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This consists of factors related to the group and other organizations that compete with and have an impact on an organization markets and business. This includes;
1. Customer’s factors like their need, preference, perceptions, attitudes, values, buying behaviour, and satisfaction of customers.
2. Product factors like demand, image, features, utility, lifecycle, price promotion place, availability of substitutes etc.
3. Marketing intermediary factors, such as level and quality of customer service, middlemen,
distribution channels, logistics, costs and delivery systems and financial
intermediaries.
4. Competitor related factors such as types of competitor’s relative strategic position of major competitors
The marketing environment depends on the type of the industrial structure. In monopolies and
oligopolies, the concern for the market environment is lesser than the case of the pure competition. In recent times the government policy has moved towards allowing some degree of competition within the public sector like banks, radio and TV stations etc. This has made the market environment more important in strategic management.
Titany answered the question on November 24, 2021 at 12:10