Changing Market Environment

8. What are the five key dimensions of the marketing environment? How can marketers stay abreast of changes in each

Marketing is the total management procedure via which a product progresses from concept to consumer to satisfy and meet the needs and wants of customers. This involves addressing a number of key matters: what the company is going to produce, how much they are going to charge, how it is going to distribute its products or services to the customer, how it is going to tell its customers about its products and services, how the selling process actually happens, who comes in contact with customers and the layout of interface in which the company and customers interact. These are collectively known as the 7P’s or the marketing mix: product, price, place, promotion, process, people and physical environment.

On the other words, niche marketing is to concentrate all marketing efforts on a small but specific and profitable defined segment of the market. While niche markets are focus, they are not necessary small. Many niche brands already represent

Quick and fast changes in an environmental market place such as social growth (globalization and the growth of social networks), economic instability (crises), industrial progress, fast growing competitive world and firm marketing regulatory mainly have an effect on the work of most of marketing companies or marketing and brand image divisions of the companies. In order to put into practice a winning marketing plan or a boost in sales and customer awareness companies have to stay in pace with the new marketing environment and take into thought every likely detail that might help out or ruin the image of a company or product.

Hi Loan! I also agree with Frank's contention that marketing no longer promotes conformity, but rather promotes “never ending self-fulfillment” and “constantly updated individualism”. Today, people usually want to see and have a new thing even though they already had it. They don't want to be stick with the same thing, and they want to be different than before. Thus, the elements that have helped the business successful in the past are no longer appropriate to help businesses continue to grow successfully in new market conditions. For example, some of famous brand such as H&M, Adidas, or Nike has a distinct way to promote their products. It will attract the eye of the customers because it is unique and strange. Also, it show that these company

Marketing is all about creating a really solid decision, which will lead to more money. In this paper I will give some history of my organization, and explain how each element of marketing affects the organization. In addition I will cover the industry in which the organization resides in.

Marketing is an important part of the business organization; it is more than just promoting and selling a product. Marketing is gratifying the changing needs of the customer. This can be best summed up by the very successful businessman Bill Gates when he quoted, "Your most unhappy customers are your greatest source of learning ". The purpose of this paper is to define marketing from at least two different sources; based on these definitions I will explain the importance of marketing in organizational success. Also, I will offer three examples from the business world of the importance of marketing to the

The fact is, marketing is changing, the way people doing business today is different, as the author says, those who don’t change their marketing strategies to meet the need of today’s consumer are not targeting for them at all.

Marketing has evolved through a change in production and consumption due to the advent of new technology (Ranchhod, 2004). The development of technology has also driven the globalisation of communication. During this period, consumers are facing a variety of choices (Jackson and Shaw, 2009). Thus, companies need to actively embrace these changing factors to grow their business and succeed in the marketplace.

a. What process elements do you believe are critical to ensure your organization understands the target market and its needs today and remains knowledgeable and informed about trends as your business grows and technology and market forces change the market? Are there specific tools (e.g. CRM, big data tools) that should be part of your firm’s toolkit? If so, explain what value they bring, how they fit into your process, and way they are worth the investment of time, money, and mind share during the critical startup phase.

2.The most vital factors which caused change in market structure are the changes in customer tastes and customer income. These two factors are solely related with the demand and needs. When the customers start earning more, they will have a tendency to purchase more and expensive products. Their buying ability is increased in such a situation. On the other hand, when the income of the customers is not that high, they will not have that much interest on purchasing the expensive products or purchasing products in large amounts. That means the size of sales revenue for a particular company is totally dependent on the customers purchasing abilities. The other factor, the customer taste, is something that should be considered as well. If the customers like a particular product, they are more likely to purchase that particular product even if that product is a bit expensive. On the other hand they will not be interested to purchase something which they don’t like even if that product is quite cheap. The first factor can’t be controlled by the company. The second one can slightly be controlled. The company should design the products and make its pricing strategy by considering these two factors if they want to make a customer

According to the website Product2Market “micro marketing is a strategy used to target a small segment of consumers with specific needs for products in the market. In micro marketing, all advertising efforts are strongly focused on a small group of highly targeted consumers” (Mello, 2014). Micro marketing is used in businesses to study their customers’ characteristics. By doing this businesses learn how to match their products or services to their customers resulting in a likelihood they will return. The website Wise Geek provides multiple scenarios involving micro and macro marketing. For example, micro marketing can be found in the real estate industry. A realtor who develops a reputation for working with properties within a certain price range can better understand the needs and wants of potential buyers who can afford homes within that price range (Tatum and Harris, 2016). Coming from my personal experience

This essay will discuss the marketing environment as a whole, and will look in detail at certain aspects

In general terms, marketing is all related to the places of buying and selling of goods and services to satisfy customers’ needs. Nowadays marketing is the most important issues for success of every business marketing is the activity, set of institution, and process for creating, communicating, delivering, and

Marketing environment is in relation to the marketing organization, its internal environment, microenvironment, and macro-environment. In the macro- environment, we identified several forces at play – political, economic, sociocultural, technological and legal (commonly referred to as the PESTL model).