UK economies:

Global factors market structures cultural environment

Hussain wishah BM/K21

Global factors

Social factors - These factors are related to

changes in social structures

Legal factors - These factors that influence government laws and regulations

Economic factors - Involve changes in the global economy

Political factors - Refers to the changes in

government and government policies

Technological factors - Factors greatly influence business strategies as they provide opportunities for businesses inventions to adopt new innovations, and

Market structures
The interconnected characteristics of a market, such
as the number and the relative strength of buyers and sellers and degree of Collusion among them

 Pure

Competition

No single buyer or seller has much effect on the going market price

A seller cannot change more than the going price

Marketing research, products development, pricing, advertising, and sales promotion play little or no role

Pure Monopoly

In economics, an industry with a single firm that

produce a product,

For which there are no close substitutes And in which significant barriers to entry prevent other firms from entering the industry to compete for profit

 Oligopoly

Market consists of few sellers who are highly sensitive to each others pricing and marketing strategies

There are few sellers because it is difficult for new sellers to enter the market

Each seller is alert to competitors strategies and move.

 Monopsony

single buyer with considerable control over demand and prices

Cultural Environment

Integrated sum total of learned behavioral traits that are manifest and shared by members of

society

Most countries of the world demonstrate cultural similarities, there are many differences, hidden

below the surface

Such as Weston culture

Why we need to understand culture?

Effect the business in may ways The task of the global marketer is to find the similarities and differences in culture and account for these in designing and developing marketing plans

Culture is very often hidden from view and can be easily overlooked.

They need to overcome cultural myopia is paramount

Cultural Impact on Marketing

Marketing - the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

Therefore cultural environment shape the way people do things which in turn has an effect on the marketing activities

THANK YOU