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ENGINEERING BUSINESS MANAGEMENT - STRATEGIC MARKETING
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DescriptionENGINEERING BUSINESS MANAGEMENT - STRATEGIC MARKETING
5. PEST Analysis
PEST analysis is very important that Micro-Fine Technology
Sdn. Bhd. consider its environment before beginning the marketing process. In fact, environment analysis should be continuous and feed all aspects of planning.
The organization’s marketing environment about 3 major environment, that is, internal environment, the micro environment and the macro environment. The internal environment consists of the factor organization staff or internal customer eg. office technology and wages, etc. the micro environment consists of the factor that is within the organization or close with the organization, whereas macro environment consists of a larger societal effect, eg. Political forces, Economic force, Sociocultural force, and Technological forces. These are know as PEST factors.
ocial Cultural Factors
The political arena has a huge influence upon the regulation of business, and the spending power of consumer and other business.
Micro-Fine Technology Sdn. Bhd. must consider issues such as:
1. How stable is the political environment?
2. Will government policy influence laws that regulate or tax
3. What is the government’s position on marketing ethic?
4. What is the government policy on the economy?
5. Is the government involved in trading agreements such as AFTA?
Marketer inside Micro-Fine Technology Sdn. Bhd. need to consider the state of a trading economy in the short term and long-term. This is especially true when the company dealing with foreign countries, such as Singapore. IT need to look at:
1. Interest rate
2. The level of inflation Employment level per capita, which will relation the buying power of the targeted market.
3. Long-term prospects for the economy Gross Domestic Product (GDP) per capita, and so on
Social Cultural Factor
The social and cultural influences on business vary from country to country. It is very important that such factors are considered. Factor
1. What are attitudes to foreign products and service?
2. Does language impact upon the diffusion of product onto market
3. How much time do consumers have for leisure?
4. What are the roles of men and women within society?
5. Do the population have a strong or weak opinion on high-tech or sophisticated product?
Technology is vital for competitive advantage, and is o major driver of globalization. Consider the following points:
1. Does technology allow for products and service to be made more cheaply and to a better standard or quality?
2. Do the technologies offer consumer and business more innovative products and services such as
3. How is distribution changed by new technologies e.g.
4. Does technology offer companies a new way to communicate with consumer e.g. Customer Relationship Management (CRM) ?
6. Marketing PLAN
A marketing plan is a written document that acts as a guide book of the marketing activities for the marketing managers. Marketing plan can be presented in many-many different way. Most business needs a written marketing plan because marketing is large and complex. Yet, for this segment the marketing discussed below is a very brief and simple marketing plan.
The marketing plan only discussed on one of the existing products distributed by Micro-Fine Technology Sdn. Bhd. is aluminium Table and chair. Only the marketing strategy will be explained since that is only a brief marketing plan.
The elements in marketing plan:
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