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What Do You Understand By The Term Marketing Environment? Describe How A Company May Control And/Or Adapt To Its Marketing Environment So As To Develop An Efficient Strategy. Give Suitable Examples.

1070 words - 4 pages

No organisation operates in a vacuum. All businesses are surrounded by laws, pressure groups, customers and competitors. These are part of the marketing environment that the organisation works within. Dealing with this environment is a major part of the marketer's work since marketing is an interface between the organisation and the outside world, meaning that the marketing policy of any firm should be viewed as operating within a rapidly changing environment. If a company is to meet it's goals, these external factors must be monitored and responded to.All companies, no matter where they are situated, are affected by circumstances beyond their control. These include factors such as climate, technology, interest rates and suppliers. This is what is known as the marketing environment which consists of the internal and external environment. The internal environment is concerned with those marketing factors which occur within the organisation, while the external environment is concerned with everything that happens outside the organisation. The external environment can then be broken down into the micro and macro environment. The micro environment consists of those factors close to the organisation and the macro consists of those common to society as a whole. A useful way of looking at the external environment is through the PEST analysis, which goes about analysing the socio-cultural, technological, economical and political environment. These factors all affect the company itself, to avoid any problems and possibly increase profit, a company needs to be proactive in order to keep up with these environmental changes. When a company is proactive, managers look for ways to change the organisation's environment in the belief that many environmental factors can be controlled or influenced in some way. A company may be proactive in its socio-cultural environment by analysing the direction in which society is headed and so prepare to benefit from these changes. Example: Women's role is changing in society and more women are working rather than staying home. This gives opportunity for companies such as Bird's Eye to sell more frozen, pre-cooked food which doesn't require a lot of preparation and is convenient for a quick meal. When it comes to technology, more and more people are becoming computer literate. What better and cheaper way to reach a large number of people from anywhere in the world than to advertise on the internet? Marketers have noticed a "Boom-and-bust" cycle in the economy which shows that every eight years or so national economies tend to go into recession. The company can prepare for this by cutting costs, surplus stock and overheads, such as staff. Example: Most companies tend to go bankrupt during recessions. This can be avoided by keeping on top of its creditors such as the bank. Organisations can also keep on top of politics by preparing for incoming legislation while it is still a white paper and so avoiding hassle later on. Example:...

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