MARKETING MANAGEMENT - Marketing Environment
Introduction of Marketing Environment
Posted On :
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
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.
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
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.
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.
Tags : MARKETING MANAGEMENT - Marketing Environment
Last 30 days 429 views
