In paragraph form 1 Discuss how the marketing environment im

In paragraph form:

1) Discuss how the marketing environment impacts marketing strategy.

2) What aspects help determine a primary and secondary target market?

Solution

Answer 1 : The marketing strategy is formed based on the definitive goals of an organization and this gives the base for the marketing plan. Business which is visible in the external environment, gets impacted by the decision making by an organization. Hence, to understand the marketing environment when introducing a new product, is very important. The key elements for any marketing environment are dynamic likings of a customer, competitors, demographics, legal, regulatory and political surroundings, general economy, latest trends in the market, available budget and resources, affects all types of marketing strategies and decisions. Hence,

-          Marketing strategy should be concentrated in customers likings and trends in the market

-          Good spread of the available budget and resources to realize the marketing strategy

-          Understanding of the overall economy so that any product can be introduced at the right time

-          Understanding about the marketing competitors to excel high

-          Keeping an eye on the any kind of change in legal, regulatory and political surroundings to fulfill the marketing strategy

It is recommendable for any organization to do a SLEPT analysis to get data on social, economic, legal, political, and technological aspect for their business.

Answer 2: Before getting to segment the target market, it is viable to check the Business plan by addressing key questions such as ‘Who is getting benefited’, ‘Selling to particular set of customers will help in achieving the business goals’. Determining and defining the demographics or geographical area helps in how to sell the product whether through internet, face to face, where to keep the office locations to ease the selling etc. It is very important to recognize the Unique Selling proposition (USP) when there are several competitors also available in the market. Also, it is very critical to have a demographic profile or defining the customer set. Hence, it is good to have certain information such as size of the market, key competitors, interests of the customer and their buying behaviors etc. Once all these are in place then it is important to find which media to be used such as online, printed or social network etc. Lastly, it is important to segment the existing customer and new customer separately before defining the primary and secondary markets.