Elements of marketing

In this way, both the individual consumer and the business customer have the same basic factors motivating their decision, but with very different reasons for doing so. By looking at the customer analysis, it is apparent how Enterprise has tailored its services to satisfy the needs of the consumers.

Environmental scanning involves an organization to look at any trend, opportunity or threat that could create issues for their company. Once any of these issues are identified, the organization should consider new strategies that react to these external factors. Issues should be examined that involve not only direct customers and suppliers, but also competitors, any changes in regulations and possible political involvement. External factors will be constantly changing so environmental scanning should occur frequently and regularly to ensure the current issues have been captured. Research and data analysis can help drive decisions regarding overall marketing changes that might be necessary.

PESTEL analysis is widely used to better understand the external environment of the company. The acronym PESTEL stands for political, economic, sociocultural, technological, environmental, and legal factors. PESTEL analysis helps managers better understand the threats and opportunities a company faces.

Talking about Social-culture factor, Society 's way of life and method of doing things affect the way of life of an association in a situation. Some of the social factors are: -

According to Narver and Slatter (21), market oriented companies or businesses are doing much better. They go on to argue that there is no much evidence to support the view in that there is no direct relationship between succeeding companies and being market oriented. Minimal research has been done to support the claim and the authors say there might be other factors that make a company succeed apart from being market oriented. This claim is also supported by another study conducted by Helfert, Ritter and Walter (11). The authors say other factors like links with other organizations might be helpful in making an organization succeed.

A PESTEL analysis which stands for political, economic, social, technological, environment and legal factors is an outline tool used by marketers to investigate and observe the macro-environmental in regards to external marketing environmental factors. A market environment is a marketing term that refers to factors and forces that affect a firm's ability to build and maintain successful relationships with customers that can have an impact on the

When conducting an analysis of external environment, PESTEL model is a helpful tool to analyze and assess the external factors (political, economic, social and technological, environmental, and legal) that impact the company’s strategy and operations (Jurevicius, 2013). Below is Raytheon’s PESTEL analysis. See Appendix A for a full list of external contributing factors affecting A&D industry.

PEST analysis (Political, Economic, Social and Technological analysis) describes a framework of macro-environmental factors used in the environmental scanning component of strategic management. Some analysts added Legal and rearranged the mnemonic to SLEPT;[1] inserting Environmental factors expanded it to PESTEL or PESTLE, which is popular in the United Kingdom.[2] The model has recently been further extended to STEEPLE and STEEPLED, adding Ethics and Demographic factors. It is a part of the external analysis when conducting a strategic analysis or doing market

Environmental analysis is important for a company. This allows for the company to look at external factors that will help them to succeed or fail. Environmental analysis could be internal as well as external. The internal analysis allows the company to look within and analyze the successes and see where improvement can and should be made. The external analysis looks at factors such as location, marketing, and surrounding areas to analyze if the these factors are what is best for the company.

A good way to assess changes in the environment is to conduct a PESTEL analysis. It is important for businesses to conduct a PESTEL analysis as it would enable businesses to provide a list of potentially important issues influencing strategies. It is important for businesses to assess the impact of each factor. PESTEL stands for political, economic, social, technological, ecological and legal.

The environment is like a double-edged sword, providing companies opportunities but threats as well. Therefore, in an increasingly hostile marketplace, a systematic and careful environmental analysis is supposed to be considered by companies (Johnson et al, 2011). The macro-environment of a company can be analysed by the framework of PESTEL, which includes six categories: political, economic, social, technological, environmental, and legal (Johnson et al, 2011, Appendix A ).

With this in mind, the PESTEL model was developed to give researchers and practitioners a framework in which to consider the broader business environment. PESTEL stands for Political, Economic, Social, Technological, Environmental and Legal. Furthermore, a PESTEL analysis is a technique that evaluates the potential impact of political, economic, social, technological, environmental, legal factors on an organization. This set of factors represents a broad set of industry and environmental considerations that any organization should make when designing strategic goals

The environmental analysis can be understood with the help of the Porters Five forces Analysis for the study of the internal environment of the company and the PESTLE Analysis is studied for the purpose of knowing the external analysis of the company or to know the external environment of the company(Al-Moneef,1998).

PESTEL analysis is a method used to study macroeconomics - the macroeconomic environment of an enterprise. Otherwise, it is called the general segmentation of the environment. It defines the basic spheres of the environment, which are areas that have a crucial impact on the functioning of the organization. Also marks the future strategy of the organization through an in-depth analysis.

PESTEL analysis is to identify and analyze the strategy and business environment, it is stand for Political, Economic, Social, Technological, Legal, and Environmental factors. This model is to assessing the current environment and potential changes. If