How External Environmental Factors Impact Marketing Decisions essays

How External Environmental Factors Impact Marketing Decisions essays The field of marketing is a complex one. Those who work in it are charged with reaching the masses for the purpose of promotion, regardless of what may be going on in the world at the time. Marketing companies world wide have to remain ever mindful of external factors including legal, economical and technological aspects if they want to remain successful. Looking at these external environmental factors can provide foundational information for the planning of marketing strategy. This holds true whether the marketing is to target a global audience or remain in the domestic One of the most important things to incorporate into any marketing plan regardless of its size is the understanding of legal aspects. The legality of the world must be adhere to in any life plan but in marketing it can mean the difference between success and public humiliation. All one has to do is look through the news history and one will locate stories in which marketing went against the legal system and caused a company to close or a product to be pulled off the Market. Disregarding the legal aspects of marketing can be extremely expensive(Fitzpatrick, 2004). One example of this is a tactic called bait and switch. Advertising laws prevent the offering of one product or price to lure consumers in, and then claiming it was JUST sold and trying to steer them into purchasing a more expensive product. It is bait and switch if when the ad was placed there was knowledge that the advertised product It is illegal throughout America and ignoring the legal factor of marketing One such suit was against a bank in Rhode Island. The class action suit accused Fleet Bank of using age old familiar bait and switch tactics to lure new credit card customers to their offices. "During 1999 and 2000, Fleet conducted a nationwide advertising campaign, offering a non-introductory, fixed annual percentage rate of 8.5 percent or lower for...