Marketing Planning and Research Environmental Factors

Question: Discuss about theMarketing Planning and Researchfor Environmental Factors. Answer: Environmental Analysis There are various environmental factors which are affecting the marketing function of a company. Those environmental factors which are affecting the marketing function of a company are divided into two factors. The two factors are 1) internal environmental factor and 2) external environmental factor (Cadeaux Ng, 2012). The internal environmental factors mainly refer the factors which affect the company internally that are within the firm. These factors are also known as, controllable factors. The internal environmental factors are easily controlled by the company. The external environmental factors are the factors which affect the company externally (Ozuem, Limb, Lancaster, 2016). The external factor of the marketing environment of the company is again classified into two environmental factors (Cirikovi?, 2014). Those two factors are 1) Macro environmental factors and 2) Micro environmental factors. Figure: The internal and external environmental factors of an organization The macro and micro environmental factors are not in the hand of the marketers of the company like 100 plus (isotonic drink). The marketers cannot have any control over those external environmental factors (Kadirov, 2011). However, these external factors always influence the marketers decisions which are taken at the time of creating the marketing strategy of the company. The marketers of 100plus (isotonic drink) Company also face the problems which are related to these types of macro and micro environmental factors. The two types of external environmental factors are described below- Macro-Environmental Factors The macro environmental factors depend on various factors. The factors are described below- Demographic Factors The various segments of the market of any company are affected by some common demographic factors. The demographic factors are 1) country or region, 2) age, 3) gender, 4) level of education, 5) cultural characteristics, 6) household lifestyles and 7) ethnicity. The marketers of the 100 plus company are affected by the demographic factors at the time of making a decision relating to the market strategy of the company. Economic Factors The economic factors of a company always affect the production process of the company and also in the process of decision making of the consumers (Kennedy, 2015). The economic factors of the 100 plus (isotonic drink) also affect the companys production unit and also in the process of making decisions by the consumers. Technological Factors The working skills and knowledge are the main factors which affect the company and help a company to develop. To run a production of smoothly the technological skill and knowledge are most important factors which influence the entire business and enhance a great development of the company. Political and Legal Issues For making a good marketing decision, the marketers of the company like 100 plus (isotonic drink) should be aware of the legal and political development of the company. Natural Issue The natural resources that are the renewal and non-renewal resource of nature which affects the decision of the marketing strategy of any company li8ke 100 plus are marked as the natural issues. Micro Environmental Factors The micro environmental factors depend on various factors. The factors are described below- The Suppliers The suppliers of the company have a control over the success of the business in some of the time. The suppliers become powerful when they are the largest supplier of that particular product to the company. The Resellers When the company products are marketed by the 3rd party reseller such as wholesalers, retailers, etc. then the success of the company totally depends on the ability of the 3rd party. When the product of the 100 plus are marketed by 3rd party reseller in the other country the company success totally depends on that 3rd party. The Competitors The companies who sell the same service and products in the same market, they are the main competitors of the company (Korhonen-Sande, 2010). The quality and price of the competitors product always become an issue for a company. In Singapore, H- TWO-O is one of the chief competitors of 100 plus (isotonic drink) Company. The H- TWO-O product is developed by Yeo Hiap Seng. The Customers The customers play an important role at the time of buying the products of any company. Competitive Strategy The long term planning which is made by a company to achieve the competitive advantages against their competitors in the market is known as competitive strategy. By the help of competitive strategy, the company can make a safe position in that particular industry. For this reason, the company can generate a high-level Return on Investment (ROI) (Lysonski, Durvasula, Madhavi, 2012). The competitive strategies become more effective when the companies deal with same products. Before preparing a competitive strategy the company should evaluate their SWOT analysis of the company. Marketing Mix The marketing mix is the marketing tools which are utilized by the company at the time of making any type of marketing plan within the company. The marketing mix of the product 100 plus (isotonic) drink is consists of 4Ps. The 4Ps are product, pricing, place and promotion. Figure: 4Ps in marketing mix Product The product is the item which is produced to sell in the market for a group of people. The product may be tangible and intangible. The products which are received is may be in the form of goods or services ("THE MARKETING MIX: A REVIEW", 2014). The product of the 100 plus isotonic drink is a health drink. It is a tangible product. Pricing Among the 4Ps the pricing basically refers the amount or price of the products. This amount is paid by the consumers or customers who want to enjoy or buy the product. The price factor is very important for a sound marketing. The price tag makes a perception in the eyes of the customers or consumers. Place The place is the most important factor in the 4Ps marketing mix. The company should fix a place to distribute their products to the accessible buyers. The 100 plus isotonic drink product also fix their market in Singapore for the first time. Promotion In the field of marketing Promotion are the most important factors. By the help of promotion, the company fixes their brand identity to the target market. Promotion is consists of public relation, sales promotion, advertising and sales organization. The 100 plus isotonic drink products are promoted by Lee Chong Wei, who is an Olympic player in badminton. He is a silver medalist. The 100 plus isotonic drink company make him a brand ambassador of their products. References Cadeaux, J. Ng, A. (2012). Environmental uncertainty and forward integration in marketing: theory and meta?analysis.European Journal Of Marketing,46(1/2), 5-30. https://dx.doi.org/10.1108/03090561211189202 Cirikovi?, E. (2014). Marketing Mix in Tourism.AJIS. https://dx.doi.org/10.5901/ajis.2014.v3n2p111 Kadirov, D. (2011). Macro-Systems Role of Marketing: Do We Trade Environment for Welfare?.Journal Of Macromarketing,31(4), 359-375. https://dx.doi.org/10.1177/0276146711409944 Kennedy, A. (2015). Macro-social Marketing.Journal Of Macromarketing,36(3), 354-365. https://dx.doi.org/10.1177/0276146715617509 Korhonen-Sande, S. (2010). Micro-foundations of market orientation: Influencing non-marketing managers' customer information processing.Industrial Marketing Management,39(4), 661-671. https://dx.doi.org/10.1016/j.indmarman.2009.06.006 Lysonski, S., Durvasula, S., Madhavi, A. (2012). Evidence of a secular trend in attitudes towards the macro marketing environment in India: pre and post economic liberalization.Journal Of Consumer Marketing,29(7), 532-544. https://dx.doi.org/10.1108/07363761211275036 Ozuem, W., Limb, N., Lancaster, G. (2016). Exploring the locus of internal marketing.Journal Of Strategic Marketing, 1-17. https://dx.doi.org/10.1080/0965254x.2016.1211729 THE MARKETING MIX: A REVIEW. (2014).ELK Asia Pacific Journal Of Marketing And Retail Management. https://dx.doi.org/10.16962/eapjmrm/issn.2349-2317/2014/v5i4-03