This assignment looks at the marketing environment and external marketing environment factors. By and large, managers can control the four Ps of the marketing mix. Additionally, managers can decide which products to offer, what prices to charge, and how to distribute. Unfortunately, there are other forces at work in the marketing world, where marketers have much less control. Those forces make up a company’s external marketing environment, and they include political, economic, competitive, technological, and social. These factors and changes in the present both threats and opportunities that require shifts in marketing plans. To spot trends, new product marketers have to monitor the marketing environment and external marketing environment factors.
information on the marketing environment
CULTURAL FACTORS TO CONSIDER IN THE MARKETING ENVIRONMENT
Companies must take into account the marketing environment and external marketing environment factors. The lifestyles and culture of countries to which they are considering exporting are specifically very important. The information obtained would then be useful in determining whether a product or service is undesirable in a target country. Some products and services might even be culturally unacceptable. Exporters of consumer products will get affected by a country’s culture because consumer products have to meet needs and beliefs. Cultural research can also identify potential pitfalls with packaging, marketing, brand names, and advertising. The information gathered from external marketing environment factors such as cultural research determines the future of the market.
cultural factors to consider in the marketing environment
PESTLE ANALYSIS AS A TOOL FOR SCANNING EXTERNAL MARKETING ENVIRONMENT FACTORS
A pestle analysis is a tool for analyzing and monitoring the marketing environment and external marketing environment factors. Moreover, the tool monitors the macro-environmental factors that may profoundly impact an organization’s performance. This tool is especially useful when starting a new business or entering a foreign market. Pestle analysis incorporates other analytical business tools such as the SWOT analysis and Porter’s Five forces. The collaboration between pestle and other tools give a clear understanding of a situation and related internal and external factors. PESTEL is a tool for monitoring external marketing environment factors that stands for Political, Economic, Social, Technological, Environmental, and Legal factors.
pestle analysis as a tool for scanning external marketing environment factors
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