Marketing nowadays is affected by various environmental factors among them being population demographics, social and cultural practices, economic performance measures such as technology, marketing infrastructure, competitiveness and trade agreements with other countries. To start investing in any country, you have to consider the foregoing factors so that you can decide whether it is worth to invest in a certain country. In this analysis, it was found that the following countries had the potential to accept the products for Edu Tot Company: Spain, Ireland, Morocco, France and Venezuela.
The demographic characteristics of the population do support the business of the Edu Tot because children seem to have a significant percentage as compared to other countries. Children are the targets of this company as they are selling educational toys. In the five countries, the average percentage of children between 0-14 years was found to be 22 percent, which is a reasonable target for the company. The objective of gathering demographics was to determine the segments of the population and to have a clear picture of the membership of these segments. Once the demographic information is compiled it can be used to develop marketing strategies and plans for the product being researched. In our case, it is the educational toys.
Economic performance measures such as technology and the economic system has a profound effect on the marketing of any product. Technology and economic systems in the five countries was found to support this business venture. The key aspects of the economic system consist of freely fluctuating prices in the markets for products, capital and labor, private ownership, strong profit incentives, limited taxation and limited role of government. In marketing, technology refers to inventions or innovations from applied science or engineer research. Technology has created a major impact on the way organization market their products. Through the internet organizations are able to market their products globally. All the five countries were found to have embraced the spirit of technology and thus it is easy to market the products of Edu Tot.
Social and cultural practices of any country do affect the marketing of products as there are some products which are used in some countries and others are not due to their cultural practices. Through the analysis, social cultural practices of the five countries were found to be favorable to this business. In general, the social system of any country make it easy for development of networks, provide forums for organizations to share information, identify opportunities and reallocating resources and all of these factors are beneficial for the marketing of your products.
Marketing infrastructure also referred to as marketing management is very important for the performance of different functions and growth of the size of the market also for the transfer of appropriate price signals leading to improved marketing efficiency. It is easy to improve the business of marketing in all the five countries and this will lead to significant gains for the company. Competition is minimal in all countries. In fact, some countries like morocco do not have competitors. Therefore, Competition is not a limiting factor to the marketing of Edu Tot Company in the five countries.
A free trade agreement between two or more countries is an agreement between these countries on specific behaviors that affect trade in services and goods, and protections for investors and intellectual property rights, among other topics. This agreement assists an organization to export its product to or offer its service in the free trade agreement country’s market. It may also give you service or product a competitive advantage versus product from other countries. Through the analysis, it was found that only morocco which is a U.S free trade agreement partner, thus marketing in morocco will be much easier compared to the other four countries.
The environment plays a very important role in flourishing the marketing of products and services of any organization. The results of the analysis confirmed that environmental factors are significant predictors of marketing and has a positive or negative impact on it.