File Name: international marketing environment external and internal .zip
By and large, managers can control the four Ps of the marketing mix: they can decide which products to offer, what prices to charge for them, how to distribute them, and how to reach target audiences. Unfortunately, there are other forces at work in the marketing world—forces over which marketers have much less control. These factors—and changes in them—present both threats and opportunities that require shifts in marketing plans.
To spot trends and other signals that conditions may be in flux, marketers must continually monitor the environment in which their companies operate. Federal, state, and local bodies can set rules or restrictions on the conduct of businesses.
The purpose of regulation is to protect both consumers and businesses. Businesses favor some regulations such as patent laws while chafing under others such as restrictions on advertising. The tobacco industry, for example, has had to learn to live with a federal ban on TV and radio advertising. More recently, many companies in the food industry have expressed unhappiness over regulations requiring the labeling of trans-fat content.
All these actions occasioned changes in the marketing strategies of affected companies. Tobacco companies rerouted advertising dollars from TV to print media. Food companies reduced trans-fat levels and began targeting health-conscious consumers. Talent coordinators posted red flags next to the names of Janet Jackson of the now-famous malfunctioning costume and other performers. The telemarketing industry fired workers and scrambled to reinvent its entire business model. Every day, marketing managers face a barrage of economic news.
They must digest it, assess its impact, and alter marketing plans accordingly. At other times like today , the news makes them nervous—our economy is weak, industrial production is down, jobless claims are rising, consumer confidence has plummeted, credit is hard to get. Naturally, business thrives when the economy is growing, employment is full, and prices are stable. Marketing products is easier because consumers are willing to buy.
Sales will slip, and to counteract the anticipated slowdown, you might have to add generous rebates to your promotional plans. Imagine playing tennis without watching what your opponent was doing. In particular, they need to monitor the activities of two groups of competitors: the makers of competing brands and the makers of substitute products.
Coke and Pepsi, for instance, are brand competitors who have engaged in the so-called cola wars for decades. Each tries to capture market share by convincing people that its soft drinks are better. Because neither wants to lose share to the other, they tend to resort to similar tactics.
In summer , both companies came out with nearly identical new colas boasting half the sugar, half the calories, and half the carbohydrates of regular colas. Both companies targeted cola drinkers who want the flavor of a regular soda but fewer calories. By the way, both products failed and were taken off the market. Meanwhile, Coke and Pepsi have to watch Nantucket Nectars, whose fruit drinks are substitute products.
What if Nantucket Nectars managed to get its drinks into the soda machines at more fast-food restaurants? How would Coke and Pepsi respond? What if Nantucket Nectars, which markets an ice tea with caffeine, introduced an ice tea drink with mega amounts of caffeine? Would marketers at Coke and Pepsi take action? What if Nantucket Nectars launched a marketing campaign promoting the health benefits of fruit drinks over soda?
Would Coke and Pepsi reply with campaigns of their own? Would they respond by introducing new non-cola products? Videotape makers who were monitoring technological trends in the industry would probably have taken steps to keep up go into DVDs or otherwise protect themselves from losses maybe even getting out of the market.
In addition to making old products obsolete, technological advances create new products. Where would we be without the cell phone, digital cameras, text messaging, LASIK surgery, and global positioning systems?
Web sites like iTunes and Amazon. Do you think DVDs will suffer the same fate as videocassettes? New technologies also transform the marketing mix in another important way: they alter the way companies market their products. Consider the revolutionary changes brought about by the Internet, which offers marketers a new medium for promoting and selling a vast range of goods and services. Marketers must keep abreast of technological advances and adapt their strategies, both to take advantage of the opportunities and to ward off threats.
Marketers also have to stay tuned to social and cultural factors that can affect sales. Think about the clothes you wore five years ago: would you wear them today?
Now put yourself in the place of a marketer for a clothing company that targets teenagers and young adults. As we said at the outset of this chapter, the key to successful marketing is meeting the needs of customers. This means knowing what they want right now, not last year.
The last few decades have witnessed monumental shifts in the makeup of the American workforce. The number of women at all levels has increased significantly, the workforce has become more diverse, and telecommuting is more common. More people place more importance on balancing their work lives with the rest of their lives, and fewer people are willing to sacrifice their health to the demands of hectic work schedules.
With these changes have come new marketing opportunities. So must companies that specialize in products aimed at customers in other age brackets—say, young children or retirees. Marketers pay particular attention to population shifts because they can have dramatic effects on a consumer base, either increasing or decreasing the number of potential customers. In addition to age, members of each group tend to share common experiences, values, and attitudes that stay with them as they mature.
These values and attitudes have a profound effect on both the products they want and the marketing efforts designed to sell products to them. The huge wave of baby boomers began arriving in , following World War II, and marketers have been catering to them ever since. What are they like? At this point in their lives, most are at their peak earning power and affluent enough to make marketers stand up and take notice.
When they became parents, baby boomers delivered a group to rival their own. Generation Ys are being courted by carmakers.
Global car manufacturers have launched a number of cars designed to cater to the members of Generation Y Brauer, In one desperate attempt to get their attention, an advertiser paid college students fifty cents to view thirty-second ads on their computers Baker, Advertisers keep trying, because Generation Y is big enough to wreck a brand by giving it a cold shoulder. Why did you buy an Apple computer when your friend bought a Dell PC?
What information did you collect before making the decision? What factors did you consider when evaluating alternatives? How did you make your final choice? Were you happy with your decision? To design effective strategies, marketers need to find the answers that consumers give to questions such as these.
