Pages : 500; Paperback;
210 X 275 mm approx.
Pages : 282; Paperback;
210 X 275 mm approx, Sample Applied Theory Questions
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The business environment changes continuously and businesses need to adapt to it to sustain and prosper. Changes in the environment can be monitored through environmental scanning and environmental analysis. Firms perceive competition as an important component that affects their marketing activities. The number of firms in an industry affects the level of competition. The various types of competitive structures are monopoly, oligopoly, monopolistic, and pure competition.
The external environment can be divided into the microenvironment, which consists of suppliers, marketing intermediaries, and customers, and the macro-environment, which consists of the demographic, political, economic, socio-cultural, technological, natural, and legal environments.
Demographic variables help marketers analyze the market, because changes in demographic characteristics have a bearing on the way people live, spend their money and consume. Marketers can also divide customers in various groups on the basis of demographics such as infants, children, young adults, adults, women, senior citizens, singles, location, occupation and literacy and cultural diversity.
Government policies influence the marketing decisions and strategies of a firm. Government policies shape the economic conditions and trade relationships and are influenced by the political environment. Political environment consists of domestic and international politics. Customer buying trends reflect the general economic condition. Fluctuations in an economy generally follow a business cycle, which consists of growth, recession, depression and recovery. Socio-cultural forces refer to the attitudes, beliefs, norms, values, and lifestyles of individuals in a society. These forces can change the market dynamics and marketers can face both opportunities and threats from them. Technology had made significant impact on the consumer buying behavior and marketers. Marketers can offer better marketing mix to their customers with the help of technology. Technological developments have led to ecological imbalances. Many companies have now realized their responsibility towards maintaining the ecological balance. Natural environment consists of resources, weather and government intervention. The laws and regulations of a country have a major impact on the way a company conducts its business.