How does competition, economic, political, legal, regulatory, technological, and sociocultural factors effect marketing strategies?
1. Competition may affect a company's profits, economic factors influence consumers' buying power, legislation and regulations are created by the courts and companies need to follow them, technology determines how consumers satisfy their needs and wants, and socioeconomic factors can change attitudes, beliefs, and lifestyles of consumers.
2. Competition may affect a company's profits, economic factors influence consumers' buying power, legislation and regulations are created by the courts and companies do not need to follow them, technology determines how marketers satisfy their needs and wants, and socioeconomic factors can change attitudes, beliefs, and lifestyles of consumers.
3. Competition may affect a company's profits, cultural factors influence consumers' buying power, legislation and regulations are created by the courts and companies need to follow them, technology determines how consumers satisfy their needs and wants, and socioeconomic factors can change attitudes, beliefs, and lifestyles of consumers.
4. Competition may affect a company's profits, economic factors influence consumers' beliefs, legislation and regulations are created by the courts and companies need to follow them, technology determines how consumers satisfy their needs and wants, and socioeconomic factors influence buying power.