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Thursday, 13 September 2018

Macro Environment Research

Legal/Political Environment
- Laws governing the conduct of business.
- Regulation on the various aspects of production and marketing.
- Political leadership.
- Stability of government policies.
- Patriotism and nationalism.
- Level of political risk.

Economic Environment;
- Fiscal and momentary policies.
- Stage of economic development.
- Economic structure.
- Income distribution.
- Lending rate.
- Credit availability.
- Overall cost of production.
- Inflationary trend.
- Discretionary buying power.
- Saving and borrowing pattern.
- Currency stability.
- Pattern of economic planning.

Competitive Environment;
- Types of competitive structure.
- Entry and exit barriers.
- Level,intensity and strength of competition.

Technological Environment;
- Production processes.
- Level of technological knowledge.
- ICT development statues.
- Storage systems.
- Standard regulation.

Social Environment;
- Role of the family.
- Class structure.
- Reference group.
- Consumer preferences.
- Demographic characteristics.

Cultural Environment;
- Cultural ideologies and believes.
- Languages differences.
- Norms and values.
- Symbols and language interpretation.

Physical Environment;
- Climates changes.
- State of infrastructural development.
- Environmental Impact Assessment(EIA)
- Safety measures/concerns.
- Environmentalism.

International Environment;
- World trade development and commercial treaties(WTO).
- Multi trade agreements.
- International organisations and financial intermediaries.
- Balance of payment position.
- Multinational economic organisations.

A critical assessment of the external environment will give the international marketer the insight into the opportunities and threats that may facilitate or hinder the achievement of it's objectives in the foreign market respectively. This will be anchored on the company's resources and capabilities with a view to determining the prospects of the firm as it ventures abroad.

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