial purchase of one or more alternatives to test and experience the
product or service firsthand.
7. Purchase decision – based on the evaluation and trial, the consumer makes the final decision to
purchase the chosen product or service.
8. Post purchase behavior – based on purchase satisfaction, consumers develop behavior of loyalty,
advocacy or potential returns

Marketing Segmentation
→ Actors or forces that affect the ability of a company to develop marketing strategy
→ Two types
o Macro Environment
o Micro Environment

Bases of Market Segmentation

1. Geographic
a. Nations – Targeting specific countries or regions based on cultural nuances, economic factors,
and consumer preferences.
b. Region – Focusing on states, provinces, or cities with distinct demographics, needs, and market
trends.
c. Urban / rural – Tailoring products and messages to urban or rural lifestyles and purchasing habits.
d. Locality – Targeting specific neighborhoods or communities with unique characteristics and
preferences.
 2. Demographic
a. Age – Catering to different age groups with age-appropriate products, marketing, and pricing
strategies.
b. Gender – Understanding gender-specific needs, interests, and buying behaviors.
c. Income – Identifying income brackets with similar purchasing power and targeting them
accordingly.
d. Education – Focusing on educational levels and tailoring messages to specific knowledge and
needs.
e. Family size – Considering family dynamics and needs when developing products and marketing
campaigns.
3. Sociographic
a. Culture – Targeting specific cultural groups based on traditions, values, and social norms.
b. Reference group – Focusing on groups influencing individuals' buying decisions, like peers, family,
or social media communities.
4. Psychographic
a. Life style – Targeting individuals based on their interests, activities, and overall approach to life.
b. Attitude – Identifying segments with similar attitudes towards specific products, brands, or social
issues.
c. Personality – Understanding personality traits to personalize marketing messages and product
recommendations.
5. Behavioral
a. Usage rate – Categorizing customers based on their product usage frequency (heavy, moderate,
light users).
b. User status – Identifying new, regular, or lapsed users and tailoring strategies for each segment.
c. Buying motives – Understanding the underlying reasons behind purchase decisions
(convenience, price, quality, etc.) and crafting relevant marketing appeals.

Importance of Market Segmentation

1. Market opportunities – By understanding specific segments, businesses can discover unmet needs and
tailor products and services to capture new markets.
2. Product development – Knowing the preferences and needs of each segment helps businesses create
products that resonate better, leading to higher adoption and satisfaction.
3. Promotional mix – Each segment responds differently to marketing messages and channels.
Segmentation allows businesses to personalize their promotions for maximum impact.
4. Pricing of products – Different segments might have different price sensitivities. Segmentation helps
businesses set optimal prices for each group, maximizing revenue and customer value.
5. Distribution strategies – Choosing the right channels to reach each segment is crucial. Segmentation
guides businesses in selecting the most efficient and effective distribution methods.
6. Media selection – Knowing which media platforms each segment frequents helps businesses allocate
their advertising budget efficiently and reach their target audience with the right message.
7. Timing of marketing efforts – Understanding seasonal needs and purchase patterns within each
segment allows businesses to time their marketing efforts for maximum impact, like launching winter
clothing before the holiday season.
8. Better service to customers – Tailoring service approaches to the specific needs and preferences of
each segment leads to higher customer satisfaction and loyalty.
Micro Environment

→ The factors that directly impact the company's ability to serve its market and are under its control or
influence.
→ Environment that exists within a company
o Customers / Suppliers / Competitors / Employees

Macro Environment

→ Consists of larger societal forces that affect all the factors in the company’s micro environment
→ The external factors that are beyond the control of the company but can significantly influence its
marketing strategy.
→ Shapes the overall market conditions, affecting the size and characteristics of market segments.

Forces of Macro Environment

1. Demographic Environment
a. Studies human population with respect to size, density, distribution, growth rate, sex and age, level
of education, occupation, religion, etc.
b. Factors
i. Number of consumers
ii. Purchasing power
iii. Location
iv. Buying pattern
c. Questions Answered
i. What and how much to produce?
ii. What should be the pricing strategy?
iii. How to design promotion strategy?
iv. How to distribute products
d. Example – Dove Soap targets middle-upper to upper class segments
2. Economic Environment
a. Businesses interact with economic environment. It is related to those external forces which have a
direct economic effect upon businesses
b. Factors
i. Market Economic Condition
− Demand Factors
a. Income level
b. Saving level
c. Spending level
− Supply Factors
a. Number of suppliers
b. Competition
c. Nature of supply (regular or irregular)
ii. Government Policies
− Industrial policy
− Monetary policy
− Trade policy
− Tax policy
iii. Economic System of Country
− Capitalism / Communism / Mixed economy
3. Natural Environment
a. Natural resources like land, water, minerals, port facilities
b. Iron ore, coal, crude oil
c. Require such resources to produce a tangible product
d. Two things happen
i. Erosion of natural resources
ii. Pollution of resources (water, air, industrial waste)
e. Strategy
i. Search for alternate sources where possible – solar, recycling, pollution reduction
ii. Make up for loss to nature – CSR
iii. Push for sustainability
iv. Produce environment friendly or consumer health oriented products
4. Technological Environment
a. There are constant and continuous breakthroughs in science and technology
b. Monitor and adapt otherwise businesses can shut down
c. Examples
i. High pressure on natural resources → fuel efficient / solar cars (alternative to petrol)
ii. Large scale production + cost reduction → automation + modernization
iii. Risky and hazardous jobs → robots
d. Strategy
i. Understand changing technology
ii. Work closely with R&D
5. Political Environment
a. Laws, government agencies, pressure groups influence and control various organizations and
individuals in society
b. Change in government brings change in attitude, preferences, objectives and priorities
c. Strategy
i. Have knowledge of major laws, political events, changes in policy
d. Example
i. Modi government – push for ’Make in India’, contribute to Indian economy
6. Socio – Cultural Environment
a. Culture, traditions, beliefs, values, lifestyle
b. Influence buying behavior
c. Example
i. Western culture influencing Indian consumers – Black Friday
ii. Cadbury – not just chocolate – replacing traditional sweets for festive gifting/ distribution
7. International Environment
a. It is an outcome of political and economic conditions
b. Influenced by country’s external policies
c. Businesses engaged in exports and imports
d. War, civil disturbances, political instability, changes in trade policies
e. Example
i. WTO agreements – GATT, TRIPS
ii. Trade barriers
iii. COVID – 19 – trade slowdown – panic buying
8. Legal Environment
a. Why is legal support required?
i. Protect firms by defining and preventing unfair competition
ii. Protect consumers from unfair business practices
iii. Protect society interest