The world economy is changing, this is a fact.
Newtechnology, new communication possibilities have reduced the physicalboundaries and have made customers more knowledgeable and with morerequirements. Overcoming those challenges, companies (in specific SMEs) arestriving to develop new strategies to respond to new requirements and workingconditions in their market environments, are facing different challenges thatneeds to be overcome through developing proper marketing strategies. There are many factors that may seem to be important.As reviled by this report, the most common strategies that firms implement, ontheir path toward economic growth, are based on Pricing, Channel Structure andAdvertising Strategies, which are seen as the most effective tools to reachcustomers and to develop a sustainable firm’s strategy. Additionally, there aredifferences between firms implementing standardized strategies from those thatare focused more on localized advertising strategies.
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- Structure and Outline
- Voice and Grammar
The external environment of marketingis comprises of those uncontrollable forces outside of an organization. Theseforces that can influence the business are uncontrollable because we do nothave any control over them. But yet, we can respond and adapt to their treatsand influences with the controllable mix element from one’s company’s internalenvironment.The uncontrollable forces in theexternal environment are;· Competition· GovernmentPolicies· NaturalForces· Socialand Cultural forcesCompetition– competition refersto the number of similar competitive brands marketers in your industry, theirsize and market capitalization. A marketer might not have direct influence onthem, but it’s important that they monitor their activities, and then design effectivestrategies using the controllable variables.
GovernmentalPolicies – thegovernment policies refers to the laws and legality that guilds the land, theygo long way to affect the business operations. For instance, governmentrestrictions on the importation of a particular product might hinder themarketers playing in that particular field.Naturalforces – Thisrefers to the physical environment, it comprises of the availability or thelacking of natural resources that can vacillate or hinder the productionoutput.Socio-culturalforces – Thesocial and cultural forces refers to the structure and dynamics of individualsand groups and their behaviors, believes, thought patterns and lifestyles, etc…Social and cultural influences cause changes in attitudes,beliefs, norms, customs, and lifestyles. A firm’s ability to foresee changes inthese areas can prove beneficial while failure to react to these changes can bedevastating.Demographic factors: demographyrefers to study of people, such as their age, sex, marital status, occupation,family size etc. Though, demography is uncontrollable because we cannot controlthe sex, age, marital status in the external environment, but accurate forecastof it goes a long way to enabling someone as a marketer forecast future trendand consumptions of the product.
Technological changes: technology pose much challenges to marketers, itaffects the kind of product that as a marketer can offer, For instance,technology have changed products like typewriting machines into a moreproficient computer systems. One cannot stop the advancement of technology, butone can learn to adapt to its changes.