MARKETING ENVIRONMENT - Essay Example

The political environment gives the political conditions, the government restrictions, relations between two countries etc which help or hamper the growth of the industry (Dev, 2005). The economic environment refers of the economy of the country and how supportive the economic conditions are for the growth of the industry. The social environment is actually the consumers’ demographics, their tastes, preferences, religion and preferences etc. which influence the industry. The technological advancements also play a major role in the industry’s growth factor.

According to Kotler, (2003, p.690), then there are the legal factors which comprise of the laws and legal matters around the industry and lastly the ecological factors which relate to the environment and how it is affected by the industry. The SWOT analysis gives the threats and opportunities coming from the external environment and the strengths and weaknesses that exist in the internal environment of the firm/industry (Cooper, R 1986). Once this analysis has been conducted, the problem areas can be identified easily and these problems may be overcome using the strengths and opportunities and thus strategies are devised using the TOWS matrix.

It is better to use a mixture of analysis than using just one model (Kotler, 2003, p.695). There has been a rapid advancement in technology and businesses have grown because of it. The internet is now easily available and thus trends have been changing where shopping is concerned. With the internet shoppers can easily shop online from the convenience of their homes and offices and do not have to go out for shopping (Plunkett Research, 2007). With the help of such technology, more consumers can be reached and the shopping can be conducted globally and in every part of the world.

Also, with the advancement of technology, processes have become faster and consumer profiles can be maintained which enables targeted and focused marketing