DEFINITION OF MARKETING ENVIRONMENT.
Marketing environment are those are external and internal environment forces which influence the performance of an organization towards customer satisfaction.
* Includes the competition, other rivals, the market conditions, customer's tastes and preferences. The list goes bigger than that. Anything can be included under competition. The existing rivals, the possible rivals, the product group rivals, and alternative products to satisfy that particular need also come under external environment. The government policies including trade policies, restrictions, foreign trade policies also come under this. Availability of raw ...view middle of the document...
Political and Regulatory Environment
Your marketing strategy must take account of the domestic political and regulatory environment. Politicians and regulators may wish to impose restrictions on certain industries to protect consumers, for example. They may take action to increase competition, potentially opening up your existing market to new competitors. Your products must comply with any health, safety and other type of legislation that relates to your industry.
Prevailing economic conditions in the country have a direct impact on your marketing program. During a recession, for example, consumers and businesses have less to spend, reducing demand for many types of products and services. Products that offer high value for the price will have a greater appeal during difficult economic conditions. Economic prosperity provides a better environment for marketing luxury goods or higher-priced versions of your product range.
The level of competition in your marketplace influences your marketing strategy and tactics. If you face strong competition in one sector, you can try to increase your share by improving the price or performance of your products. Alternatively, you may...