MGT211 - Introduction To Business GDB # 01 Discussion and Solution Spring 2013
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MGT211 - Introduction To Business GDB # 01 Discussion and Solution Spring 2013
by Victoria333 Sat Jun 22, 2013 1:51 pm
TOPIC:
“THE MARKETING ENVIRONMENT”
LEARNING OBJECTIVE:
To make the students understand the impact of external environmental factors on the marketing system
LEARNING OUTCOME:
The students will be able to learn the impact of external environmental factors on the marketing system.
DISCUSSION:
Marketing is a business activity that recognizes customer needs, establish target markets and applies products and services to serve these markets. It is also involved in the development and promoting of such products and services within the marketplace which fulfill the needs of the target customers. Marketing is related to the success of a business, large or small, with its primary focus on quality, consumer value and customer satisfaction. Every organization, large or small, working in an environment it may be internal or external.
REQUIREMENT:
How does change in external environment affect the marketing decisions? Discuss with the help of at least three logical arguments.
Read more: MGT211 - Introduction To Business GDB No.01 Discussion and Solution Spring 2013 Due Date: 18-06-2013 - Virtual University of Pakistan
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Re: MGT211 - Introduction To Business GDB # 01 Discussion and Solution Spring 2013
by Victoria333 Sat Jun 22, 2013 1:52 pm
Attention Students: You don’t need to go any other site for this assignment/GDB/Online Quiz solution, Because All discussed data of our members in this discussion are going from here to other sites. You can judge this at other sites yourself. So don’t waste your precious time with different links.
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Re: MGT211 - Introduction To Business GDB # 01 Discussion and Solution Spring 2013
by Victoria333 Sat Jun 22, 2013 1:52 pm
The external environment
A business converts inputs into outputs in order to make a profit. However, the business does not exist in a vacuum, it exists within an external environment consisting of the actions of other players who are outside the business. The external environment consists of:
competitors
the economic system
the social system
the monetary system
the political/legal system
the environmental system.
Competitors actions affect the ability of the business to make profits, because competitors will continually seek to gain an advantage over each other, by differentiating their product and service, and by seeking to provide better value for money.
The economic system is the organisation of the economy to allocate scarce resources. The economy tends to go through periods of faster and slower growth. Businesses prosper when the economy is booming and living standards are rising.
The social system is the fabric of ideas, attitudes and behavior patterns that are involved in human relationships. In particular businesses are influenced by consumer attitudes and behaviours which depend on such factors as the age structure of the population, and the nature of work and leisure.
The monetary system facilitates business exchange. Monetary activity is based around earning, spending, saving and borrowing. Money has been likened to the oil that lubricates the wheels of commerce. Monetary activity involves businesses in a web of relationships involving financial institutions (e.g. banks and building societies), creditors, debtors, customers and suppliers. A key monetary influence for business is the interest rate. Higher interest rates increase business costs and act as a break on spending in the economy.
The political/legal system creates the rules and frameworks within which business operates. Government policy supports and encourages some business activities e.g. enterprise, while discouraging others e.g the creation of pollution.
The environmental system is the natural system in which life takes place. Increasingly businesses have become aware of the relationship between their economic activity i.e. making goods and services for profits and the effects that this has on the environmental system.
A business converts inputs into outputs in order to make a profit. However, the business does not exist in a vacuum, it exists within an external environment consisting of the actions of other players who are outside the business. The external environment consists of:
competitors
the economic system
the social system
the monetary system
the political/legal system
the environmental system.
Competitors actions affect the ability of the business to make profits, because competitors will continually seek to gain an advantage over each other, by differentiating their product and service, and by seeking to provide better value for money.
The economic system is the organisation of the economy to allocate scarce resources. The economy tends to go through periods of faster and slower growth. Businesses prosper when the economy is booming and living standards are rising.
The social system is the fabric of ideas, attitudes and behavior patterns that are involved in human relationships. In particular businesses are influenced by consumer attitudes and behaviours which depend on such factors as the age structure of the population, and the nature of work and leisure.
The monetary system facilitates business exchange. Monetary activity is based around earning, spending, saving and borrowing. Money has been likened to the oil that lubricates the wheels of commerce. Monetary activity involves businesses in a web of relationships involving financial institutions (e.g. banks and building societies), creditors, debtors, customers and suppliers. A key monetary influence for business is the interest rate. Higher interest rates increase business costs and act as a break on spending in the economy.
The political/legal system creates the rules and frameworks within which business operates. Government policy supports and encourages some business activities e.g. enterprise, while discouraging others e.g the creation of pollution.
The environmental system is the natural system in which life takes place. Increasingly businesses have become aware of the relationship between their economic activity i.e. making goods and services for profits and the effects that this has on the environmental system.
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Re: MGT211 - Introduction To Business GDB # 01 Discussion and Solution Spring 2013
by Victoria333 Sat Jun 22, 2013 1:53 pm
EXTERNAL ENVIRONMENT IMPACTS ON MARKETING
External environmental factors such as political conditions, the legal system, and cultural attitudes influence marketing decisions at every level, including not only global marketing but domestic marketing. The effects of these factors on international marketing is perhaps more clearcut, but their impact is felt in domestic marketing as well.
The United States is a large and diverse country. The legal system varies by state, while the political environment and cultural attitudes vary by region, which may not always correspond directly to state boundaries. The overall importance of the domestic market for most firms and industries accentuates the significance of these regional differences, and as in international marketing they can spell the difference between success and failure.
Political factors can have a dramatic effect on international marketing. China has successfully pressured Yahoo! and other internet services into acquiescing in censorship of Internet access. Explicit criticism of the Chinese government might only figure in marketing campaigns for films with a political message, but marketing slogans that seem innocuous to us ("freedom," for example, evoked by many campaigns) may spark Chinese official sensitivities.
External environmental factors such as political conditions, the legal system, and cultural attitudes influence marketing decisions at every level, including not only global marketing but domestic marketing. The effects of these factors on international marketing is perhaps more clearcut, but their impact is felt in domestic marketing as well.
The United States is a large and diverse country. The legal system varies by state, while the political environment and cultural attitudes vary by region, which may not always correspond directly to state boundaries. The overall importance of the domestic market for most firms and industries accentuates the significance of these regional differences, and as in international marketing they can spell the difference between success and failure.
Political factors can have a dramatic effect on international marketing. China has successfully pressured Yahoo! and other internet services into acquiescing in censorship of Internet access. Explicit criticism of the Chinese government might only figure in marketing campaigns for films with a political message, but marketing slogans that seem innocuous to us ("freedom," for example, evoked by many campaigns) may spark Chinese official sensitivities.
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Re: MGT211 - Introduction To Business GDB # 01 Discussion and Solution Spring 2013
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