The Marketing Environment & Tracking Trends

I'm mark Walters with Walters World and today we're going to talk about the marketing environment a little bit of business today and what you need to know is a business is like a person we all would survive and live and thrive in certain environments or fail in certain buy essay online environments I'm here with beautiful fall air and then trees and the little squirrels hopping around all these things makes my life better it makes it easier for me to enjoy the same thing kind of happens with companies they need to look at their environment and if it's good for them they can thrive and be prospered but the thing is we have to watch and see what's going on ok now if we look at the marketing environment for any customer or I'm sorry for any company their environment is based on one thing.

Good customer because let's be honest if your customers don't like your products your customers don't buy your products you've got some big problems so that's the focus of your marketing environment ok so you've got to make sure you're delivering products that they wanted that they're gonna want to want to buy and use and things like that but what we're going to talk about today is we're gonna talk about other parts the environment outside the customers ok we was called the immediate environment these things that we can directly influence and then you have what's called a macroeconomic environment these things outside that affect all companies just in different ways you know for example like smoking bans I don't smoke so a smoking ban doesn't affect me but if you do smoke it does affect you ok but it's the same law we both it applies to us just some people applies more than others.

Ok so let's go through now the first things we're going to look at is the immediate environment these three factors one is competition to the company itself like your company yourself and your corporate sponsors these are three directly three things you can directly relate to fight with improve hurt whatever in order to be more appealing to the customer now the company will start to the company first the company we can make good products we can find out what customers want and deliver that to them so obviously we can influence their buying behavior because we give them the best product possible or give them what they want ok the second part of the immediate environment is competition obviously how our competition does that will reflect on how we're perceived you know nokia was the best phone out there then the iPhone came out with her touch screens and the fancy to design all kinds of stuff it didn't matter how that Nokia was best five years ago all that matters now is what people perceive it to be and they perceive it not to be an iPhone and that hurt Nokia.

I mean they crashed and burned okay so we look at our competition what are they doing and how do our customers now perceive us in relationship to them it's kind of like if you're dating someone okay you look at him you say hey am i doing better or worse than last time hopefully you're doing better okay so you look kind of like that with the competition okay and then the third part of the immediate environment are corporate partnerships who are you working with who are your suppliers who your partners all this kind of stuff and you'll see is sometimes for customers that's very important I mean if you're the organic supermarket industry and you're getting your buying supplies from a farmer Bob who lives right down the road how it's going to help you because then the locals will say hey you know what you're doing you're dealing with these people right down the street so you have good corporate sponsors or good corporate partners just because hey down the road I Drive by Bob's farm this makes me happy I would have to buy from you some more on the other side of things if you have corporate partners that are doing bad things okay maybe oh I'm getting my baby formula from a country that had poison baby formula that's going to hurt you.

Therefore you always look the relationships you have your corporate relationships because don't you may say I don't do much with them if they do something bad you can get taken down too now that's the immediate environment these are things we can influence we can make better products we can choose who our partners are and we can fight our competition but then there's the things outside these macroeconomic effects and with here you have it's kind of six macroeconomic effects that we have to take account of okay the first thing you want to look at is culture the culture is basically shared beliefs shared ideas that people have so and sometimes you divide in different ways sometimes you may say a country culture well.

If we're going to we're going to the US the culture is more look out for myself we want to have fast stuff now that's how the culture is so we had to adjust to that culture if we're going to name or McDonald's we can't sell hamburgers because a cow is a sacred animal and I don't think anybody wants a ground-up Jesus burger okay here in the US so you have to take those things into account how they influence you now they're probably aside from country cultural differences you also I mean those are big things we say well we're not gonna go work in India well you know what you might work in different parts of the US and if you're McDonald's well some parts they call it soda some Peet parts they call it pop some places they call it soda pop well how do we standardize our stuff.

So we can tailor to each one's do we have in some in Ohio we call it pop and then Illinois because soda or we just call it soft drinks okay you have to look at the different regional cultures and are there differences that are worth taking advantage of or that we need watch out for so that's the first macroeconomic thing the culture of the place you're doing business second thing you look at is demographics how's this set up the age of the clients there we're how much money people make in income gender age all these things you can divide it up because you may say oh we're gonna have laws no one under 21 can drink well I'm 35 so it doesn't bother me because I'm 35 but if you're under 21 and you want to drink well it does directly affect you but also affects other businesses because now restaurants when we have to hire people to check IDs or bars make sure illegal your legal cuz.

