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Name: Title: Principles and practice Instructor: Apart from the internal structure, marketers need to consider the external environmental influences on a business and the changing trends. Consumer behavior in every industry is influenced by both internal and external factors…
Thus trends in external environment can have a major on consumer choice and preferences and therefore, it is important for marketers to be aware of such trends. Underlying trends are relatively slow moving changes in the marketplace that may occur for a number of reasons. A successful marketers needs to keep track of these changes and respond accordingly. The nature of the trends is likely to differ; sometimes they are consumer led and sometimes business led. However, businesses must realize that in order to gain a competitive edge and better satisfy the customers, these trends are needed to be taken into account. Macro factors are those that have an indirect impact on the business, also known as PESTEL. It includes factors that create opportunities and threats to business and is categorized as the far environment. These include variables such as political, environmental, socio-cultural, technological, economic and legal. With respect to marketers of cosmetics products, these factors play a crucial role and can have a significant impact on the industry structure. Political factors consist of laws, government agencies and pressure groups that influence and limit various organization action plans. For instance, legislation affecting cosmetics business has increased worldwide. Also, various laws exist that protects companies, consumers and interest of the society at large. ...
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