Examples of marketing environment in the following topics:
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- Since the business environment is constantly changing and customer preferences keep evolving, marketers are required to adapt rapidly.
- However, there are challenges to marketing because the business environment is constantly changing.
- Proactive attention to the environment allows marketers to prosper by efficiently marketing in areas with the greatest customer potential.
- Two key levels of the marketing environment are the micro-environment and the macro-environment.
- The micro-environment includes the company itself, its suppliers, marketing intermediaries, customer markets, and competitors.
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- A number of factors constitute the international environment: social, cultural, political, legal, competitive, economic, plus technology.
- The cultural environment consists of the influence of religious, family, educational, and social systems in the marketing system.
- Marketers who intend to market their products overseas may be very sensitive to foreign cultures.
- While the differences between our cultural background in the United States and those of foreign nations may seem small, marketers who ignore these differences risk failure in implementing marketing programs.
- A number of cultural differences can cause marketers problems in attempting to market their products overseas.
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- Marketers can respond in three basic ways to their environment – doing nothing, being proactive, or reacting.
- Gathering customer feedback is so important that companies may outsource the job to market research companies.
- Many marketplace changes occur that marketers cannot control, yet they influence what marketers do.
- A less common response is to be proactive, or to try to change the environment before it changes the marketplace.
- Regardless of the response to the external environment, marketers should be driven by an overarching vision, mission, and strategy, all of which provide clarity in how to react to change with tactics that are adaptive and responsive.
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- Given these circumstances, it could be argued that companies face a deceptively straightforward and stark choice: they must either respond to the challenges posed by this new environment, or recognize and accept the long-term consequences of failing to do so.
- The pressures of the international environment are now so great, and the bases of competition within many markets are changing so fundamentally, that the opportunities to survive with a purely domestic strategy are increasingly limited to small-and medium-sized companies in local niche markets.
- However, the uncontrollable factors such as culture, social, legal, and economic factors, along with the political and competitive environment, all create the need for a myriad of adjustments in the marketing management process.
- Ultimately, the successful marketer is the one who is best able to manipulate the controllable tools of the marketing mix within the uncontrollable environment.
- The principal reason for failure in international marketing results from a company not conducting the necessary research, and as a consequence, misunderstanding the differences and nuances of the marketing environment within the country that has been targeted.
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- How does marketing contribute to the creation of a competitive advantage?
- What is the role of marketing in each stage of this process.
- Dictionary of Marketing Terms, Peter D.
- Bennett, Ed., American Marketing Association, 1988 p. 54.
- Burnett, "The Macromarketing/Micro marketing Dichotomy: A Taxonomical Model," Journal of Marketing, Summer. 1982 pp. 11-26.
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- Ultimately, the successful marketer is the one who is best able to manipulate the controllable tools of the marketing mix within the uncontrollable environment.
- The principal reason for failure in international marketing results from a company not conducting the necessary research, and as a consequence, misunderstanding the differences and nuances of the marketing environment within the country that has been targeted.
- These include the (a) economic environment, (b) competitive environment, (c) cultural environment, (d) political/legal environment, (e) technological environment, and (f) ethical environment in foreign countries
- Some firms customize their market programs, adjusting their marketing mix for each target market.
- As such, the decision sequence in international marketing is much larger than that of domestic markets.
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- The role of marketing in the firm: a basis for classification
- Marketing is an individualized and highly creative process.
- Each business must customize its marketing efforts in response to its environment and the exchange process.
- Consequently, no two marketing strategies are exactly the same.
- This requirement of marketing to play slightly different roles, depending upon some set of situational criteria, has in turn provided us with a division of marketing into a number of different categories.
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- In today's business environment, ascertaining market needs is vital for a firm's future viability, and even existence, as a going concern.
- Examples of markets include: Physical retail markets, such as local farmers' markets, shopping centers and shopping malls Non-physical internet markets Ad hoc auction markets Markets for intermediate goods used in production of other goods and servicesLabor markets and international currency and commodity markets Stock markets, for the exchange of shares in corporations Artificial markets created by regulation to exchange rights for derivatives that have been designed to ameliorate externalities, such as pollution permits.
- Illegal markets such as the market for illicit drugs, arms, or pirated products
- Market segmentation is the division of the market or population into subgroups with similar motivations.
- Market trends are the upward or downward movement of a market during a period of time.
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- The competitive business environment in addition to the current financial crises makes it mandatory to have a business plan if you want funding for your company.
- Still, what's the point of creating a formal marketing plan?
- Exactly what purpose does a marketing plan serve?
- Makes the marketing team look at their past decisions and understand their results;
- Makes the marketing team look at the environment in which they operate;
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- The micro environment refers to the forces that are close to the company and affect its ability to serve its customers.
- It includes the company itself, its suppliers, marketing intermediaries, customer markets, competitors, and publics.
- The technological environment is perhaps one of the fastest changing factors in the macro environment.
- The corporate aspect of the micro environment refers to the internal environment of a company.
- The suppliers of a company are also an important aspect of the micro environment.