Wednesday, May 8, 2019

Topics Discussed in Class - My Participation in Class Assignment - 2

Topics Discussed in secern - My Participation in Class - Assignment ExampleI had no idea that taste the transform in trends, economic environs, political and legal environment is strongly important for marketing. In economies where the culture varies, the sellers prep be to come up with new and innovative strategies to increase demand. The marketing strategies are built on the priming of understanding the economic environment of a society which comprise of factors like demographics, culture, political & legal environment and the technological advancements to which the population have adapted to. Globalization has increased competition and the barriers have been removed. This in while has brought changes in the institutional environment and has brought a significant effect on the marketers and their strategies (Griffith, 2010). In this globalizing world the marketer must(prenominal) make an attempt to understand the laws and regulation of the economies they are engaging in b usiness with. They must respect the culture of the people so that effective marketing can be done. Understanding the people must be the primary objective of the marketer. The political condition and stableness of an economy may be subject to change. This may change a few laws and regulations of the economy. The stability of the company may be tried under these varying conditions. I studied that the management and the marketers design their strategies in accordance to the political stability/instability in an economy. Sovereignty, political risk, taxes etc. are major concerns for the investors and hence are in any case of significant importance to the marketers while forming strategies (Shenkar, 2004). The political risk in the economy, the hikes in taxes expected if any and the jurisdiction are part of the economic environments. A socio economic society is dominated by the social norms and cultures which have been authentic by the residents of the society (Shenkar, 2004). This ga ve me knowledge of interrelation of the entire factor and their growing significant importance as the world is becoming a global village. Hofstede proposed various theories to signify the importance of culture. He also identify certain traits of the individuals of the society. He argued that it is very important that the varying culture of the economies must be studied. Hofstedes mark of cultural relationship is based on five factors which are power distance, individualist, masculine & feminine cultures, scruple avoidance and long term orientation. The study of this model gives a clear understanding and classification of culture. The understanding that was unquestionable by the marketers was that culture is the biggest factor which determines the success or failure of the product. This model is related to disposition and time and the significant impact of globalizing has increased its use (De Mooij & Hofstede, 2002). While studying this concept I developed an understanding that Market segmentation is the process of grouping various customers into segments which have similar needs. The responses of the individuals are also similar in this segment. The responses of the segments vary with the changing situation. The segmentation can be carried out on the rear end of Demographics, Psychographics, Geographical location etc. similarly targeting is dividing the market into various groups and classes. Positioning is the process of developing an visualise of the product for the customer (Viswanathan & Dickson,

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