Marketing journal CH 5: The Macro environment, marketing homework help

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six chapter marketing journal

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Running Head: MARKETING JOURNAL

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MARKETING JOURNAL
Student’s Name
Professor’s Name
Course Title
Date

MARKETING JOURNAL

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* CH 5: The Macro environment (focus on 2 important factors) (EX 5.3)
Introduction
Macro-environment involves the external as well as the uncontrollable factors that have
an impact on the decision making process of the organization. Therefore, they have an impact on
the organizational performance and strategies. These factors include economic factors, cultural
factors, political factors, technological factors and demographic factors. The image below
illustrates the composition of the macro environment;

The two major factors in the case of the marketing concept journal will include
technological factors and demographic factors. Technological factors refer to the rate of new
inventions and development. Such factors also include the changes in information as well as
mobile technology. Changes in internet and e-commerce and government spending have an
impact on research. Technological factors require businesses to have a change in behavior with
regard to traditional marketing. Technology impacts the way companies communicate with
potential customers. The use of the internet, social media and customer relationship management
system aid businesses to grow and prosper. It also helps businesses to create long lasting
relationships and strengthen the effectiveness and efficiency of operations. On the other hand,
demographic factors are personal features that have an impact on the marketing strategy. These
include education, occupation, race and ethnicity, age, gender, marital status and income. Use of
demographic factors help businesses to segment their target audience into smaller niches. For
instance, marketing efforts can be focused on young women. Demographic factors enhance
demographics segmentation. Therefore, the socioeconomic traits are utilized in the categorization
of customers (Mellahi & Frynas, 2015).
Application
Both technological factors and demographic factors have an impact on the marketing
efforts for Chanel Perfume. With the accessibility of information and the use of interactive
media, consumers collect information with regard to Chanel perfume. The Company can take
advantage of the integrated marketing communications to deliver consistent message to the
consumers. Therefore, delivering reliable and consistent information concerning a brand helps in
its establishment in the minds of the customers. Technology enhances communication and is
critical in coordinating messages that help in building the company’s brand. On the other hand,
demographic factors are essential to identify the ideal customer for Chanel Perfume and help
target such customer. Groups with similar characteristics can be targeted by use of marketing
strategies.

MARKETING JOURNAL

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* CH 2: Macro Strategies for Developing Customer Value (EX 2.1)
Introduction
Macro Strategies help a firm in the development of a sustainable competitive advantage.
There are four macro strategies that put emphasis on both the creation and delivering of value for
customers. They are key to ensuring that a business has the required competitive edge in the
market. They include; customer excellence, operational excellence, product excellence and
locational excellence. Customer excellence is derived from the value-based strategies that are
adopted by a firm in maintaining customer loyalty. Likewise, customer excellence is achieved
through compelling customer service. The methods a firm employs in the maintaining of
sustainable competitive advantage is essential in attracting and maintaining loyal customers. For
example, when a company has an established brand as well as a unique merchandise, it aids in
the solidification of a loyal customer base. A com...


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