Question

You are a business person attempting to open a ‘middle class motel’ in a popular vacation area of New York State’s Adirondack Mountains. You are questioning whether the external marketing environment is favorable to your plans. What THREE areas of the external marketing environment as listed (Competitive factors, Demographic factors, Technological Factors, economic condition, social change, political and legal) would most significantly affect your success? Make your entry by writing and thoroughly explaining your thinking. (P.S. Would you expect to attract any Gen Z people?

reference

Marketing. 12th edition. Lamb, Charles W.; Hair, Joe F.; McDaniel, Carl. IBSN is The text is available online. ISBN: 978-1-337-40758-8

Answer 1

This is a question based on a project to open a middle-class motel in a popular vacation area of New York states Adirondacks mountains here we have to observe the external marketing environment importance or is it favourable to our plan or not.

The external marketing factors are responsible for the success of the project in the business organisational structure because external marketing factors are very important to consider the responsible factors which are essential for the rise of the business project.

A proper business strategy includes a systematic study of the external marketing environment because these factors are highly responsible for the effectiveness and efficiency of the sale of the product in a particular market.

So here is the discussion of three areas of the external marketing environment which are listed as follows.

1. Competitive factors, the competitive factors are very essential for the first-mover advantage benefits for the organisation because it is essential to measure the effectiveness of the competitors in the market competitors making the policies which are effective to capture the market share and these policies are highly effective in the price settlement of the product, therefore, this factor is very important from the point of view of earning and to capture the maximum market share and to increase the goodwill in comparison to the competitors the same market.

2. demographic factors are also an important factor of the external marketing environment because a different breed of the people in a different class of the people demand is the good according to their presence and as per their compatibility demographic factors are highly responsible for the increase and decrease of sales in a particular area. The taste of the consumer varies from area to area therefore it is necessary to study the demographic factor and to sell the product or to manufacture the product according to the consumers need and demand.

3. The third factor is a technological factor and this is the most important factor in the modern market because everything is related with some technology and innovation so the regular upgradation of the product is very important for the effective selling of the product in the market.

yes if we consider positively the external marketing environmental factors then definitely it will attract the Gen Z population which is considered to be the newest generation to be named who were born between 1995 and 2015 and in the age group of 5 to 25 years old