When marketing your product to your desired consumers, you need to do as much research as possible. Knowing your competitive environment is an important part of obtaining consumers to purchase your product. Pricing of your product for example, may be an important factor to observe because a competing business may be of equal quality, but may be more expensive. Lowering your product’s price may make consumers believe that your product is of lower quality, but may also bring you more as well due to its affordability.
Understanding the economic environment is also a top factor because it affects how you should price your products. If the economy is at a downfall, more consumers are more likely to be on a budget, therefore, will not spend as much on products they feel they cannot afford it.
Conforming to the legal environment is good way to keep your business from getting into trouble, like lawsuits. Following safety regulations for example, will prevent fatal injuries from occurring.
One of the fastest changing environments we have is the technology environment. We all need to remain updated with the growing tech upgrades to be effective with our marketing and distribution strategies. Facebook for instance, became one of the top social networks to market about almost anything.
Knowing your consumers is top notch for a successful business. The sociocultural environment is of great importance because monitoring today’s trends will positively affect how you market your product. If a business is expanding globally for example, they may want to understand what the people of