Environmental factors in marketing are classified into two (2) groups the macro and the micro environment. According to the investopedia Macro environment is the conditions that exist in the economy as a whole, rather than in a particular sector or region. In general, the macro environment will include tends in gross domestic product (GDP), inflation, employment, spending and monetary and fiscal policy. The macro environment is closely linked to general business cycles, as opposed to the performance of an individual business sectors.
Micro environment, the aggregation of all elements in or immediately surrounding a business that can affect its performance including its internal environment, ...view middle of the document...
What could be done is that Jamaica and the US could go into a trade agreement and develop close trading relationships to reduce the cost of exporting from one country (home country) to another (host country).
Language and culture can bring a dramatic impact on trade because cultures trend to speak different language but seeing that it’s a Jamaican business wanting to have a franchise business in the America specifically in New York, as stated above that our target is to target the Jamaican population in New York first; so that language won’t be a major barrier, Moreover we are too English speaking cultures therefore; language wouldn’t be affected. As it relates to culture we have two different cultures, but we are bring our culture to them, and in the long run adaptation in order to keep a competitive advantage. When moving into a new culture its best to do is market research as to see the preference of your customers, indirect competitors and your environment. By doing this it will allow trading, communication and adapting much easier.
Natural disaster is also a factor that will affect the company; these disasters include hurricanes, tornado, tsunami etc… In opening a business one has to think about these factors and how will it impact the sales and profitability of the firm. Seeing that its two different cultures, in different countries we are not bound to be affected by the same natural disaster at the same period. If a natural disaster is taking place in the host country this could temporarily close business due to the nature of the disaster. As it relates to the home country it can affect the shipment of these items to go to the host country. To deal with these issues is to work out a system on the basics on how to monitor these factors.
Cultural factors include religion, climate and weather, colour codes and travel distance.
Religion is a strong cultural factor, but most important for search marketers is the...