4 Questions Essay Example | Topics and Well Written Essays - 500 words

4 Questions - Essay Example For instance, the introduction of diet soft drinks offering low amounts of sugar is indicative of a social trend whereby consumers have increasingly become health conscious. These elements are crucial for any business and hence should be taken into account and business policies should be adapted according to such changes in lifestyle of people to sustain their competitive positioning in the industry. The businesses on the other hand should also take into consideration the implications of their products and develop them accordingly. For instance the increasing trend of environment protection and global warming has led to manufacturing of environmental friendly products such as Toyota’s hybrid car – Prius. Political elements such as government legislations in favor or against a particular goods / service can greatly influence the manufacturing and marketing of that product causing severe damage to its profitability. These political elements are likely to have more significant impact on industries which are highly dependent on governmental aids such as budgets and subsidies. For instance, the Aerospace and Defense industries are highly influenced by defense budgets allocated by the government as well as the political relations between certain countries. This can affect the major players in the industry such as Boeing, EADS , Dassault Aviation etc. The advancement in technology brings about several changes in the marketing of products of a company. The various technological tools available offer different ways to approach the same needs and demands of the customers making the competition extremely fierce. Increased technological advancement also often leads to faster obsolescence of products. The demand for a particular technology is dictated by the markets and hence required to be adopted by companies providing such products in order to sustain their revenue flows. The sheer number of players available in the market would lead to customer switching and hence