Essay on Evaluating Opportunities in a Changing Market Environment A large number of forces shape the marketing environment. They come under either the direct market environment or the external market environment. The direct environment of any generic market or product market includes customers, the company and competitors. The external market environment is broader. External market environment variables fall into four broad categories: Economic environment Technological environment Political and legal environment Cultural and social environment OBJECTIVES SHOULD SET THE COURSE OF COMPANIES The following three objectives provide a useful starting point for setting objectives or the principles of a business. They should be pursued together because, in the long run, failure in any one of these areas could lead to failure in the entire business. A business must: Engage in activities that fulfill a useful social and economic function. Develop an organization such that the business can be operated and implement its strategies. Earn enough profit to survive. SOCIALLY USEFUL: A business cannot operate without the approval of a consumer. The company must be useful to society. A business can be wiped out overnight by negative consumer reaction. So, various companies advertise their products along with a social cause. This is called cause marketing which helps the organization to connect better with the consumer and promote a social idea. Example Procter and Gamble promotes Pampers diapers through its 1 pack = 1 vaccine campaign for UNICEF. INNOVATION: It is the responsibility of companies to be dynamic in order to provide consumers with better products and an offer that meets new needs. Competition encourages innovation. This doesn't help middle of paper......untry, but the world's economies are linked and interconnected. Economic conditions are changing rapidly and their effects are far-reaching and therefore require changes in marketing strategy. If a country or region experiences rapid decline, consumer spending habits change as well. Interest rates and inflation affect purchases. Interest rates directly affect the economy or situation. This is particularly important for business markets. Interest rates generally rise during times of inflation. The world's economies are connected and the economy of one country affects another. International trade is increasing and therefore the change in the economy of one country affects the trade and commerce in another country. A marketing manager must carefully monitor the economic environment. Unlike the social and cultural environment, economic conditions continually change.

Essay / Essay on Evaluating Opportunities in a Changing Market Environment A large number of forces shape the marketing environment. They come under either the direct market environment or the external market environment. The direct environment of any generic market or product market includes customers, the company and competitors. The external market environment is broader. External market environment variables fall into four broad categories: Economic environment Technological environment Political and legal environment Cultural and social environment OBJECTIVES SHOULD SET THE COURSE OF COMPANIES The following three objectives provide a useful starting point for setting objectives or the principles of a business. They should be pursued together because, in the long run, failure in any one of these areas could lead to failure in the entire business. A business must: Engage in activities that fulfill a useful social and economic function. Develop an organization such that the business can be operated and implement its strategies. Earn enough profit to survive. SOCIALLY USEFUL: A business cannot operate without the approval of a consumer. The company must be useful to society. A business can be wiped out overnight by negative consumer reaction. So, various companies advertise their products along with a social cause. This is called cause marketing which helps the organization to connect better with the consumer and promote a social idea. Example Procter and Gamble promotes Pampers diapers through its 1 pack = 1 vaccine campaign for UNICEF. INNOVATION: It is the responsibility of companies to be dynamic in order to provide consumers with better products and an offer that meets new needs. Competition encourages innovation. This doesn't help middle of paper......untry, but the world's economies are linked and interconnected. Economic conditions are changing rapidly and their effects are far-reaching and therefore require changes in marketing strategy. If a country or region experiences rapid decline, consumer spending habits change as well. Interest rates and inflation affect purchases. Interest rates directly affect the economy or situation. This is particularly important for business markets. Interest rates generally rise during times of inflation. The world's economies are connected and the economy of one country affects another. International trade is increasing and therefore the change in the economy of one country affects the trade and commerce in another country. A marketing manager must carefully monitor the economic environment. Unlike the social and cultural environment, economic conditions continually change.

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