MARKETING

Marketing

Marketing

Q1 Discuss and describe each element of the external marketing environment?

An organization's success influenced by factors operating it is internal and external environment, an organization can increase it's success by adopting strategies to manipulate these factors can be an advantage. A successful organization is not only understand the existing factors but also forecast to change, so it can take advantage of the changing environment within which it operates.

Pest & Micro environmental factors

The following types of forces that influence an organization's operating environment:

• Pest Factors - These are external forces which the organization does not have direct control over these factors. Pest is an acronym and each letter represents a type of factor (Political, Social expensive and Technology).

• Micro environmental factors - These are internal factors, the organization can control.

Pest & pestle analysis

A Pest analysis is used to identify the external forces that affect an organization. It is a simple analysis of an organization Political, economic, social and environmental technology. Pest A legal analysis and incorporating environmental factors is called a pestle analysis.

Political

The first element of a Pest analysis is a study of political factors. Political factors influence the organization in many ways. Political factors can create advantages and opportunities for the organization. Conversely they can place obligations and duties in the organization. Political factors include the following types of instruments:

Economic

The second element of a Pest analysis involves a study of economic factors.

All businesses are affected by national and international economic factors. National and global interest rates and fiscal policy is set around the economic situation. The economic climate dictates how the buyers, suppliers and other stakeholder organizations such as suppliers and creditors to act within society.

Social

The third aspect of Pest focused its attention on the forces within society such as family, friends, colleagues, neighbors and the media. Social forces affect our attitudes, interests and opinions. The forces that shape who we are as people, the way we behave and ultimately what we buy. For example in UK cities is changing attitudes toward their diet and health.

Technological

Unsurprisingly the fourth element of Pest are technology, as you are probably aware that technological advances have completely changed the way in which businesses operate.

Organisations use technology in many ways, they have

Q2 Describe and discuss the overall concept of customer satisfaction, value and loyalty?

A better understanding of what customer value is essential to any organization. Understanding the value of an individual customer can be proved to be an important factor in profitability. Conversely, the customer perspective of value they give reasons for their return or default.stage 5 of the strategy

Phase 5 has developed a unique approach to customer value measurement (CVM), which helps clients develop a comprehensive understanding of these two types of value - the same amount each client to bring your organization and what the value of customers to your product and service organizations in general.Our unique approach can be easily customized to meet your measurement needs. There are a number of steps:Process Definition and Mapping - we work with you to identify ...