Classically, technical marketing is any method of marketing focused on the specifications and key features of a product, designed to appeal to customers with a base technological understanding of the product. These macro-environmental forces create a new product, new markets and marketing opportunities for marketers. Manufacturers can now connect with customers without any constraints. Technology such as the web, mobile phones, social media, and customer relationship management systems greatly affect modern marketing. For businesses, this presents an opportunity to leverage technology in new and innovative ways. As marketing manager, you face a challenge and an opportunity in the marketplace. • New inventions to produce the products. Advantages of technology. Today, technology is becoming very important in our daily lives. University of Calabar janyadighibe@yahoo.com Abstract: Services marketing is the provision of intangible offerings (services), whether business to consumer (B2C) or business to business (B2B) markets. It has destroyed all boundaries such as time and distance. The Marketing Function - Market Environment, Marketing Cycle and Components of Marketing Information System. Technology has enabled millions of inventions that have had a great impact on improving our lives and making us more efficient. This blog is about the role of technology in marketing and how the use of technology in marketing has helped millions of businesses attain growth and success. TAM is largely credited to Fred ….. Micro-environmental components are related specifically to the organization, whereas macro environmental components are broader in nature & affect the entire industry of the region or country. Ethical) In marketing, before any kind of strategy or tactical plan can be implemented, it is fundamental to conduct a situational analysis. This blog is about the role of technology in marketing and how the use of technology in marketing has helped millions of businesses attain growth and success. Technological forces form a crucial influence in the Macro Environment. E-Marketing is the use of information technology in the processes of creating, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders. International Marketing Environment Environment analysis for international marketing. For now, suffice it to say that technological factors have a major bearing on the threats and opportunities firms encounter. Second, understanding of marketing management will permit a better grasp of the role of marketing in economic development, which many countries are so earnestly seeking. Technological environment. The technology element enables marketers to access data more accurately, allowing them to plan marketing strategies better. it has helped in terms of management, manufacturing, marketing of communication products and modular type more easily. Easy accessibility of service: Internet based companies find that internet makes offer of new services possible.The Wall Street Journal offers an interactive edition where customers organize the newspaper’s content according to their needs. The various factors of marketing environment such as political influences, advancements in the realms of technology, increase in the market share of the competitor’s brands, and change in the government rules and policies have an effect on the tastes and preferences of the customers. What makes global marketing so different from domestic marketing? The five components of the marketing environment are (1) the competitive environment&-the interactive process that occurs in the marketplace as competing organizations seek to satisfy markets; (2) the political&-legal . 5. Technological. and the External factors (political, legal, social, technological, economic) that surround … Technology is vital to profitability in many companies that use it for communication, optimized production, inventory management and financial record-keeping. The seven most important tech solutions for the tourism industry. For example, technological changes are altering the social and cultural environment. The critical role of technology is discussed in more detail later in this section. Advantages of technology. The economic environment consists of all the external factors in the immediate marketplace and the broader economy. Technology is one of the biggest sources of threats and opportunities for the organisation and it is very dynamic. Malcolm McDonald provides a useful summary of the impact of technology on marketing: Technology changes marketing: Integration – know your client; Interactivity – beyond addressibility to dialogue; Individualisation – information enabled tailoring; Independence of location – death of distance; Intelligence – informed strategy; Industry restructuring – redrawing the marketing map There are following technological environment factors which affects business. The role of the product life cycle in marketing is mainly one of forecasting sales. Figure 9.14 The Marketing Environment. India in last twenty years showed a remarkable shift in its economic, social and technological environment. Technology can be divided between products and processes. This can make your product better, bring down costs, edge out the competition, increase production capacity, etc. The socio-cultural environment is made up of institutions and other forces that affect a society’s basic values, perceptions, preferences, and behaviors. Technological environment is self reinforcing. Marketing managers are confronted with many environmental concerns, such as those posed by technology, customers and competitors, ethics and law, the economy, politics, demographics, and social trends. The internet, which is continuing to grow rapidly, is one of the most important technologies that have affected marketing. Today, technology is becoming very important in our daily lives. Macro-environment on the whole deals with the demographic, economic, technological, natural, socio-cultural and politico-legal environment aspects of the markets. The letters stand for Political, Economic, Social, Technological, Environmental and Legal. Now, all work is done online and business shops are using machinery at high level. Organizations are tasked with managing more marketing options than ever before, and consumers are more integrated with marketing information than they have been in the past. The technological environment constitutes innovation, research and development in technology, technological alternatives, innovation inducements also technological barriers to smooth operation. Therefore, the macro marketing environment is also referred to as a large environment. Because of the constant introduction of new technological innovations, the business environment is always changing. From the way internal communication takes place, to the way marketing campaigns target a specific audience, technology has had a dramatic effect on the global business environment. A strategic digital marketing model of technology acceptance for those looking to bring about digital transformation The Technology Acceptance Model (TAM) is designed to measure the adoption of new technology based on customer attitudes. Social and cultural. We are now moving onto the Physical environment. It is technology that captures critical data and helps a business to see its weak areas, and ways of how to strategize accordingly. Let us learn about them one by one. Technological Environment The technological environment is perhaps the most dramatic forces that create new technologies, creating new product and market opportunities. The cell phone has become our tour guide, travel agency, best restaurant locator, map, and more. It also directly affects the purchasing power of consumers. One second out of many is that, yes, we are moving towards bigger data because of technology. A lot has changed for entrepreneurs in the last decade, most of it brought about by improvements in technology . Economic. The marketing environment refers to all internal and external factors, which directly or indirectly influence the organization’s decisions related to marketing activities. Competitive. From automated communication ad ChatBots to automated marketing, technology plays a big role in helping a business grow. Environmental forces The five different environmental forces or factors that affect Starbucks marketing decisions as well as its customers and suppliers are social, economic, technological, and competitive and regulatory. This marketing transformation has happened due to the behavioral change of consumers as they spend more time on mobiles, tablets, and laptops. Macro Environment in Marketing. • New inventions relating to marketing like BPO for selling online in international market. applied in enterprise and organizations through marketing management. Thus, the AMA definition of marketing read: “Marketing is the process of planning and executing the conception, pricing, This structure is culture- free and can be applied to any environment. ... Economic factors play an important role in consumer buying behavior decisions. A service cannot be experienced before it is delivered. Executives must be aware of issues that not only affect the company’s direct customers or suppliers, but also competitors, regulatory changes, the overall macroeconomic environment and the ever-changing political landscape. These forces make up a company’s external marketing environment, which, as you can see in Figure 9.14 “The Marketing Environment”, we can divide into five sets of factors: Political and regulatory. Executives must be aware of issues that not only affect the company’s direct customers or suppliers, but also competitors, regulatory changes, the overall macroeconomic environment and the ever-changing political landscape. Depending on the organisation, it can be reduced to PEST or some areas can be added (e.g. Rural Marketing - Influencing Factors. For this reason, it has to structure its policies in the limits set by these factors. Chapter 1: Convergence Learning Objectives (PPT 1-2, 1-3) What is E-Marketing? Macro tech environment factors mean analyzing the changes in technology and the country’s interest in the latest tech development. Many of the environmental factors we mentioned impact other factors. They relate to factors that create new technologies and thereby create new product and market opportunities. Marketing and Internet 5330 Words | 22 Pages. However, technical marketing has also grown to encompass any use of modern technology as a marketing tool. These help to increase revenues and profits of companies. Other macro environmental factors which influence marketing decisions are the natural ones. 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