Week 2: What I Learned from Chapters 3 & 4.

 

What I Learned from Chapters 3 & 4 – Marketing.

     In Chapter 3, I learned that businesses need to watch what’s happening around them. This is called environmental scanning. There are five big outside forces that can affect how a company works:

• Social (people’s values, age, and lifestyle),

• Economic (money, income, inflation),

• Technological (new inventions),

• Competitive (what other businesses are doing), and

• Regulatory (laws and rules).

     Companies must pay attention to these changes if they want to succeed. For example, more older people are living in the U.S. now, so companies might need to offer different products or services.

     In Chapter 4, I learned about ethics and social responsibility. Ethics means doing what’s right and fair, not just what makes the most money. Some companies make bad choices to get more profit, but that can hurt people.

     I also learned about the three types of social responsibility:

• Profit Responsibility – Make money for owners.

• Stakeholder Responsibility – Care about customers, workers, and others.

• Societal Responsibility – Help the world and the environment.

     One example I liked was Dove’s Real Beauty campaign, which supports self-esteem and body confidence. That shows a company can do good and still grow its brand.

     These chapters helped me understand that good businesses care about more than just profit. They think about people, the planet, and doing the right thing.