Research Papers Environmental Factors In Marketing

Research Papers Environmental Factors In Marketing-45
They use their skills and resources to create goods and services that will satisfy existing and prospective customers.

They use their skills and resources to create goods and services that will satisfy existing and prospective customers.However, the external environmental conditions that affect a business are generally beyond the control of management and change constantly.While still in the rebuilding stage after oil-rig, which killed 11 workers and sent more than 3 million barrels of oil into the Gulf of Mexico.

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Other forces, such as natural disasters, can also have a major impact on businesses.Global oil conglomerate BP, which was responsible for the oil spill, has spent more than billion in response to the disaster and cleanup.Seven years after the explosion, tourism and other businesses are slowly recovering, although scientists are not certain about the long-term environmental consequences of the oil spill.Is the government stable, or might a coup disrupt the country?How restrictive are the regulations for foreign businesses, including foreign ownership of business property and taxation?For example, a company which has borrowed heavily will need to focus more on the economic factors (especially interest rates).Furthermore, conglomerate companies who produce a wide range of products (such as Sony, Disney, or BP) may find it more useful to analyze one department of its company at a time with the PESTEL model, thus focusing on the specific factors relevant to that one department.This external business environment is composed of numerous outside organizations and forces that we can group into seven key subenvironments, as (Figure) illustrates: economic, political and legal, demographic, social, competitive, global, and technological.Each of these sectors creates a unique set of challenges and opportunities for businesses.In addition, the forces of supply and demand determine how prices and quantities of goods and services behave in a free market.The political climate of a country is another critical factor for managers to consider in day-to-day business operations.


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