Midterm-10 questions essay Assignment Example | Topics and Well Written Essays - 750 words

Midterm-10 questions essay - Assignment Example cant in developing marketing strategy because it aligns the organizational objectives with the marketing activities such as developing, distributing, promoting and pricing products to meet the demands of the customers. Marketing planning involves a thorough analysis of the marketing environment and industry taking into account economic, legal, political, social, regulatory and competitive forces that have an impact on the company. SWOT analysis is an important analysis tool in this regard to analyze the strengths, weaknesses, opportunities and threats of a firm. Strengths and weaknesses help in internal analysis of the company while threats and opportunities help in the external analysis. 3. Five types of forces play their role in the marketing environment. These are competitive; economic; political, legal & regulatory; technological and socio-cultural. Competition may occur in brands, products, budget or in all of them. Competition leads to various types of market structures such as monopoly, oligopoly, monopolistic competition and pure competition. The state of the economy leads to business cycles which influence the customers’ buying power. Similarly, government policies and regulations have a great impact on firms especially multi-national firms. Technology has an impact on demand, production, packaging and distribution. Socio-cultural factors include demographic, cultural and other social factors. 4. Ethics is an important consideration in marketing decisions because it leads to consumer goodwill and welfare. The companies actively participating in social responsibility can actually leverage such platforms to promote their products as well in order to fulfill the dual objectives of such initiatives. One of the examples of ethics in marketing is the use of Green marketing where companies adopt environment friendly ways to market and sell their products. This also helps in creating a positive image of the company in consumer mind space. 5. In the first step