About This Chapter
The Marketing Environment - Chapter Summary and Learning Objectives
Marketing a product or service is not just about creating a catchy commercial. Companies put millions of dollars into the marketing process because they understand the numerous, complex factors involved in selling a product. Marketing is influenced in many ways. The state of the economy, social influences and technology are just a few things that can impact marketing. Learn more as you watch our lessons on the marketing environment.
The world around us is influential in how a company develops its marketing strategy. As you'll discover through our lessons, there are a range of factors that may cause changes in the marketing environment. You'll learn about the influence of attitudes, values and lifestyles on marketing. For example, lifestyles have contributed to the rise in the number of convenience foods found in our supermarkets. A hundred years ago, the concept of convenience foods didn't exist because the lifestyle wasn't one that demanded such items.
You'll also explore the role of the economy in people's buying habits. See how fluctuations of the economy can push people to buy more or less. Take a deeper look into how consumers react to the economy and the effects that reaction has on business marketing.
Technology seems to play a huge role in every aspect of life these days, and marketing is not immune. You have probably seen commercials that include website addresses or products with QR codes that can be scanned with smart phones; both of these are examples of technology in marketing. Discover more about the ways technology has been used in marketing and look at how technology has brought about some major changes in the marketing world.
There's also lessons on how the political climate and legal environment can influence marketing. See how foreign and domestic competition affects marketing, too. We'll show you a variety of ways marketing efforts are influenced by changes in society.
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1. Marketing Environment: External Influences on Marketing Strategy
What influences how a business sells its products - and itself? In this lesson, you will learn more about external influences that affect the marketing strategy of a business.
2. Attitudes, Values & Belief: Social Factors in Marketing
Why do consumers make the choices they do? What causes them to purchase certain products? In this lesson, you will learn how the culture, attitudes, values and beliefs of consumers are the social factors that affect how marketers create a successful target marketing mix.
3. Consumer and Industry Reaction to the Market and Economy
Marketers have to understand the environmental factors that can affect a marketing plan. The economy has a dramatic impact on a marketer's overall strategy for pricing, product development, promotion and logistics.
4. Technology's Impact on Marketing and Marketers
How does technology impact marketing and marketers? In this lesson, you will gain a better understanding of technology, marketing and marketers and of how each one impacts the other.
5. The Political and Legal Environment of Marketing
In this lesson, you will learn about the political and legal environment of marketing. Learn which federal legislation, state laws and regulatory agencies have an effect on businesses.
6. Foreign and Domestic Business Competition: Definition and Regulations
Marketers have to understand the environmental factors that can affect a marketing plan. The competitive landscape has a dramatic impact on a marketer's overall strategy for pricing, product development, promotion and logistics.
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Other chapters within the Business 102: Principles of Marketing course
- Marketing Philosophies and Ethics
- Competitive Advantage
- International Marketplace
- Consumer Decision Making
- Business Marketing and Marketing Research
- Segmentation and Product Marketing
- Managing a Product and Retailing
- Services Marketing, Marketing Channels & Supply Chain Management
- Promotion, Advertising and Public Relations
- Selling and Pricing Strategy
- Studying for Business 102