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Marketing Assignment - The Macro Market Environment

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Introduction

Andrew Galea MARKETING ASSIGNMENT The Macro Market Environment Before a Company launches a new product it must be aware of the environment that this will be introduced in. This is done to make sure that the product meets all expectations and respects the specifications that are needed to abide by the law. There are a number of factors, which need to be taken into consideration before a product is launched. One of these is the Macro-Market - the National Environment. This consists of the Political Environment, the Economic Environment, the Social & Cultural Environment and the Technological Environment, amongst others. One of the most meaningful aspects that must to be taken into consideration when introducing a new product into the market is the Political Environment. A Company wouldn't introduce a new product in a time of political instability, it would either wait for the waters to calm down, or it may have to be forced to choose another target market. ...read more.

Middle

Budgets, inflation, deflation and if he has a job and also the type of job, influence the consumer's income. The spending power of consumers who use their credit card frequently on the other hand would be affected by credit limits and interest rates. The economic situation in the country will help the Company decide on the terms of payment, credit limit, etc. The Social & Cultural Environment helps understand the behaviour of consumers. This includes 'values, perceptions, preferences and behaviours' - Kotler. This is significant because it helps the managers avoid any features in their product, which would not be accepted by the consumers in that particular country. This might be because it goes against their religion, culture or traditions. The Company might want to customise their product according to the country it is sold. For example, McDonald's serve corn soup and teriyaki burgers in Japan and pasta salads in Rome. While in India where cows are considered sacred, McDonalds sell Veggie Burgers instead of beef. ...read more.

Conclusion

The Natural Trends affect mostly the production and the marketing activities of the new goods. Trends in this environment include shortage or scarcity of raw materials and the increase in the cost of energy - which would alter the product's price. As the levels of pollution increase, the public, government and producers are becoming more environmentally aware. These trends are having a significant impact on organisation's marketing strategies. For example McDonalds is very keen on environmentalism. All its napkins, bags, tray liners, carry-out drink trays and even most of the stationery used at headquarters are all made out of recycled materials. Although it costs the company more than $1 billion to purchase recycled materials it helps keep the 'green' image which is so meaningful these days. The macro environment refers to the larger forces that have an impact on society as a whole and not on just one or a few companies. One single firm cannot usually make significant changes to these forces and therefore it can only mold itself around these forces and adapt its marketing mix to compensate for the opportunities and threats that may arise. ...read more.

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