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

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Introduction

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.

Middle

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.

Conclusion

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.

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