Huge Factor In Marketing example essay topic

I! |m not sure if I am taking the right definition of! SS external environments!" in my answer, but I will talk about them in the way I have learned about them before. There are always a number of external factors that affect customers, and if a marketing team is good they will take all of them into consideration. Demographics: Defined as: The characteristics of human populations and population segments, especially when used to identify consumer markets. I think this is one of the most important factors to look at because in take into account many things about the population including, but not limited to: far Race fae Gender fae Average Income fae Location fae Population This makes a huge difference in marketing because marketing to middle aged Hispanic females may need a totally different campaign then elderly white males, although they may both be interested in the product. This is generally used in the initial stages of planning to decide if a certain area will even be profitable to market in.

Political Factors: Depending on the political group of the area there may be bans on certain advertising or activities. Certain businesses may be supported more by specific political groups. For example a gun shop may flop in a more democratic area but be a huge success in a primary republican area. You could compare say, Texas and Massachusetts. In Republican Texas the gun ownership percentage is much, much higher then in Democratic Massachusetts.

Economic Factors: This includes things like interest rates, exchange rates, government policies on taxation and spending, among other things. One of the most common examples of this is car dealerships advertising! S SLowest Interest Rates Ever! !" It may be much more successful to push a product more when interest rates are lower, and more appealing to consumers. Technological Factors: The technological world is booming, products are moving from Version 1.5 to Version 6.7 in a matter of months.

With so much new technology being introduced it's important to remain user friendly, cost conscious, and efficient. Competitors: This one is huge. Companies and consumers alike need to be aware of the competing business in the area. Cost conscious consumers will look in fly ers to see if Big Y or Stop and Shop has cheaper grapes, and the businesses need to be aware of this so they can appeal to the customer in a way the other business is not. If there are competing businesses in a specific area, you will RARELY see one advertise and the other abstain, for the simple fact that you need to do everything your competitor is doing and then some. These are just the factors that come to mind, but there are many more.

All of these factors can be threats or opportunities, and it is the marketing management team's job to figure out which is which, and how to take advantage of the opportunities and minimize the threats. In my opinion the factor that has most to do with whether a customer can consume and shop from products is a factor listed under demographics, and that is income. Although there are people who will get credit card, upon credit care and push themselves into debt to buy things it's not the norm. For example, Gucci wouldn! |t put up a billboard advertising a pair of $5000 earrings in a low income ghetto.

A huge, huge factor in marketing is advertising to an area that can afford your product. Personally when I! |m out shopping cost of a product is what makes my final decision of whether or not to buy it. Even if it is very useful / pretty /shiny / whatever, sometimes no matter how much I want to product, I simply can! |t afford it, and I won! |t buy it. So at least in my life, income and price are the most important factor in by ability to shop for and consume a product.