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External Marketing Environment
Pages 5 (1255 words)
External Marketing Environment Name: Institution: Date of Submission: Introduction Overtime, the promotional plan must be modified due to the transformations of the setting in which customers live, work and make buying resolutions. This implies new customers will be targeted by the organization while others will be left out…
A firm is frequently oblivious about the factors that affect its future. A marketer can comprehend the marketing environment through conducting a marketing research. Acquaintance to the environment assists an organization to modify its promotional mix and recognize new opportunities. Lamb et al (2011, p. 110) cites economic, cultural and social, business, legal and political and demographic elements as the constituents of external marketing environment. Economic Environment There is no more significant component in the external environment affecting marketing than the economic environment. Lamb et al (2011, p111) notes that the economic environment affects the operation of a company on both at micro and macro levels. Micro level refers the individual company while the macro level implies the broader industry, country or international. i. Supply and Demand When there is absence of government intervention and control, supply and demand are the basic underlying forces of the economic dimension. Supply refers to the amount of goods and services sellers and producers are willing to bring to the market at given prices at given time (Lamb et al., 2011, p. 112). Demand on the other hand refers to the amount of goods and services the buyers are willing to buy at a given price and time. ...
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