Select one of the macroenvironments of marketing described in the lecture, such

Question

Select one of the macroenvironments of marketing described in the lecture, such as demographic, cultural, economic, political, social, and technological, and a product category. What do you think are the three major trends in the environment that have the potential to impact the marketing of the selected product category?

Can the demand for this product change? Why? Would this demand impact the immediate environment for it? What new competitors, if any, will emerge for it? How should a firm in that product category adapt their product to anticipate the impact on these changes?

Explanation / Answer

Let us consider the Cultural Macroenvironment for our discussion.

Food when produced or delivered or presented as a product has a direct influence with the culture of the society. The habits of the people go hand in hand with the community of people in any particular society. Say for example Noodles are famous in Asian Countries like Thailand, Japan etc. Where as burgers and Sandwiches are famous in most of the European countries. So the taste and type of food has a direct link with the culture of the local people.

Let us assume that we are trying to market Noodles in America:

It is a known fact that Americans dont hate noodles but still it is not their favourite. Now the company that markets noodles have to think of a strategy which can directly influence the Americans and make them buy the particular food product.

Three major trends that can impact the marketing of the food product category are as follows:

1. When people have complete aversion to the Product's taste.

2. When people are not aware of the ingredients that are used in the making of the product.

3. When the right medium of marketing is not chosen.

Yes, the demand for the given product can definitely change in the due course of time. Since it is a food product, it can easily be marketed by the customers themselves by word of mouth. Yes again, this demand can immediately impact the environment for it.

Similar line of products can flow in from the Asian coutries causing an immediate competition or the Americans themselves can open a separate manufacturing company for producing Noodles at a very cheaper rate than the one that is currently being offered.

In order to anticipate the impact on these planned or unplanned changes the companies should be innovative and should produce new flavours or introduce new tastes accordingly. They should retain their customer base and increase the market share, along with attracting new customers.

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