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Marketing and Economics Question Set
Compare and contrast core beliefs/values and secondary beliefs/values. Provide an example of each and discuss the potential impact marketers have on each.
Core beliefs and values are those which have been passed down from parents to their children, before becoming reinforced through the teaching and instruction offered by schools and churches, and government. Conversely, secondary beliefs and values are flexible and adaptable in nature, allowing for the individual propensity for progression in terms of personal worldview. The belief that couples should marry before having children would be a core belief; while the preference that people marry early in life constitutes a secondary belief. From a marketing standpoint secondary beliefs are of more interest, because these views can be altered through advertising and other methods, while core beliefs are typically engrained and inflexible.
Compare and contrast a company's microenvironment with a company's macroenvironment.
A company's microenvironment is made up of the various agents and actors within a company which combine to influence its ability to serve customers. Everything from a company's executive officers, supply chain, marketing agencies, customer relations, competitor activity, and public image is considered to be part of its microenvironment. A company's macroenvironment describes the external forces such as national and international politics, and financial market movements, which can affect the company's overall performance.
3. Discuss the strategies...
Which strategy is best?
The most commonly employed strategies used by companies hoping to adapt their products for wider consumption in the global market place involve the customization of certain aspects such as design and price point to better suit various cultural interests. Companies that recognize the often divergent needs of consumer groups within foreign markets are best equipped to capitalize on emerging markets, and a simple combination of brand reinforcement and aggressive expansion can allow one company to become market leaders in several nations at once.
4. Compare and contrast a tariff and a quota.
The term tariff describes an import duty, or tax, which is levied on foreign goods by national governments seeking to make imported goods more expensive within the domestic market. From the perspective of economic theory tariffs are intended to stimulate the competitiveness of national industries.
The term quota describes a predetermined quantity of goods or materials which is mandated for delivery, production, or acquisition when meeting market-based requirements. Factories typically work on the quota system, with workers expected to meet a minimal level of production on an hourly, daily, weekly, or monthly basis to fill their quota.
5. Choose and airline and discuss and apply the PESTE analysis model.
The Chartered Institute of Personnel and Development (CIPD) has stated that the "PESTE analysis is in effect an audit of an organization's environmental influences…
References
CIPD. (2013). PESTLE analysis: Resource summary. Available: http://www.cipd.co.uk/hr-resources/factsheets/pestle-analysis.aspx. Last accessed 4th Oct 2013.
Fidgeon, T. (2012). PESTLE Macro Environmental Analysis. Available:
http://www.oxlearn.com/arg_Marketing-Resources-PESTLE-Macro-Environmental-
Analysis_11_31. Last accessed 4th Oct 2013.
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