Age and ethnic restaurant visiting frequency - Theseus

14tribution of income among the population is another crucial factor. Different nationhas different levels of distribution of income. Some countries with high income havemarket that can afford wide range of products and services. Hence, the economicsenvironment in these countries poses lot of opportunities and demand for even expensiveproducts. Quality of offerings is more important than the price. On the otherhand, countries with poor economic situation poses price sensitive market that canafford limited products and services and thus, more challenges. Purchasing poweralso depends upon government policy. If government increases its expenditure anddecreases taxes people have money to spend. On the contrary if government decreasesits expenditure and increase taxes people have less money left to spendpatterns. (Armstrong & Kotler, 2011, 106-108)Factors that are close to nature are ecological environment. Business decisionmaking frameworks are affected by the scarcity of raw material, problems with disposingof waste materials and appropriate location for the industry. Organized groupsand individual are concerned about these issues and company has to take these mattersinto consideration. Any disagreement that occurs in interest should be resolvedthrough consulting with the concerned group. These days, government has increasedits intervention in natural resources management. Governments are more concernedabout clean energy and environmental issues. Hence, companies need to respond tothe customer with more environmental friendly products. Companies are developingrecyclable material and components and better pollution control measures and moreenergy-efficient operations. (Blythe, 2003, 37-39)In recent years, technology has advanced rapidly and it has affected almost all areaof our life. New industries have appeared such as cable networks, satellite TV stations,web-based products and services, and Design Companies. Those companiesthat did not exist two decades ago are major market force now. Technological changesare continuing upward development trends and more new markets and industrieswill be appearing in the economy. And thus, some old industry would be obsolete inthe market or there will be competitive situation from unexpected directions. It is verydifficult to identify this kind of competitor. New technologies, at the same time, cancreate new market opportunities and also can replace old technologies to pose unpredictedthreats. Ignoring technological changes can cause decline the market performance.Thus, organization need to be aware with the changes of technology andshould update its technology as required. Most of the companies are investing significantamount in research and development to keep update and to be competitive inthe market. (Walker, Boyd & Larreche, 100-103)