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be aware of these restrictions as they can be complex and can

change often. For example, regulations on packaging, such as

the necessary inclusion of ingredients for food products or the

limitation on product capability claims, must be understood

by marketers to avoid negative public perception or

sanctions.

- The cultural environment consists of institutions and the

basic values and beliefs of a group of people. The values can

also be further categorized into core beliefs, which are passed

on from generation to generation and are very difficult to

change, and secondary beliefs, which tend to be easier to

influence. As a marketer, it is important to know the

difference between the two and to focus your marketing

campaign to reflect the values of a target audience.

Defining Marketing

 Marketing is the creation, communication, and delivery of

value, as well as the management of customer relationships

for a lifetime.

Key word:

competitive advantage: Something that places a company or a

person above the competition.

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