Marketing Student, It Is Important Term Paper

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They can even raise prices and charge a little more. This is because there is now increased supply of money in the market.

Social Forces

Social forces on the other hand refer to the changes in the social fabric of the country. Any social changes such as baby boomers generation or generation Y trends are important for marketers because they offer new opportunities. If suddenly there has emerged a trend among trends to eat out more at cafes, then marketers should be ready and prepared to take advantage of this. New cafes will spring up at lightening speed all over, new products will be made available and related trends will also be exploited in order to gain the maximum out of these social changes.

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Technological Forces

The technological environment takes into its scope the new technologies that have emerged or the changes in past technologies that create new opportunities. For example once landlines were all we had in phones, the cell phones emerged and with that new opportunities came for marketers. Similarly changes in old technologies can make a lot of difference as well. Black and white televisions gave way to colored ones and then old TV sets were totally replaced by new flat screens and thus came up newer opportunities.

All these forces make up the macro environment. This must be carefully considered before marketers decide to launch a new product or take up a new marketing activity.….....

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