Economic Forces
Economic forces are based mostly on consumer income. Since the current economy is not expanding, people have less disposable income and are less willing to spend their money on products unless it is necessary or the price is right. Most companies are in the Recession stage of their business cycle, which means total buying & spending power is reduced for both businesses and consumers. To offset that, Verizon Wireless is offering more promotions and package deals with lower prices for the upcoming holiday season.
Competitive Forces
As a competitive force, Verizon Wireless would be considered a monopolistic competitor. There are many other competitors such as AT&T, Sprint Nextel, and T-Mobile, there are few barriers to entry into the market, and each competitor has different products with many subsitutes. Verizon also competes through the pricing of their products, the product features and with brand name competition. The Blackberry Storm is a direct competitor to the Apple iPhone offered by AT&T and the HTC Touch by Sprint.
Sociocultural Forces
The demographics and culture of consumers are always changing. The population is growing and more diverse every year, which creates more potential customers. Also, people today have a different set of learned behavior, attitudes and values. More people of all ages, backgrounds, and lifestyles have embraced technology more now. The changing role of men and women is a factor. In the past, cell phones (or the Blackberry Storm for example) would have been mostly bought by business men, but now women have the same lifestyles and careers and buy the same products as well.
Legal/Regulatory Forces
The main legal force would probably be the Federal Trade Commission (FTC) because they set laws and guidelines involving pricing, packaging and labeling. Wireless phones are everywhere. Businesses depend on them. Family members call each other to keep in touch. People use them in public places and when driving....