Elements of the Marketing Environments

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Elements of the Marketing Environments
Introduction
A market environment comprises of elements that influence how businesses and people purchase and sell products and services. This paper will focus on how elements of the environment affect fitness businesses. These elements usually may differ by locality, product, and market, but they typically include Political and regulatory, Economic, Competitive, Technological, Social, and cultural influences. Businesses try to forestall trends and variations in the marketing environment to develop a location in new markets, escape from decreasing demands, and establish new products to emerging markets.
Fitness Business
Political and Regulatory
Federal, State, and local authorities can create rules or limitations on the conduct of fitness business. Regulations aim to safeguard both customers and businesses. These regulations have significant impacts on the fitness industry. The primary objectives of these regulations, including; ensuring an appropriate standard of trading with the fitness business. They also encourage customer confidence in the fitness business. Also, the rules ensure that the management and employees in the business professionally offer quality services with the client’s interest (Navarro-García, et. al pg., 748). The fitness Act usually supports the fitness business and inspires individuals to participate in regular physical activities. The regulations can give guidelines by which rights and duties of the dealers and customers can be met through service provided, protest resolution, and enough measures to solve the problems.
Economic Environment
Changing economic conditions in the nation is among the most significant elements of the marketing environment as they have a direct effect on the fitness business. The critical drive resulting in worldwide recession has enabled the country to prevent a technical recession. Nevertheless, although the economic environment is a bit stable, the conditions are still substandard. Though the State impetus payment to household and decrease in interest rates has eased retail expenditure, the client spending is still below the expected verge (Bedianashvili, pg. 40). This ...