MKT 341 - W01 Assignment The Marketing Environment PDF

Preview

Summary

Download MKT 341 - W01 Assignment The Marketing Environment PDF

Description

MKT 341 - W01 Assignment: The Marketing Environment Name: Patrick Nkonu Below are at least three of the six marketing macro-environments that might affect the Roman Meal brand. Economic: Due to the outbreak and spread of the novel COVID 19 the economy has been greatly impacted causing the rise in inflation, instability of exchange rates – these economic forces are factors that affect consumer purchasing power, rising Unemployment, disposable personal income, and spending patterns. So in my view, the Roman Meal brand needs to put this consideration in its production and decision making. Socio-cultural: The change in the demographic of baby boomers nearing their 50s who are becoming more conscious of their health is now seeking a healthier alternative is a factor that might impact the Roman Meal brand. Many cultural blunders occur due to the failure of businesses/brands to seek an understanding of the changes associated with consumers' socio-cultural behavioral change. Technological: I think the advent of social media platforms like Facebook, Instagram, etc… have a great effect on consumer buying behaviors – I believe this presents an opportunity for the company to inform the customers about the benefit of its new line of products produced to help them maintain and improve their health. The downside is that information spread easily and fast like wildfire in today's technology drive world, so any negative review or comment of social that is not well handle can mark the end of whatever product the company is selling. I think the Roman Meal brand must watch the technological environment closely and adapt to keep up. Otherwise, its products will rapidly be obsolete, and the company will miss market opportunities....