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Significance of External Environment in Marketing - Research Paper Example

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The paper "Significance of External Environment in Marketing" highlights that the emergence, development and existence of the macro-environment is primarily a result of processes and changes that happen outside the organisation and are thereby beyond the limits of its control…
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Significance of External Environment in Marketing
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Extract of sample "Significance of External Environment in Marketing"

Download file to see previous pages An organisation or a firm is inherently located within, and thus influenced considerably by, external forces broadly called as environmental factors which are outside the controlling power of the organisation itself. The institutions and other forces lying outside the existence of the organisation can actually influence the marketing possibilities of its products to the extent these forces have a direct or indirect interest in the objectives of the organisation. Still further this impact is also depended upon the larger spectrum of different possibilities and impossibilities through which a product in itself is identified and sold through.
Although remaining outside the direct or even indirect control of the organisation these external forces need to be taken care of and responded well in the organisational strategies so as to minimize the negative impacts of such influences. Such accommodation also enables the organisation to address these environmental factors sufficiently to adapt itself and its products to its larger location. An organisation that has a management perspective towards environmental factors adopts aggressive measures towards not only to understand and respond to them but also to affect those larger processes. This paper is a brief attempt towards understanding the components of the macro-environment that marketers need to watch and adapt to when developing marketing plans and strategies. In this process, it mainly undertakes a discussion about the four common factors or processes considered to be crucial in determining this external environment, namely, the political and legal, the economic, the socio-cultural and technological. The paper also initiates a discussion about how factors related to the local ecology influence the marketing process of an organisation. The paper is divided into four sections including this introduction. In the next section, I shall discuss the significance of considering the external environment in marketing strategies especially in the context of the emergence of the practice of environmental scanning.  ...Download file to see next pagesRead More
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