Effective marketing makes certain that a company's products are in line with what the consumers' needs within a ever changing environment. It is very important to observe these changes regularly and undertake programs of action geared to adapting the company's response to them.
A company operates within a larger framework of the external environment that shapes the opportunities and threat to an organization. The external environment for global and domestic marketing decisions is comprised of forces that are part of a company's marketing process but is external to the organization. Those forces include the organization's market, its producer's suppliers and intermediaries. It would be necessary for companies to understand that the environmental conditions because the conditions interact with marketing strategy decisions. The external environmental has a huge impact on the determination of marketing decisions. Any successful company will scan the external environment that affects them so they would be able to respond profitably to the unmet needs and trends in targeted markets.
There are countless variables that function within a company that can have direct or indirect influence on their strategy. A successful company is one that will anticipate, understand, and take advantage of the changes with the organization's environment. An organization's operating environment can be analyzed by looking at:
External forces. Those factors that an organization has no control over.
Internal forces. Those factors that an organization has direct control over.
In this paper, I will discuss technological, political and social external environmental factors and how they effect global and domestic marketing decisions.
The technological environment refers to any new technologies that create new products and market opportunities. Those developments are the most manageable, uncontrollable force that is faced by marketers. Technology has an incredible effect on life styles, consumption patterns and the economy. The advances in technology can...