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MARKETING MANAGEMENT - Marketing Environment

Introduction of Marketing Environment

   Posted On :  17.06.2018 11:35 pm

Industry competition, legal constraints, the impact of technology on product design and social concerns are some of the many important conditions that shape the business environment.

Introduction

Industry competition, legal constraints, the impact of technology on product design and social concerns are some of the many important conditions that shape the business environment. This lesson examines the forces that define marketing’s external environment. Every organization needs to think seriously about the environments in which it operates. All firms must identify, analyze and monitor external forces and assess their potential impacts on the firm’s goods and services. Although external forces frequently operate outside the marketing manager’s control, decision makers still must consider those ‘uncontrollable’ influences together with the variables of the marketing mix in developing the firm’s marketing plan and strategies.

Environmental Scanning and Environmental Management


Marketers must carefully and continually monitor crucial trends and developments in the business environment. Environmental scanning is the process of collecting information about the external marketing environment to identify and interpret potential trends. This activity then seeks to analyze the collected information and determine whether identified trends represent opportunities or threats to the company. This judgment, in turn, allows a firm to determine the best response to a particular environmental change.

Environmental scanning is a vital component of effective environmental management. Environmental management is the effort to attain organizational objectives by predicting and influencing the firm’s competitive, political-legal, economic, technological and social-cultural environments. The development of a global marketplace has complicated environmental scanning and environmental management. These processes may now need to track political developments, economic trends and cultural influences anywhere in the world.
 
While the marketing environment may exceed the confines of the firm and its marketing mix components, effective marketers continually seek to predict its impact on marketing decisions and to modify its conditions whenever possible. 
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