http://fruitsofsuccesswithhugh.blogspot.co.uk/2013/08/marketing-today-essentials-1.html
Our marketing model looks straight forward but now we need to put some real world factors into the model to make it useful for practitioners.
'Real World' Factors
The next group of factors to be taken into account
in our marketing model are collectively referred to as the PESTLE
factors. When considering each of our
four P’s we must do so taking into account the following:
POLITICS
The political environment can significantly affect
our marketing plans and strategy.
National and international considerations must be constantly monitored
so that we can adapt our marketing to changes in legislation, taxation
regulations, controls or political climate.
The internal politics of customer organisations may also cause a change in approach, especially with direct selling.
The internal politics of customer organisations may also cause a change in approach, especially with direct selling.
ECONOMY
Economic factors will also have a direct effect on
the success or failure of any product.
In general our economy is cyclical and follows a pattern of recession, depression,
recovery and prosperity. No product can
be launched without considering the overall state of the nation's economy and
the effects of, for example, recession on potential purchasers.
Sociological factors can have significant impact on
product development and the way we price, distribute and promote. Fashion influences vary from industry to
industry, but green issues are becoming increasingly significant in every area
of business. We also need to take into
consideration demographic information, ethical and other social attitudes.
TECHNOLOGY
We need to ensure that our
marketing is keeping pace with developments in technology to stay ahead of the
competition. New materials and
developments in electronics can make products obsolete overnight.
As well as the PEST
factors there are two other key elements which we must take into consideration
when building our marketing plan:
LEGAL
Legal factors include - health and
safety, equal opportunities, advertising standards, consumer rights and laws,
product labelling and product safety. Companies need to know what is and what
is not legal in order to trade successfully. If an organisation trades globally
this becomes a very tricky area to get right as each country has its own set of
rules and regulations.
ENVIRONMENTAL
As increasing scarcity of raw materials has become more critical over the last twenty years factors such as pollution targets, doing business as an ethical and sustainable company, carbon footprint targets set by government.. More and more customers are demanding that the products they buy are sourced ethically, and if possible from a sustainable source.
TIME
The TIME factor is a critical element when any marketing plan is being considered. No product can succeed, in spite of its relevance and quality, if it is launched too soon or too late. Too soon and there is no market for it - too late and competitors may be so strongly established that it is impossible to make real impact in the market.
COMPETITION
Although we should not become obsessed with
competitive suppliers we need to ensure that our information about prices,
products, developments and activity is up to date so that our marketing plan
can counteract competitor activity
Related Links
http://fruitsofsuccesswithhugh.blogspot.co.uk/2013/08/marketing-today-essentials-1.html
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