Chapter 4: The Marketing Environment

 Marketing is the most important thing in a business. It is what makes the business grow stronger and compete with it's competitors. Social media is becoming very important for businesses to get new customers and attract new people. Facebook is a great way to do so. It attracts new customers, and it advertises their product to the people that stay connected to the internet world. For example, my company, "Coca Cola" has over 73 million likes on facebook which makes them very popular. People are directly or indirectly the basis of all markets, making population the most basic statistic in marketing. "Coca Cola" reaches out to all customers, from young kids to the elder. People spend so much money buying new products and innovative things. The ethnic market is changing over the years, there are so many hispanics in the U.S now than there ever was. The poulation is changing so much that some states white is already minority. These states are: Arizona, Florida, Georgia, Maryland, Mississippi, and Nevada. The consumer's purchasing power depends on how much their income is. If a a household doesn't have a high income, they will not buy items that they want, but only items that they need. That affects the company, and it's income as well. Political and legal factors are also crucial to a company. There are laws and restrictions that companies have to follow otherwise they will be punished, be given fines and sometimes even harsher decisions made by the government.