Marketing Principles Essay

It is very important that an organization considers its environment before number 1 the trade process A marketing environmental analysis helps a business understand remote forces that can affect it. The environment, or external forces, be often factors that a business cannot control, yet it is important to be aware of environmental concerns when preparing a marketing plan or introducing a new product to the market. The most common method for preparing a marketing environmental analysis is to conduct a ladLE analysis, which stands for Political, Economic, Social, Technological, Legal and Environmental. This covers every(prenominal) areas affecting a business.Political The first element of a PEST analysis is a study of political factors. Political factors are factors machine-accessible with the government and its activities. Politics affect organisations because governments introduces rules and regulations that organisations and their customers have to abide by. EconomicThe coo perate element of a PEST analysis involves a study of stinting factors. All businesses are affected by national and global stinting factors. National and global interest rate and fiscal policy go forth be set around economic conditions. The climate of the economy dictates how consumers, suppliers and opposite organisational stakeholders such(prenominal) as suppliers and creditors comport within society. SocialThe third aspect of PEST Social is about forces within society such as family, friends, colleagues, neighbours and the media. Social forces affect our attitudes, interests and opinions. These forces shape who we are as people, the way we behave and ultimately what we purchase. For example within the UK peoples attitudes are ever-changing towards their diet and health. TechnologicalThe fourth element of PEST is technology, as you are probably aware technological advances have greatly changed the manner in which businesses operate. Organisations use technology in many ways, t hey have -Technology infrastructure such as the internet and telephone