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Marketing Strategy and environment.

Extracts from this document...

Introduction

James Heavey Marketing Strategy Assignment 1 Nov 2002 "As the market environment changes, managers have to adapt their strategies and organisation. Unless these changes are made, the business will no longer fit the needs of the moment - it will be made obsolete by changes in customer wants, new technologies and new competitors that have adapted more effectively" (Doyle, 2002, pp. 405-406) Introduction: The marketing environment is a complex constellation of demands and constraints that a firm faces as it attempts to compete and grow. These can be both external and internal. The firm has the power to directly affect some but, by no means, all of the areas in the environment. Those areas beyond the firm's control are constantly changing in various ways, it is the responsibility of the firm to take notice of and bring on board any successful changes or advances made in the industry. In the same way they need to identify problems affecting the industry as a whole and react accordingly to minimise negative effect. Consumer satisfaction is the ultimate goal of the marketing environment. Method: The marketing environment surrounds the consumer and the marketing mix. Consumers and businesses are affected by the forces of the marketing environment. Businesses must determine a marketing strategy, implemented through the aspects of the marketing mix, which aims to satisfy themselves and customers. According to Dibb, the marketing environment is 'the external forces that directly or indirectly influence an organisation's acquisition of inputs and generation of outputs, comprising six categories of forces: Political/legal, Economic, Societal/green (environmental) ...read more.

Middle

Price: The pricing policy that a business chooses is often a reflection of the market at which it is aiming. Prices will not always be set at the level which will maximise sales or short run profits. There are three pricing strategies for the existing product, these are: Price leader - the business will set the market price. Price taker - the business will match the market price. Predator - the business will undercut the market price. Promotion: There are a variety of promotional methods a firm can use including above the line promotions, such as TV advertising, and below the line promotions such as personal selling. A firm will choose a promotion method it feels is likely to be most effective in the market in which it operates. National television advertising will only be reserved for those products with a high sales turnover or wide appeal. Place: This refers to the means by which the product will be distributed to the consumer. The product must get to the right place at the right time. This means making decisions about the way in which the product will be physically distributed i.e., air, sea, rail or road. It also means taking into account how the product is sold. This could be by mail direct from the manufacturer or through retail outlets such as supermarkets. All these environmental factors in the marketing environment must be assessed and acted upon. Marketers can respond to environmental factors in two ways, either accept them as uncontrollable or confront and mould them as best they can to work with the product. ...read more.

Conclusion

Similarly today, weak consumer confidence coupled with the uncertainty of safety as well as economic uncertainty, indicates that the recovery for the industry may take even longer than expected. To that end, TBR continues to support an economic stimulus package that addresses the needs of the travel and tourism industry and advocates action that will encourage people to travel now. Conclusion As things currently stand in the industry, no airline has taken a significant lead in attracting consumers back. This may be to do with the fact many are still sceptical about flying. Every airline must be at its most responsive to new ideas and improvements, at least until the industry as a whole has drifted out from underneath the giant public magnifying glass that has hovered for the last fourteen months. The market environment shows us what forces affect a business. It identifies these forces as either micro environment, macro environment ( both are external factors), or the internal environment (the marketing mix). It also illustrates which forces affect the consumer more directly than others. The market environment is always changing and it is vital any organisation is able to keep up with these changes. Marketers need to identify which environmental factors can be moulded to suit marketing strategies but also which strategies need to be altered to fit in with those factors that can not be. Failure to keep up with these changes and show unresponsive behaviour to the market can often lead to a drop in sales and loss of market share. In theory a responsive business is a successful business. ...read more.

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