The Market Environment

The Market Environment - The Market Environment The...

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The Market Environment The external market include 4 major areas Economic Environment Technological Environment Political and legal Environment Cultural and Social Environment These variables of the marketing environment cannot be controlled.  Objectives Company objectives should shape the direction and operation of the whole business Top management must look at the whole business, relate its present objectives and  resources to the external environment, and then decide what the firm wants to  accomplish in the future.  A Business Must a. Engage in specific activities that will perform a socially and economically  useful function b. Develop an organization to carry on the business and implement its strategies c. Earn enough profit to survive Mission statements:  Set out the organization’s basic purpose for being.  A good mission statements should focus on a few key goals rather than embracing  everything.  Firms need a hierarchy of objective- moving from company objectives to marketing  objectives.  Lack of financial strength is often a barrier to entry into an attractive market The ability to produce with flexibility is what separates good marketing from bad  marketing Many companies fail in new product-markets because they don’t really understand the  needs of the new customers or the new competitive environment
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This note was uploaded on 02/23/2012 for the course BUSI 406 taught by Professor Perreault during the Fall '11 term at UNC.

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The Market Environment - The Market Environment The...

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