Some of the environmental factors affecting global and domestic marketing decisions include: social environment, economic environment, technological environment, competitive environment, cultural environment, political/legal environment, and ethical environment. Every business organization, whether global or domestic, has existing external factors that affect its operations. The company can have control over some of these external factors, while others are beyond organization’s control.Know More
The principal objective of a business is to realize a synergy in the overall operations. Companies take advantage of various marketing mix such as different exchange rates, labor rates, tax rates, skill levels, and marketing opportunities to realize a greater whole, which is more than the sum of the individual parts. Social factors comprise of demographic characteristics of the population and its values, such as gender differences, consumers buying behaviors, cultural diversity and attitudes. Economic factors refer to issues pertaining to income, expenditures, and resources that related to the cost of operating a business and households.
Business is highly affected by technological environment. These include inventions, tools, equipment or innovations. A business must embrace cutting-edge technology to enhance efficiency in their operations. Companies’ marketing decisions are greatly influenced by competition from firms offering a similar product or a different product that satisfies the same need. Superior technologies and effective marketing strategies give a company a competitive advantage over its competitors. For a business to succeed, the company must be able to manipulate the controllable factors of the marketing mix within the fixed environment.Learn more about Marketing & Sales
Green marketing enables companies to satisfy the expectations of customers, communities and government leaders regarding environmentally friendly operations. Companies at the forefront of green marketing may attract more customers and generate greater revenue. Also, the push for green marketing impacts preservation of natural resources upon which companies rely.Full Answer >
Buzz marketing refers to a marketing strategy employed by firms and marketing agencies to spread word rapidly about a novel product or service, using citizens as brand promoters. Buzz marketing essentially acts as corporate gossip, but instead of spreading news and information about people, it educates customers about products. Buzz marketing employs a word-of-mouth marketing program, utilizing many channels for communications, including social media, print sources and mobile devices.Full Answer >
NASCAR created one of the largest and most successful marketing campaigns in the field of sports by capitalizing on large audiences and even larger venues. Furthermore, NASCAR has made everything under its control a potential marketing opportunity, from the jackets the drivers wear to the names of the races.Full Answer >
Marketing is important to sales because it includes numerous strategies for communicating the various benefits and features of the products or services a company offers to consumers. Marketing is how consumers become aware of specific brands. Marketing spurs more sales by researching consumer markets and developing tailored messages that spark buying interest.Full Answer >