Economic Analysis - 795 Words

A lot has changed over the past year in The United States (U.S.), the US has a new President, the Republican party leads with most seats in Congress, and the U.S. Economy is on the rise. The first two factors have a hand in how well the economy is doing. With a new president in office, there have been some recent changes to policies and government regulations. Currently, a new tax reform is being proposed for the 2017 tax year, which looks to cut 1.5 trillion dollars towards business and individuals (Rappeport Kaplan, 2017). The tax break for individuals and businesses will influence the U.S. economy in one form or another. In the following pages the current state of the economy will be discussed, explore an environmental scan of today’s†¦show more content†¦64). With the individuals and organizations receiving a higher tax return under the new tax reform bill it provides marketing departments an opportunity to sell them their products. There are five sources used to evaluate the environmental scan: social, economic, technological, competitive, and regulator forces (Kerin et al., 2016). The demographics of the consumer enables the marketing team to target specific groups for higher sells (Kerin et al., 2016). With technological advancements products that were once out of reach of the average consumer are now obtainable. Together with the economy on the rise, companies have seen an increase in sells with their products. Today’s market is filled with competition between businesses in every sector. Although this may be true, organizations that practice poor social and environmental responsibilities can suffer loses in revenue and consumer loyalty (Kerin et al., 2016). Under the new tax reform bill, small business will receive more of a return on their taxes which encourages more individuals to start their own business in the future (Rappeport et al., 2017). Interpreting and identifying trends are easier for marketing departments when the ec onomy is strong because individuals are not just buying the necessary items. Future Markets Future markets with the continued growth in the U.S. economy should have an increase in consumer spending. Government involvement and federal regulations can hinder orShow MoreRelatedArticle Analysis for Economics1636 Words   |  7 PagesUniversity of Phoenix Principles of Microeconomics ECO/365 Professor James Harris III Aug 7, 2008 Article Analysis The article that will be used for this analysis is â€Å"Supply, demand, and the Internet-economic lessons for microeconomic principles courses† by Fred Englander and Ronald L. Moy. There will be definitions for the following economics, microeconomics, Law of supply and the Law of demand. 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