The Marketing Environment Marketing managers must be aware of the surrounding en

ID: 366175 • Letter: T

Question

The Marketing Environment Marketing managers must be aware of the surrounding environment when making marketing mix decisions. The factors (or forces) to consider include political, technological, social, competitive, and economic. At the center of these factors is the customer. These factors can affect a company's ability to build and maintain relationships with their business and consumer markets. Review the five factors (or forces) affecting the marketing environment and match the ten (10) elements with the appropriate factor. Each factor should have two elements. Social Factors Competitive Factors Bar codes Competition Technologica Factors Laws Economic Factors CUSTOMER Data interchange Lifestyles Political/Legal/ Regulatory Factors Unemployment Population shifts Price Selection Reset

Explanation / Answer

Answer –

Marketing Environment –

The role of marketing manager is to develop the relation between the organization and the consumer market. So far this marketing manager needs to have strong understanding of the environment along with the influencing factors. The influencing factors are social, political, technological, competitive and economical. Customer is also a factor.

Let us divide the given below 10 elements under this five factors as below

Political / Legal Regulatory Factors

Social Factors

Economical Factors

Technological Factors

Competitive Factors

Laws

Life Style

Unemployment

Bar Code

Price

Selection

Population shift

Reset

Data interchange

Competition

All the above factors do effect the marketing environment. The marketing manager needs to understand the impact of this factor on the marketing by understanding their elements. These elements will help in detail to understand the factors properly.

Political / legal factors are to ensure that the marketing ensure the compliance of the political and legal or regulatory factors so that it will not have any legal impact on the organization by marketing. The selection of right marketing Ad will ensure to meet the laws requirements in the environment. This is top most critical factor as it has large impact and may have the legal penalties or even may shut off the organization.

Social Factor – The social factors are very important as the marketing Ad is going to affect the people socially also. Like life style and population shift are two critical elements which have impact on the social factor. The marketing ad needs to be aligning with respect to the life style of the people. In case if it do not meet the life style then it will have adverse impact. The population shift is another key element as it should not happen that due to the marketing Ad the population is shift negatively with the organization in case if it hurts the population.

Economical Factors – Economical factors are critical as these have the impact on the consumers and their paying capacity. Hence the marketing needs to understand the employment status in the market. The employment changes can reset the marketing Ad in case if it do not meets the people’s status.

Technological Factors –This is the great advancing factor as it can influence the population based on technological changes. The marketing Ad needs to align with respect to the buying of technology in the environment. Bar Code and data interchange can have adverse impact on the marketing activities.

Competitive Factors – One of the critical factors is competitive factors. It is going to decide the future of the organization in the environment as it is going to have direct strong impact on the consumer side. The marketing activities need to be plan in such a way that it aligns the competitiveness in the market. The price selection and competition is key element to support this competitive factor for achieving the consumer interest towards the organization.