Other than that, it will force the marketing manager to sell the antique car at a very low price and it will affect the business as well. Economic will also affect the inflation which will decrease the consumer purchasing power. A high income level of the customers will help a lot in the business. For example, a high income customer will get a reconditioned antique car as long as the economic does not hit by crisis. If the economic got worse, the marketing manager has to decrease the selling price of the reconditioned antique car that people can afford to buy.
If the Interest rate of a bank Is high, the possibility that the marketing manager will manage to sell the classic car will be low. On the other hand, If the Interest rate Is low, the customer will borrow money to buy the antique car and the business will be good. Other than that, if the economic is not good, the petrol price will increase and this will affect the automotive industry and it will leads to reduce the performance of the company. Due to the rise in prices in the petrol, most of the customer will choose to buy fuel-efficient car rather than buying those antique car that is not fuel-efficient.
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Social The social and cultural differences can Influence the business In a certain country. Changes in social values and trends will make an impact on reconditioned antique car. Marketing manager should also know the population of the area, age, marriage, and divorce trends. If the population of the place is high, the chances of selling the reconditioned antique car will be also high. Other than that, culture shock will also affect the business. For example, Malaysian would prefer luxury car such as BMW,
Mercedes, and Propose more than classic car. Most of Malaysian thinks that people will look down at people who drive classic cars and not all Malaysian people will appreciate classic cars. But in the other country such as united States, people love to drive classic car because they think that it looks cool when they drive it. Age will also make an Impact on the business. For example, younger generation will prefer to buy luxury cars more than classic cars but for older generation the possibility of buying classic car would be higher.
Other than that, In this Cubans Jay area most of the customers are rich and the older generation has a hobby of getting an antique car. Because different races has their own favorites car to buy. Technological Technology is highly reputable on strategic management. Technology not only creates an opportunity of selling classic cars to the customer but also creates a new product for the marketing manager to sell to the customer. Other than that, using technology is also part of major role in changing the way in doing business.
Using social networking such as backbone, twitter, and Mainstream will help the business to sell more antique to earn money and also bring convenient for the customer. For example, if the customer is from Peeing, he can see all the details from the picture and the description below so that he does not need to travel so far. Technology such as internet also offer the customer additional option. By using technology, we can produce marketing opportunities and also change the way we market and the way we communicate with the customer.
E-commerce will also improve the business because t brings lots of convenient to the customer. The marketing manager can advertise their antique cars through e-commerce and the customer can see all the details from the web as well. Legal A legal is a must for every business. For example, the safety of the car. The reconditioned antique car/ classic car must be tested through Institute Highway of Safety and also Malaysia Institute of Road Safety so that the death rate will be low. The employment of worker must be qualifying the standard of the company and the worker must not be illegal worker which is against the rules.
A laws and regulation must also be applied for advertising. The purpose of having advertising regulations is to protect the public from advertising which is false, and deceptive. Other than that, advertising regulation is to promote the quality use of service. Advertising regulation also help other competitors from stealing the same idea that the company is currently using. Other than that, the company will protect the customer personal information with safeguards appropriate to the sensitivity of the customer information.