External Macro Factors Affecting Marketing Mix - 825 Words

External Macro Factors Affecting Marketing Mix (Essay Sample) Content: External Macro Factors Affecting Marketing MixStudentà ¢Ã¢â€š ¬s NameInstitutionCourse InstructorDateBusiness environment has become very competitive. Therefore, as the companiesà ¢Ã¢â€š ¬ strife to succeed, some forces become very difficult to control. Therefore, it has become a challenge for businesses to control external macro factors, except framing policies within the provisions granted by these factors (Kotler Gary 2006).Technological FactorsTechnology is growing very rapidly in the current world. The invention and development of computers have led to increased computing, thus efficient processing. However, introduction of personal computers such as laptops has greatly facilitated the businesses by enhancing its competence and effectiveness. Information technology is making it possible for markets to have a variety of products and services. It, therefore, becomes very difficult for a marketer to decide what to offer and at what rate. It is because the markets are full of identical products and services being offered at cheaper prices (Chimhanzi, 2004).Technologies for NationsHowever, with changes in technology in different nations, the prices of products and services are also changing. In some countries the prices of products and services are very low than other countries, due to changes in technology. Therefore, the customers are buying products at the countries which offer them at low prices, making it difficult for marketers to plan their marketing strategies (Kotler Keller, 2006).Technologies for Products and ServicesThe world is changing very rapidly with changes in technology. However, advancement in technology is leading to the introduction of new products and services, thus increased profits. The trend of technology adoption will still continue, thus making it possible for other different products to emerge in the near future. Therefore, these products will change the customersà ¢Ã¢â€š ¬ decisions on what they should buy. The changes in products and services are affecting the marketers in identifying the products and services they should offer to the customers (Kotler Gary 2006).Technologies for Business ModelsDoing business has become very effective and efficient with the use of internet. Technology information has made it possible to communicate and transact businesses with people at different geographical positions. Also, introduction of internet tools such as FaceBook, YouTube, and Twitters has become the best platforms for doing businesses. Marketers should be ready to adapt social media marketing if they only want to remain in business. Therefore, identifying the best technological tools for marketing has become a challenge to most of the marketers (Chimhanzi, 2004).Social-cultural FactorsThe current society influences the way people make decisions. Businesses cannot grow without customers. These customers live in the societies with different social factors such as prices, peopleà ¢Ã¢â€š ¬s lifes tyles, and values. These social factors affect the tastes and preferences of customers. They affect the customersà ¢Ã¢â€š ¬ decisions on what they should buy and at what price. These social factors are very variable making it difficult for marketing managers to predict and add them into their marketing plans. However, the marketers should try their best and analyze all their customersà ¢Ã¢â€š ¬ social factors when preparing their marketing strategies (Kotler Keller, 2006).ValuesValues are mindset beliefs that are greatly held by people. These values are determined by the area the person lives. These values affect their decision in determining what they should buy, how and where they should buy it. Peopleà ¢Ã¢â€š ¬s values have made people become so selective, such that they cannot buy low quality products. However, these values have made people be very intolerance on some marketersà ¢Ã¢â€š ¬ behaviors, thus ignoring their goods (Chimhanzi, 2004).Time-starved ...