• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Clearly analyze the external influences affecting the development of the marketing strategy

Extracts from this document...


Clearly analyze the external influences affecting the development of the marketing strategy. 4.2 There are numerous factors that have an effect on BMW's business and the consequences of its operations, a few of which are beyond the control of the Company. The following information below is an explanation of some of the mainly important factors that may cause the definite results of the Company's operations in potential periods to change essentially from those at present expected or most wanted. Additionally, there are 4 macro marketing factors, which all concern BMW's marketing strategy, and BMW themselves cannot change or influence them. These factors are: - 1) Social This includes changes in population, community attitudes e.g. smoke, drinking, organics, 'greens' etc. This is perhaps the most complicated element of the macro-environment to assess, manifesting itself in altering tastes, purchasing actions and shifting priorities. The kind of goods and services demanded by consumers is a purpose of their social training and their consequential attitudes and viewpoints. ...read more.


2) Legal This includes European Union laws, rebellious behavior, sponsorship of cars (Formula 1) by tobacco companies, minimum wage and tuition fees. Many of the legal, economic and social developments, in our own society and in others, are the direct result of political decisions put into practice, for example, the privatization of state industries or the control of inflation. Whatever industry the marketing firm is concerned in, changes in the legal and political environments at both the domestic and intercontinental levels can affect BMW and consequently need to be fully understood. 3) Economic This includes interest rates, government policies, rising taxation etc. Economic factors are of concern to marketing firms since they are all likely to influence among other things, demand, costs, prices and profits. These economic factors are largely outside the control of the individual firm, but their effects on individual enterprises can be philosophical. Political and economic armed forces are often strongly interrelated. ...read more.


Marketing firms themselves such as BMW play a part in technical progress, many having their own research division or sponsoring research through universities and other institutions, accordingly playing a part in innovating new developments and new applications. One case in point of how technical change has exaggerated marketing activities is in the development of electronic point of sale (EPOS) data imprison at the retail level. The 'laser checkout' reads a bar code on the product being purchased and stores information, which is used to investigate sales and rearrange stock, as well as give customers a printed readout of what they have purchased and the price charged. Manufacturers of fast-moving consumer goods, mainly packaged grocery products, have been compulsory to respond to these technical innovations by incorporating bar codes on their product labels or wrapping. In this way, a change in the technical environment has affected the products and services that firm's create and the way in which firms carry out their business operations. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Economy & Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Economy & Economics essays

  1. external influences

    Both these methods need close monitoring because of their potential for causing severe environmental damage. The EU has recently approved a directive setting strict guidelines for landfill management. It bans certain types of waste, such as used tyres, and sets targets for reducing quantities of biodegradable rubbish.

  2. External Influences of Richer Sounds and Corus

    up to date of how much they have and also set up. Changes in Economy (Interest Rates) Richer Sounds and Corus both operate in the economy of the United Kingdom. There can be positive and negative changes with any economy.

  1. Corporate strategy of Arcelor: how to penetrate the Chinese market?Second world largest steel maker, ...

    symbol of the success of the communist policy; the government is likely to protect its industry. This protection is reflected by the recent law enforced that prevents foreign companies to have a majority of shares in a Chinese metal manufacture.

  2. Sports manufacturers

    The bridge might threaten Nike's reputation. University Campus Groups: Student groups are gaining strength and becoming a larger presence on university campuses across America. For example, an article stated that the University of Connecticut decided to allow students with protest signs to attend athletic events only after the school was approached by a student organization requesting this measure.

  1. External influences

    GUCCI For GUCCI the same rules apply jus t has the one for The Body Shop. GUCCI Group is known for the way they extract the raw materials for their products. GUCCI Group has also in the past had made campaigns for the environment. COMPETITION Core Products of (1st Business)

  2. E4: identify and explain the external influences affecting the development of the marketing strategy:

    The certain amount of hours will than be than multiplied by �4.50 to get to the employees actual wage. Although if the markets get tougher in competition within each other, this can force me to move the minimum wage level down, this can really disrupt/disappoint the employees.

  1. Overview of Intercontinental Hotels Group

    Since the first acquisition of a small chain of hotels by William Bass in 1987, they made a significant move in the following year by acquiring Holiday Inn International. Until today, the IHG offers more than half a million hotel rooms in more than 100 countries.

  2. Evaluate the impact of Nike's outsourcing strategy and factory location on the host nation

    developed countries can sometimes have lax regulations in terms of working conditions. This can encourage multinationals to exploit employees and provide bad working environments and unsafe working conditions. Workers are also paid extremely low wages as there are limited minimum wage requirements.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work