The Impacts of the Economic Environment in Tom’s Maine Brand Essay example

The economy has a great impact on everything that we do as consumers. In many ways the economy determines what our choices as shoppers’ may be. Because of this, businesses are heavily impacted by the economic environment that surrounds us. In regards to Tom’s Maine which is a very popular name brand that uses all natural and organic ingredients in its products, the economic environment will definitely have an impact on how many products are sold to the consumer. When the economy is performing poorly, and the stock market plummets, this lowers the propensity for individuals to go out shopping for certain luxuries, such being choosy as to what toothpaste this person may prefer. For example, because Tom’s of Maine uses all natural ingredients in its products, it tends to cost more per ounce than your average dollar store Aquafresh tube of tooth paste. Perhaps because the economy is affecting the consumer’s pockets, this very consumer will decide that in order to save a few extra bucks, they will decide to opt out of getting the Tom’s of Maine Brand, and perhaps just get a cheaper brand instead. Of course this not only affects the company, but the consumer as well, as their wants may not be as satisfied as they would like it to be, as well as the fact that many of those consumers who purchase Tom’s of Maine brand products are also those concerned with the environment or have strict diet guidelines; making their options limited.

Another very important environmental impact is that of socio-cultural bearing. The socio-cultural environment is very important when targeting certain groups of people for your product. This takes into account the set of beliefs, customs, practices and behaviors that exist within a certain population. This ca…

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…anic. In fact the USDA has a list of regulations that must be followed when specifying whether a product is indeed organic or not. For example in order for a product to be labeled 100 percent organic, it must indeed contain 100 percent organic ingredients, or else it must just be labeled organic or “made with” organic ingredients. This is good for consumers as it allows individuals to feel confident in the product that they are buying and rest assure that the labels added on these products are actually telling the truth. Another factor is the trade; there are several regulations that should be followed in order for trade to take place in other countries, such as required paperwork and fees. This affects consumer in that, prices of such products may increase because of fees involved in shipping the goods to other countries. The same is true for the business as well.

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