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PRINCIPLES OF MARKETING-Handout 2 - The Marketing environment-2020.pdf

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TOPIC 2: THE MARKETINGENVIRONMENT6/2/20201
Definition of the marketing environment:Refers to the actors and forces outside marketing thataffect marketing management’s ability to build andmaintain successful relationships with targetcustomers.Companies need to constantly watch and adapt to thechanging environment.Introduction6/2/20202
Philips, one of the world’s biggest electronics companiesand one of the most recognized and respected brands.For instance, their lighting products have been found inhomes all around the world.However, the markets Philips Lighting is operating in aresubject to constant change.What do we learn from the case study?Opening Case: Phillips and its MarketingEnvironment in the Middle East6/2/20203
i.To establish the importance of an environmental analysisii.Describe the environmental forces that affect the company’sability to serve its customers, specifically discuss: i) Macro-environmental factors ii) Micro-environmental factorsiii.Discuss how companies can react/respond to the marketingenvironments using SWOT AnalysisObjectives of this topic6/2/20204
Determine the importance of anenvironmental analysis6/2/20205
Marketing operates in acomplex and changingenvironment.Therefore, to develop effective marketing strategies, a companymust firstunderstand the environmentin which marketingoperatesBy carefully studying this environment, marketers can then adapttheir strategies to meetnew marketplace challenges andopportunities.Importance: Why is analyzing themarketing environment important?6/2/20206
Marketing TrendsMarketing EnvironmentDisruptions throughinnovationsLegislative changesEconomic changesconsumer buying powerSocial-cultural forcesconsumer expectationsPoliticaldevolution and opportunitiesEnvironmentalgreen economyGlobal competitioninternet7
….Because these changes createuncertainty, threats, opportunitiesfor businesses.Failure to recognize such changes leaves a firm exposed to survivalthreats.Businesses may fail if they do not adapt to external changes such asnew sources of competition or changes in consumers’ preferences.To monitor such changes thus requiresenvironmental scanning.Why a business must be concerned about changes in themarketing environment?6/2/20208
Describe the environmental forces that affect thecompany’s ability to serve its customers, specificallydiscuss:i)Micro-environmental factors:ii) Macro-environmental factors:This will be done throughperforming anenvironmental scan6/2/20209
Environmental scanningis the process of collectinginformation about the forces in the marketing environment.How?1.By looking at secondary sources: newspapers, businessmagazines etc2.

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