I don't want to get in trouble cuz that we have laws that go there there's all kinds of stuff if they go into it okay so you look at demographics and sometimes you look at house demographics and affect us maybe not today but in the future and now you have a lot of baby boomers in the u.s. getting to set to retire how is that gonna affect things and we look at it hey how can we take advantage of that what could we do all maybe we build new retirement communities so in 10 years when there's a lot millions and millions of more retirees they can move there what do we do to take advantage of Linux macroeconomic you sign factory looked at is social aspects okay social trends so what's trendy now and you may say what fashions are trendy okay what haircuts were trendy a few years ago okay.

 I'll have much hair so leave me alone or you look at it what was trendy today in America one going green okay we want to have zero impact on the environment our carbon footprint important we want to recycle all kinds of stuff well as you see trends change because now I mean Prius is our Toyota Prius is you couldn't mean you they were selling like that boom boom then all of a sudden the economy went bad and now we don't have a lot of money to spend the extra money to get the green environment and then the other green becomes important which is another trend we see now is cost consciousness in a recession in a bad economy people are worried a lot about their pocketbooks so we're seeing a lot more deals out there special offers stuff like that dollar menus and McDonald's this would be an example of you know culture social asociado social trends that are changing another thing you look at a macro effect is technology sometimes technology will directly affect you you know if you are working a manufacturing line and they invent robots do your job I always just going to directly affect you you're gonna have a problem if you're the worker and if you're the company hey how do we take advantage of this what are we doing we automate some stuff we get programmers here we look at that as a professor what a revolutionize is me well hey I'm making a video right now for my students so they can study at 3 o'clock in the morning versus having to come to my lecture at 9:30 in the morning ok so it can make things easier for different people and you got to keep up with it because if you don't you could be like the slide rule you don't even know what that is go look up slide really like wow I've never even seen that before yeah technology changes you got to keep up with it next thing you look at a macroeconomic facts is the economy economic situation out there I mean if it's a bad financial time like right now it's a financial crisis in the US there's an economic crisis so how is that going to affect us well we have more deals we have like the dollar menu comes in because they because these factors all influence each other you know and so you have you worried about these things we'll give a boom economy well we know it's a good economy hey if someone sell the house for two hundred thousand well we got to offer them two hundred and twenty thousand because the economy's booming and all kinds of stuff and that will influence our strategies of what we do and all kinds of stuff now the last one of the macroeconomic effects is the legal political environment basically the laws regulations that are out there and how do we take advantage them or how do we fight them off or how do we just deal with them okay if you look at let's go back to that smoking example you know they ban smoking in buildings well if we're a bar we have a problem because people like to drink and smoke and so now they have to go outside to smoke so how do I get them to come back inside what do I do ah let's make a beer garden so they can just go outside enclosed in the bar at the fence and they stay here to drink some more make some more money and that's the thing all these macroeconomic effects you have to look at them and say how can I take an advantage of it okay how what what are the laws how do i I mean if it's gonna hurt my business how do I negate those as much as I can or if it's gonna help us what can I do to take advantage of it with technologies all kinds of stuff because you'll see companies that see the trends that are coming and take advantage of it Amazon with technology you know the Amazon was nothing choice if you bought your toys at Toys R Us you bought your books at Walden books now you buy it all at amazon.com from the internet because they saw there or that's what was going to happen so this gives you guys an idea of the market environment that companies find themselves in there's the immediate environment which is the company your company itself the competition and the corporate sponsors these are ones you can directly influence and then they have the macroeconomic effects which are the legal political kind of stuff social trends technological changes economic situation of the of the place you're in cultural differences cultural things and demographics so I hope this helped you learn about a little bit about marketing and how to end environment and know the trends that are out there so you can be ahead of the wave so you could be the one that survives the wave and how does it get smashed by it so if you want to learn more about business stuff.