Examples of marketing environment in the following topics:
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- Companies which have the environmental management perspective take actions to influence their marketing environment.
- Some companies treat the external marketing environment as if it were an uncontrollable force.
- Instead of doing nothing or reacting to change, companies with this perspective take actions to influence their marketing environment.
- Cathay Pacific Airlines is an example of a company that chose to manage their external environment even though it seemed to some people that the situation was totally out of their control.
- Cathay Pacific Airlines has successfully managed changes in their external environment.
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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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- 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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- 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 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.
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- Successfully positioning products on a global scale requires marketers to determine the target market's preferred combination of attributes.
- Global marketing presents more challenges compared to domestic or local marketing.
- Consequently, brands competing in the global marketplace often conduct extensive research to accurately define the market, as well as the attributes that define the product's potential environment.
- In addition to where products are placed, global marketers must consider how these products will be distributed across the different shopping venues unique to that particular country or market.
- Examine the rationale behind product placement from a global marketing perspective
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- Given these circumstances, it could be argued that both small and large companies face one of two options: 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.
- With the exception of companies in local niche markets, competitive changes within various markets are increasingly forcing companies to incorporate global variables into their marketing communications strategy.
- Price: Because it is affected by several variables, price will always vary from market to market.
- Brands conduct extensive research and consider numerous market variables when developing global marketing plans.
- Differences in the legal environment, which may conflict with laws in home market
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- Non-profit marketing is mission-driven marketing using the organization's core mission as the foundation and marketing communications as the focus.
- Used more broadly, cause marketing efforts often refer to any type of marketing effort for social and other charitable causes, including in-house marketing efforts by non-profit organizations.
- CSR looks at how different business functions affect people and the environment, and integrates practices that positively impact society, employees and nature.
- Companies are manufacturing more goods, hiring more local labor, and utilizing more raw materials and resources extracted from the environment in international locations.
- The right marketing stimulates trade.
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- Marketers need to incorporate good ethics in their marketing campaigns as they are responsible for the image that a product portrays.
- In a B2B environment, the client is another business rather than the customer, which means more attention needs to be given to maintaining a two-way relationship between the two entities.
- Ethical danger points in market audience include (1) excluding potential customers from the market; selective marketing is used to discourage demand from undesirable market sectors or disenfranchise them altogether; (2) targeting the vulnerable, such as children and the elderly.
- Examples of unethical market exclusion or selective marketing are past industry attitudes to the gay, ethnic minority and obese ("plus-size") markets.
- Marketers are ethically responsible for what is marketed, and for the image that a product portrays.