Changes in the Environment That Are Rapidly Altering the Way

question 15

Multiple Choice

Changes in the environment that are rapidly altering the way marketing strategies are planned include the following:

• A)globalisation and Americanisation
• B)globalisation and information technology
• C)globalisation and terrorism
• D)globalisation and the ageing workforce

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Definitions:

Continuous Demand

Demand for a good or service that can be quantified at every level of production or price, without any gaps.

First Theorem of Welfare Economics

A principle stating that under certain conditions, a market in equilibrium will allocate resources efficiently in a way that maximizes total social welfare.

Competitive Equilibrium

A market state where supply equals demand, leaving no incentive for price changes as long as external conditions remain constant.

Homothetic Preferences

Preferences where if a consumer prefers a bundle of goods A to B, they will also prefer a scaled-up version of A to the same scale-up of B, maintaining the same proportions.