Explain how the marketing environment affects strategic market planning.
To achieve a firm's marketing objectives, marketing-mix strategies must begin with an assessment of the marketing environment, which, in turn, influences decisions about marketing-mix ingredients. Marketing activities are affected by the external forces that make up the marketing environment.
These forces include economic, socio-cultural, political, competitive, legal and regulatory, and technological forces.
Economic forces affect customers' ability and willingness to buy. Socio-cultural forces are societal and cultural factors, such as attitudes, beliefs, and lifestyles, that affect customers' buying choices. Political forces and legal and regulatory forces influence marketing planning through laws that protect consumers and regulate competition.
Competitive forces involve the actions of competitors. Technological forces can create new marketing opportunities or cause a product to become obsolete.
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