Essay About Factorspolitical Economicalsocialtechnological Political Factor And 2Marketing Mix

Various Elements of Marketing Process
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Place:The company’s activities that make the product available, using distribution and trade channels, coverage, locations, and transportation characteristics and alternatives. (Amstrong, 2010)Promotion: The communication element includes personal and non-personal communication activities. Activities that communicate the merits of the overall product, which includes Advertising, sales promotion, personal selling, direct marketing etc. (Amstrong, 2010)PEST Analysis:The scan of firm’s macro-environment in which the firms operate can be expressed in terms of following factorsPolitical EconomicalSocialTechnological Political Factor: Political factor includes government regulations and legal issues and define both former and             informer rules under which the firms operates.E.g Taxes, Employment laws, environmental regulation, trade restriction and traffic and political stability.Economic Factor:Economic factor affects the purchasing power of potential customer and the firm cost of capital. The following are the elements that include in the economic factor are economic growths, interest’s rates, exchange rate and inflation rates.Social Factor:Social factors include the demographic and culture assepects of the external macro environment. These factors affect the customers need and the size of potential market. Some social factors include health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety.Technological Factor:Technological factors can lower barriers to entry, reduced minimum efficient production levels, and influence outsourcing decisions. Some technological factors include R&D activity, automation, technology incentives and rate of technological change. (Middleton, 2010)SWOT Analysis:It is the scan of external and internal part in an important of strategic planning process. The Swot Analysis includes External and internal both factors in internal environment there are strength and weakness and in external factor there are opportunities and threats. External Environment:Strengths:Every Firm strength is its resources and capabilities that can be use for development of competitive advantage. Examples of such strengths includes strong brand name, good reputation among customers, cost advantage from, exclusive access to high grade natural resources and favorable access to distribution networks.Weakness:The absence of certain strengths may be shown as weakness such as a weak brand name, Poor reputation among customers, High cost structure, lack of access to best natural resources and lack of access to key distribution channels. Internal Environment:Opportunities:The external environment may include certain opportunities for profit and growth. Such opportunities include a unfulfilled customers needs, arrival of new technology, loosening of regulation and removal of international trade barriers.Threats:Changes into the external environment may also presents threats to the firm. For example such threats include shifts in consumer tastes away from the firm’s product, emergency of substitute’s products, new regulation and increased trade barriers. (Middleton, 2010)