One Component of the External Environment Marketing Managers Must Understand

question 40

Essay

One component of the external environment marketing managers must understand and react to is the economic environment.Briefly describe the four economic areas of greatest concern to U.S.marketers and the marketing implications of trends in these four areas.

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Definitions:

Absolute Increases

Refers to outright growth in a specific numerical value, such as income, over a period, without adjustments for factors like inflation.

Relative Increases

Comparisons of growth or expansion in different areas or items, measured in proportionate terms rather than absolute numbers.

Farm Employment

Jobs and labor directly involved in the agricultural sector, including farming, dairy, fisheries, and other activities related to the cultivation and harvesting of products.

Parity Ratio

The ratio of the price received by farmers from the sale of an agricultural commodity to the prices of other goods paid by them; usually expressed as a percentage; used as a rationale for price supports.