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A marketing strategy is a plan developed by an organization that describes how a company's product and services will be offered to consumers.There are few external forces that influences the marketing strategy of business...
(1) Market selection...... For better sales of a product, market selection is significant. The amount of selection is significant.The amount of sales of a product depends on the location of the market, whether the market is in urban or rural area.
(2) Legal influences....Federal and state regulations on a specific industry can influence how a company perform, eg...in the alcohlic beverage industry, would it be sensible to have children under the age of 18 doing an advertisement selling alcoholic beverages, if it is against the law for minors to consume alcohol?
(3) Economical influences...The state of the economy and our environment has major influence on consumer buying power. If the economy is experiencing a recession, consumers may not be able to buy what they normally buy due to lack of employment. If a person is laid off and is in a danger of depleting his savings, they may rethink buying large cup of coffee they purchase at Starbucks on the way to work everyday.Instead , they may start thinking their coffee at home, This change will eventually effect Starbucks bottom line..
(Pricing planning...it should be affordable for all.
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