Factor of Marketing Environment

Factors affecting the marketing environment are:

1. Socio-cultural Factors: Socio-cultural factors refer to the changing customer tastes based on their traditions, way of life, and beliefs among others. If a company understands these transitions, it will be able to come up with promotional messages that appeal to the people’s cultural inclinations.
2. Economic Factors: This refers to how the money you and your clients spend is affected by general economic conditions. It includes inflation rates, interest rates, import/export policies which may require adaptation of marketing strategies targeting clients who have more disposable income at their disposal.
3. Technological Factors: The technology used in the production and promotion activities can bring about a huge effect on the outreach achieved as well as efficiency realized. Familiarizing oneself with latest technological developments will enable one utilize them best so as to get closer to their audience.
4. International Environment: In the contemporary world where international borders are less significant, understanding the global demand and supply is important particularly when thinking of entering a foreign market. Your marketing plans can be affected greatly by different countries’ policies on imports/exports as well as international trade regulations.
5. Demographic Factors: You need to know who your audience is. The more specific you are about them (for instance their ages or incomes), the better able you will be at creating messages that will have an impact in marketing. This is because demographic segmentation helps identify groups within a larger population who share similar characteristics such as age range, income level or geographical location.
6. Political and Legal Factors: Legal and political systems of operation are essential. You need to know the rules that should be followed and advertising for trade so that your marketing operates within the law.
7. Ecological Factors: Customers are now becoming more interested in knowing how green or otherwise a company’s activities are. Making public your strides in respecting nature and advertising what about your enterprise is eco-friendly may draw some clients who have these concerns.