What Are the Major Forces in the Marketing Environment

question 19

Short Answer

What are the major forces in the marketing environment?

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Definitions:

Marginal Rate

Marginal rate commonly refers to the change in one variable relative to a unit change in another, such as in taxation or interest.

Substitution

The economic principle stating that as prices rise or consumer preferences change, individuals substitute one good or service for another.

Utility Function

A mathematical representation of how different combinations of goods or services generate levels of happiness or satisfaction to the consumer.

Utility

A measure of the satisfaction or happiness that a person derives from consuming goods and services.