A new, innovative product or service. Location of your business. Any other aspect of your business that adds value to your product or service. A weakness could be:
The external marketing environment consists of social, demographic, economic, technological, political and legal, and competitive variables. Marketers generally cannot control the elements of the external environment.
Instead, they must understand how the external environment is changing and the impact of that change on the target market. Then marketing managers can create a marketing mix to effectively meet the needs of target customers.
Describe the social factors that affect marketing Within the external environment, social factors are perhaps the most difficult for marketers to anticipate. Several major social trends are currently shaping marketing strategies. First, people of all ages have a broader range of interests, defying traditional consumer profiles.
Second, changing gender roles are bringing more women into the workforce and increasing the number of men who shop. Third, a greater number of dual-career families has created demand for time-saving goods and services.
Explain the importance to marketing managers of current demographic trends Today, several basic demographic patterns are influencing marketing mixes.
Marketers are also faced with increasingly experienced consumers among the younger generations such as tweens and teens. And because the population is also growing older, marketers are offering more products that appeal to middle-aged and elderly markets. Explain the importance to marketing managers of growing ethnic markets Multiculturalism occurs when all major ethnic groups in an area are roughly equally represented.
Hispanics are the fastest growing segment of the population, followed by African Americans.
Many companies are now creating departments and product lines to effectively target multicultural market segments. Companies have quickly found that ethnic markets are not homogeneous. Identify consumer and marketer reactions to the state of the economy The — recession has drastically reduced the spending power of many people.
During a time of inflation, marketers generally attempt to maintain level pricing to avoid losing customer brand loyalty. During times of recession, many marketers maintain or reduce prices to counter the effects of decreased demand; they also concentrate on increasing production efficiency and improving customer service.
The United States excels in basic research and, in recent years, has dramatically improved its track record in applied research. Innovation is increasingly becoming a global process. Discuss the political and legal environment of marketing All marketing activities are subject to state and federal laws and the rulings of regulatory agencies.
Marketers are responsible for remaining aware of and abiding by such regulations. Many laws, including privacy laws, have been passed to protect the consumer as well. The Consumer Product Safety Commission, the Federal Trade Commission, and the Food and Drug Administration are the three federal agencies most involved in regulating marketing activities.
Discuss the competition your firm now faces Who are your three major competitors. What are they selling or offering. Powered by Create your own unique website with customizable templates.Plunkett Research estimates the global retail clothing and footwear market at $ trillion for This includes sales by ecommerce and other non-store retailing methods.
Marketing Plan for an Adventure Store Essay - Marketing Strategy We will build strategic partnerships with climbing service companies. We will differentiate The Boulder Stop from competitors through aggressive advertising and promotional campaigns that demonstrate our . Nov 12, · How to Write a Business Plan.
Creating a business plan will help you achieve your entrepreneurial goals. Decide on a marketing plan. This way you will have support for any statistics you put into your business plan.
In the United States, the Small Business Administration (SBA) is a useful resource for information.
Many other. ♦ Anders Dahlvig, IKEA group president, needs a strategy to keep IKEA’s growth in the United States on track. come to the store and make purchase. IKEA ought to focus on those areas where the populations ♦ The integrated marketing plan needs to be bold, clever and innovative.
The idea is . The market analysis is a critical component of the business plan because it helps identify customers and their buying patterns as it relates to outdoor recreation.
Listed below are several resources that staff may use in developing and. The external marketing environment consists of social, demographic, economic, technological, political and legal, and competitive variables. Marketers generally cannot control the elements of the external environment.