In other words, they try to improve their understanding of consumer behavior —the decision process that individuals go through when purchasing or using products. In Section 9. Generally speaking, buyers run through a series of steps in deciding whether to purchase a particular product.
Some purchases are made without much thought. Other purchases, however, require considerable thought. For example, you probably spent a lot of time deciding which college to attend. Need recognition. The process began when you recognized a need to go to college. Perhaps you wanted to prepare for a particular career, to become better educated, or to postpone going to work full time.
Maybe your parents insisted. Information search. Once you recognized the need to go to college, you probably started gathering information about colleges. You may have gone online and studied the Web sites posted by a few schools. Perhaps you attended college fairs or spoke with your high school guidance counselor.
You probably talked with friends about your options. Once you let colleges know that you were interested, admissions departments likely sent you tons of information. First, you probably decided what you wanted from a college. Perhaps price was your number-one criterion, or maybe distance from home. Maybe size was important, or reputation or available majors. Maybe it was the quality of the football team or the male-to-female ratio. In so doing, you focused on what was most important to you.
Naturally, you could choose only among schools that had accepted you. Postpurchase evaluation. How many times have you rethought your decision? Are you happy with it? Would you make the same choice again? Objectively, you may have made a bad decision, but not all decisions are made on a purely objective basis.
Psychological and social influences come into play.
If a business wants to be successful in the marketplace , it is necessary for them to fully understand what factors exert impact on the development of their company. Once they know about both positive and negative effects within and outside the company, they can produce suitable strategies to handle any predicted situation. Therefore, examining internal and external factors is considered the most important task for an enterprise before launch any strategic marketing plan. To get a proper understanding of the business environment, we should step by step analyze individual elements of this term. Secondly, because we know that a business firm is a social entity which is formed by a hierarchical structure where all necessary items of its own are activated together to reach the collective goal.
A business concept that looks perfect on paper may prove imperfect in the real world. Sometimes failure is due to the internal environment — the company's finances, personnel or equipment. Sometimes it's the environment surrounding the company. Knowing how internal and external environmental factors affect your company can help your business thrive. In a bad economy, even a well-run business may not be able to survive.
Everything you need to know about the components of business environment. Business environment refers to those aspects of the surroundings of business enterprise which affect or influence its operations and determine its effectiveness. Andrews has also rightly defined the environment of a company as the pattern of all external influences that affect its life and development. Keith Davis too has also observed that business environment is the aggregate of all conditions, events and influences that surround and affect it. The business environment is always changing and is uncertain.
While some of the factors are in the control of the business, most of these are not and the business has to adapt itself to avoid being affected by changes in these factors. These external and internal factors group together to form a marketing environment in which the business operates. The marketing environment is made up of the internal and external environment of the business. While the internal environment can be controlled, the business has less or no control over the external environment. The internal environment of the business includes all the forces and factors inside the organisation which affect its marketing operations.
By and large, managers can control the four Ps of the marketing mix: they can decide which products to offer, what prices to charge for them, how to distribute them, and how to reach target audiences. Unfortunately, there are other forces at work in the marketing world—forces over which marketers have much less control. These factors—and changes in them—present both threats and opportunities that require shifts in marketing plans. To spot trends and other signals that conditions may be in flux, marketers must continually monitor the environment in which their companies operate. Federal, state, and local bodies can set rules or restrictions on the conduct of businesses. The purpose of regulation is to protect both consumers and businesses.
International marketing environment consists of global forces, such as economic, social, cultural, legal, and geographical and ecological forces, that affect international marketing decisions. International marketing environment for any marketer consists of internal, domestic, and global marketing forces affecting international marketing mix. For Ex: A manager who deals with international marketing has to design his marketing mix and marketing mix strategies in accordance with these forces. He also has to keep in mind about the impact of such forces on his marketing decisions and also the levels of opportunities and threats needs to be taken into consideration. People and businesses make decisions for resource allocation and prices for services and goods which are part of Microeconomics. The governmental regulations and tax policies are also taken into consideration.
Marketers must be aware of the business cycle, and react appropriately according to which stage of the cycle the economy is in. The state of the economy is always changing—interest rates rise and fall, inflation increases and decreases. Economic changes will affect the demand and supply sides of the market, meaning that the marketer must always be aware of the general economic environment. Fluctuations in our economy follow a general pattern known as the business cycle. These fluctuations in economic conditions affect supply and demand, consumer buying power, consumer willingness to spend, and the intensity of competitive behavior.
Environment consists of forces.
Business or Strategic management is the art, science, and craft of formulating, implementing and evaluating decisions that will enable an organization to achieve its long-term objectives. All strategic planning deals with at least one of three key questions:. In order to determine where it is going, the organization needs to know exactly where it stands, then determine where it wants to go and how it will get there. Strategic planning may also be a tool for effectively plotting the direction of a company; however, strategic planning itself cannot foretell exactly how the market will evolve and what issues will surface in the coming days in order to plan your organizational strategy.
The market environment or business environment is a marketing term and refers to factors and forces that affect a firm's ability to build and maintain successful customer relationships. The business environment has been defined as "the totality of physical and social factors that are taken directly into consideration in the decision-making behaviour of individuals in the organisation. The analysis of the macro marketing environment is to better understand the environment, adapt to the social environment and change, so as to achieve the purpose of enterprise marketing. The forces close to the company that affects its ability to serve its customers include-the internal environment, suppliers customers, marketing intermediaries, competitors and publics.
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