Define the Environmental Factors as They Relate to Marketing for a Business That Is Rooted in a Dynamic Environment. What Are the Best Methods for Companies in These Environments to Stay Current with Their Marketing Tactics?

725 Words Apr 6th, 2012 3 Pages
At all times, besides focusing on assessing and satisfying consumer needs and wants, environmental factors such as social, economic, technological, competitive and regulatory factors play an important role in forming an organization’s marketing activity (Kerin, Hartley& Rudelius, 2009 pg35). These forces are uncontrollable and yet cause great impact in a marketing decision. For instance, the technological advancement that takes place influence the marketing strategies of E-bay company. They use internet and websites to market their products and services. Besides that, economic downturn that occurs in recent times triggers a lot of discounts and promotions offered by company in selling their products and services. Now the problem is , what …show more content…
Environmental scanning is helpful in detecting scientific, technical, economic, social, and political trends and events. It also useful in defining the potential threats, opportunities, or changes for the organization implied by those trends and events, promoting a future orientation in the thinking of management and staff, and alerting management and staff to trends that are converging, diverging, speeding up, slowing down, or interacting (Morrison, 1992). Hence, developing marketing strategies that are appropriate and applicable to the current environmental trends are made possible to the company by using environmental scanning. Lastly, competitive analysis is one of the greatest methods for company. Competitor analysis is an assessment of the strengths and weaknesses of current and potential competitors. It will provide company with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle (Competitive Analysis, 2006). It is important for a company to consider its present and potential competitors in designing its marketing strategy. Due to the low barriers of entry in the field, E-Bay company have met many of its competitors such as In order to be outstanding among the competitors, E- Bay

Related Documents