For this assignment, your team will analyze various environments that affect your brand – demographic, economic, natural, technological, political/legal, social/cultural – and will make recommendations for the brand to better respond to the needs and trends you’ve noted in its environment.
Analyzing Needs and Trends in the Marketing Environment
Team Assignment 1 (10–12 pgs.)
- Demographic Environment
- What major demographic trends (such as population age mix, growth of ethnic markets, or household patterns) will pose opportunities or threats for your brand? Hint: Look at developments that are occurring outside the company that might affect your brand.
- What actions has the company been taking in response to these developments and trends?
- Economic Environment
- What major trends in consumers’ income, employment, savings, debt, and credit availability will have an impact on your brand? How have recent stock market movements affected the company?
- What action has the company been taking in response to these developments and trends?
- Be aware of the financial factors affecting your firm.
- Natural Environment
- How have shortages in raw materials, pollution concerns, and/or energy costs affected the brand, and what steps has the company taken to address these concerns?
- Technological Environment
- How have the accelerating pace of change and unlimited opportunities for innovation affected your industry? What major changes are occurring in the technology of the product category?
- What is the company’s position in these new technologies? What are the competitors’ positions in these technologies?
- Political/Legal Environment
- What laws now being proposed could affect marketing strategy and tactics for the brand?
- What federal, state, or local agency actions should be watched? What is happening in the areas of product safety, advertising, or price control that is relevant to marketing strategy?
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