Macro Environmental Forces & their Impact.
In this solution you will learn about the macro environment forces that impact businesses and how can they influence business strategy. Macro environmental forces can also be source of business opportunities and threats; companies need to anticipate the environmental changes and take preemptive measures to cope up with such changes. You will find some examples of industries and companies where new ways of doing business evolved over the years as a result of environmental changes.
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The major macro environment forces that influence business and marketing strategy are below. All of these forces can be threats as well as opportunities for companies:
1. Demographic
These forces include everything to do with the population and its trends. The size of the population in a particular market, the rate of change, and its geographic concentration are factors relevant for marketing decisions. In addition to this includes factors such as the population of different age groups, genders, income groups, ethnic groups and so on. Literacy rates and educational levels in some markets could be important for some products. For example, if you are launching a magazine, what percentage is literate enough to read it.
2. Economic
This macro level force is pretty straight-forward. The economy of the country where a business is operating has a major impact on marketing strategy and related business decisions. As the world is shrinking, the global economy also plays a key role. These ...