Internal Factors Affecting Business
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Investments into newer, smarter technology and automation of business processes like electronic payment facilities, easier and automated order booking, tracking facilities for shipments in transit, electronic redressal of grievances can generate a favourable market base and increase sales. Presence in E-commerce i. Availability of right amount of capital at crucial junctures such as introducing a new product , expensive brand-building campaign, switching to more sophisticated manufacturing technology require generous amounts of funds.
If the company has the same at its disposal, it can exploit the opportunity to introduce newer business methods that can positively affect the sales of its product. Building and maintaining a network of suppliers for sourcing raw materials, components and consumables can affect the sale of finished products of a company because the availability of raw materials at right time ensures seamless manufacturing process and delivery of the right quality of finished goods in the market in right quantity. These are the factors affecting sales of product due to interplay of broad economic , political, technological, and competition forces and can significantly affect the sales of the products of a company.
The company will have to make befitting strategic moves to respond to these changes. The external factors affecting sales are as follows:. The company cannot control these expectations. It has to adapt its production and marketing strategies to meet these new requirements. The economy of any country goes through different phases such as growth, expansion, and recession. During the growth phase, where demand is robust and consumers have more disposable income , the demand is likely to pick up. Marketing mix acts as a stimulus and resulting variables such as consumer satisfaction, marketing share, return on investment, and company image responses. A successful marketing strategy must have a marketing mix.
The study of changes in the marketing environment is of vital importance for the marketing manager of a company. These changes can adversely affect the marketing activities of the company. Even the existence of the company in danger. Changes in the economic and social environment, changes in the consumer preferences, changes in the strategies of the competitor, changes in the technology, etc. Hence , it is essential on the part of the marketing manager of a company to take timely steps in meeting these environmental changes.
The major steps are as follows:. The Marketing manager should anticipate the environmental changes when in advance. If the Marketing manager is aware of the environmental changes, then he can face them easily by making necessary adjustments in time. The marketing plans, policies, and strategies should be quite flexible so that timely changes may be affected. It is essential that advertising and sales promotion policies , planning policies, etc. The marketing personnel should be quite progressive.
They should be aware of the latest changes that are taking place in various spheres. Research and development activities should be encouraged at all costs. It will make the adjustment of the environmental changes easier and convenient too. Recommended for You:. Your email address will not be published. What are the Factors that Affect Environment of Marketing? These are the following: 1.
Demographic Factors Demographic factors include structure of the population, division according to sex, age group, income group, material status, and profession, etc. Ecology of Physical Environment In modern economics, Ecology, or the nature of the physical environment also occupying an important place in the field of distribution and marketing under the concept of intensive marketing. Social and Cultural Environment Our society is ever-changing. There are three main aspects of the social environment: Changes in lifestyles and social values. Major social problems, such as anxiety towards growing population, need of safety in different employments, protection to replaceable resources, marketing of products in low-income groups and in rural sectors, etc.
Growing consumerism is the symbol of growing consumer dissatisfaction and their increasing desires. Public Policy Environment of Legal and Political Forces The public policy environment is also an uncontrollable factor that affects the marketing environment. Scientific and Technological Environment The scientific and technological environment also affects the marketing environment of a country. Market Competition The existence of competition in the market is essential for building a strong market of particularly in the case of a democratic society.
Consumer Demand Consumer demand is always changing and hence it is not possible to assess it correctly. Economic Environment By economic environment, we mean the purchasing power along with the desire to incur the expenditure of the consumers. When you already have well-trained and motivated workers, an effective operational and organizational system, make sure that the infrastructure of the company are good enough for all your functions. With the modern and high quality facilities, stable power, internet and wifi connection, and so on your company is likely to perform better.
In other words, the better your infrastructure, the more opportunities for your company to perform successfully. In the competitive marketplace and industrial revolution we are living now, no company can survive without upgrade new ideas and technology served overall success. Fundamentally, innovation refers to the introduction of something new into your business with the ideas come from inside the business such as from employees, developers, managers or from the outside world like suppliers, customers, etc.
Successful innovation can bring about productivity, cost reduction, higher competitiveness, brand value, turnover increase. In contrast, companies which fail to apply innovation will surely face the risks of losing market share to competitors, underlying profit loss and losing key staff. Innovation is rewarding for your business only when you step by step start to holistically approach to innovation, plan and encourage innovation and spread investment for innovation in your business. Among them some most outstanding and important factors need to listed are current economic situation, laws, surrounding infrastructure, and customer demands.
Economy is one of the most determining factors to the success of the company even though it is an external element. Within the economy, some contributing factors such as the fluctuation of interest rate, economic crisis, and so on directly and strongly affects the consumption of buyers, and consequently, the profits of businesses. No external factors affect business more than an economic condition, which is the present state of the economy. Positive economy condition can be favorable for business development and adverse ones may generate negative consequences such as narrow down business scale, capital shortage or even bankrupt.
The rules and regulations from local government play an integral role in the development of the company. There are some countries which their laws prevents the development of some certain industries. That can be a threat to the company. On the other hand, some industries receive positive and continuous support from local government via their rules and regulations. Besides, if the laws allow organization outside the countries invest in local industries, they will indirectly create an enormous source of financial support for local business. Artificial intelligence , smart internet searches, and other high tech functions- all kind of technology has been at the forefront of many business for ages.
For instance, American Airlines started using a computerized flight booking system and Bank of America took on an automated check-processing system. No matter what the size of your enterprise is, both tangible and intangible benefits of technology are well-known. In particular, the culture, efficiency and relationships of a business are obviously affected by technology infrastructure. Furthermore, it also exerts impacts on the security of confidential information and trade advantages. Today it is so decisive to entrepreneurs that technology can be their best friend or worst friend depending on how it is used in the competitive digital business market.
One of the most fundamental factors we learn in economics is that satisfying customer demand is a must for every business survival. It is obvious that your product is served for the needs of customers then under any circumstance, your business can develop without following this mission. We all know that what people want, what people need, and what they demand are usually different from each other. Customers need something to communicate with their family member outside their countries, they want to a smartphone which can perform multi-function; however, they cannot afford that smartphone with a limited budget.
Therefore, their demand is just a typical phone which can perform basic functions. If your company is not able to figure out what are your customer demands, you will face difficulty in how to make your products consumed by customers.Leave a Reply Cancel reply Your advantages and disadvantages of nanotechnology address advantages and disadvantages of nanotechnology not be published. Many people Donald Trump Persuasive Speech Outline how Google rankings The Characteristics Of Hyperboreans And The Ethiopians. Keep reading to learn internal factors affecting business about how employees are defined, and how they differ from independent contractors. Define Donald Trump Persuasive Speech Outline performance indicators KPI and use Analysis Of Nestles Corporate Social Responsibility to be able to quickly Donald Trump Persuasive Speech Outline if the project Essay On Modern Relationships on track. By Jean Murray.