Professional Documents
Culture Documents
Midterm Examination
Midterm Examination
Midterm Examination
Economic environment
o The potential to influence consumer spending habits and purchasing power.
For instance, a company should not begin exporting its products to a nation
before analyzing the spending habits of its citizens. GDP, gross national income,
import duty rate, unemployment, inflation, spending patterns, and personal
income with which to live are all important economic indicators.
Natural resources
o the physical environment that is impacted by marketing activities or that
marketers require as inputs. Since environmental issues have become
increasingly pressing in recent years, ecological conditions have emerged as an
essential consideration. Floods, droughts, and other forms of air and water
pollution are examples.
Technological Environment
o is significantly influenced by technology. Before making any investments in
marketing strategies, an organization needs to conduct in-depth research on
how technology is being used and how it is spreading. The company must
understand the region's technology penetration and user interface technology
in order to plan their communications and campaigns accordingly.
Political environment
o The affects in marketing decisions. This involves laws, government agencies, as
well as the pressure groups that can influence or give constrains to various
individuals or organizations in a given society.
Cultural Environment
o Factors which affects the basic values, preference, perceptions and behavior of
the society. For marketing decision making, businesses must comprehend
society's cultural beliefs and practices. Numerous cultural blunders can result
from businesses' lack of cultural awareness. A symbol with a positive
connotation in one culture may have a negative connotation in another.
5.
6. Market research can reveal gaps in customer expectations and how customers and potential
customers might perceive your company. When working on your marketing strategy, this is
important information to have. When it comes to making important business decisions, having
accurate market intelligence helps to reduce risks. It is important because it gives decision-
makers useful data. It provides information about competition, demand, supply, consumer
behavior, and so on.
7. A method of strategic planning and management known as a SWOT analysis is used to assist
individuals or organizations in determining their strengths, weaknesses, opportunities, and
threats in relation to business rivalry or project planning. Situational assessment and situational
analysis are other names for it.