NAME: CHRISTOPHER MUNENE NO: 1018463 UNIT: TOPICS IN MARKETING MANAGEMENT CODE: CMK 424
Selling goods in the global marketing is extremely challenging. Discuss the major political, economic, socio-cultural, technological, legal and ecological challenges that a global marketing manager may have to contend with?
The following analysis known as the PESTEL analysis is a framework used to scan the organization’s external macro environment which refers to forces that are part of the larger society and affect the micro environment. …show more content…
As these markets develop it can create new markets and new uses for products. It also requires a company to stay ahead of others and update their own technology as it becomes outdated.
They can determine barriers to entry, minimum efficient production level and influence outsourcing decisions. Furthermore, technological shifts can affect costs, quality, and lead to innovation.
Ecological factors Also known as environmental factors and they include weather, pollution, climate, and climate change, which may especially affect industries such as tourism, farming, and insurance. As raw materials become increasingly scarcer, the ability to create a company’s product gets much harder. Also, pollution can go as far as negatively affecting a company’s reputation if they are known for damaging the environment. Furthermore, growing awareness to climate change is affecting how companies operate and the products they offer, it is both creating new markets and diminishing or destroying existing ones. More and more consumers are demanding that the products they buy are sourced ethically and if possible from a sustainable source.
Legal factors are those which have become law and regulations. Include discrimination law, consumer law, antitrust law, employment law, and health and safety law. These factors can affect how a company operates, its costs, and the demand for its products. It is clear that companies need to know what is and what is not legal