MARKETING ENVIRONMENT

Executive summary

“Marketing environment of Rad Eddie” refers to all aspects of the company's marketing decisions, both internal and external. A firm can't influence external factors, but it can exert influence on its own internal factors. External variables include government, technology, economics, and society; internal variables include the organization's own strengths and shortcomings. Observe for any changes in the marketing environment over time. In many cases, these changes could have a significant impact on the viability of a business. Marketers must constantly reassess their strategies in light of these changes.

Businesses must be nimble enough to respond to both macro and micro shifts if they are to be successful. It is in the best interest of Rad Eddie to keep a close eye on their marketing environment and to be ready for any dangers or opportunities that may emerge. This study examines how a Rad Eddie is affected by external factors, such as politics, economics, society, and technology. There are a number of factors to consider when recognizing competitors from distinctive or low-cost service suppliers.

Introduction

External influences play a significant part in a Rad Eddie marketing strategy. Some are within our control, while others are beyond our grasp. The marketing manager is in charge of the marketing strategy for the Rad Eddie. To put it another way, Brauer, K., (2011) describes a Rad Eddie marketing environment as a set of factors that influence its ability to effectively engage with and service customers, both internally and externally.

The marketing approach and strategies used by event planners to deliver their services must be correctly understood in light of the current marketing landscape (Chaffney, 2012). Marketing success necessitates a thorough awareness of the market's surroundings. Hopefully, this isn't an isolated incident. To be successful, a company must constantly evaluate and forecast its future position in relation to a variety of environmental factors (Holm, M, 2012).

The Rad Eddie gains knowledge about current events and environmental conditions as it works to overcome these obstacles. As a result, these situations are classified as either opportunities or threats (Chaffney, 2012). Prioritizing options that can assist the organization close the gap between its current performance and its intended growth can now be done. Additional dangers must also be addressed. Having a thorough understanding of your marketing environment allows you to:

1.???? Prior to your competition, you may identify and seize market opportunities by thoroughly analyzing your marketing environment. Compared to in-store purchases, the marketing department has noticed an uptick in online purchases. It's possible to get more sales by putting more money into your internet marketing funnel (Fernandez-Cruz, M., 2006).

2.???? Conducting an in-depth analysis of your existing marketing environment might help you see potential problems in your plan. In order to compete with your business, a market leader could broaden the scope of their product line.

3.???? Marketing efforts can be redirected to maintain and grow their market share if they are aware of this fact in advance (Holm, M, 2012).

4.???? It's essential to keep an eye on the marketing environment in order to keep up with the changing economy. Marketing campaign managers can foresee and plan ahead of time by closely monitoring their marketing environment.

Background and purpose of report

The marketing strategy of a Rad Eddie is affected by its skills. Before making any marketing decisions, the marketing manager must discuss these divisions. R&D, personnel, and accounting influence marketing. A manager must set goals for all of his or her divisions (Holm, M, 2012).

Rad Eddie is a high end fashion label and makes natural denim. Alex and Soni, two college buddies, founded the firm in 2004. It will be distributed globally by 2020 from Paris to New York and Sydney. Rad Eddie's supply networks and sales were severely hampered by the global COVID-19 outbreak. After COVID-19 decimated the global economy, Rad Eddie's owners need your help to restart design, manufacture, and distribution (Jeffs, C. 2008).

This has affected their target demographic (young girls aged 20-30 who enjoy socializing and keeping up with the latest trends), as Rad Eddie's proprietors are aware. An important segment of the target market worked in hospitality before to COVID-19 closures. Unemployment has forced many people into saving every dollar they can. Due to a loss of social interaction, the necessity for new clothing for important events has diminished (Leo, J., 2003).

Environmental marketing analysis

The economic condition of a country has a significant impact on the business opportunities available to event companies. The Rad Eddie long-term profitability is directly impacted by market conditions. Event organizers were hard hit by the global financial crisis of Sydney and the New York predicament (Loh, S. T., 2003).

As a result of the global recession, people had less money to spend, which led to an increase in unemployment and inflation. Many people were able to reduce their leisure spending as a result of this. The recession also had an effect on the funds granted by municipal and federal governments for staging and producing various events. The New York predicament has had a detrimental impact on Indian enterprises that depend significantly on New York clients.

Micro-environment

A Rad Eddie micro-environment consists of its customers, partners, and rivals. A Rad Eddie micro-environment consists primarily of its customers. Affluent and less-affluent individuals and enterprises, as well as governments, are all affected by the economic downturn. Most of the client markets are domestic (Nixon, 2010). The term “consumer” refers to those who buy things for themselves or their families. Participants in the business market are individuals who buy commodities and services with the goal of manufacturing and reselling their own products. Buying and selling goods as a business is different from reselling them. Market intermediaries include the companies listed below. When it comes to procuring items for public services or giving them away as gifts, the government market consists of the numerous government entities. International markets cater to customers from all of the aforementioned demographics, as well as those from other nations (Richardson, K., 2002).

Advertisers and marketers work together to promote their products. Market research and financial services firms (Nixon, 2010). Marketing and distribution assistance is provided by promotional personnel. In a micro-environment, small firms compete with each other. Organizations must take into account the size and industry position of their major competitors in order to compete (Richardson, K., 2002).

A group dedicated to advancing the objectives of the organization. Rad Eddie creditworthiness can be harmed by unreliable debtors. Customers' impressions might be influenced by editorials and features in newspapers and magazines. The state has the power to restrict the activities of the corporation. Environmental or ethnic groups may expose a company's bad behavior. The social and environmental impact and accountability of a firm will also be examined. Due to the company's primary customer base, mood swings could affect sales (Tulgan, B., 2011).

Macro-environment

Simply expressed, the macro-environment is the sociocultural context in which all of the preceding forces interact to shape society as a whole. As a result, the macro-environment will influence the sort of market in which the event takes place (Tulgan, B., 2011). A person's micro-environment is influenced by varieties of circumstances, which are referred to as the macro-environment. It includes demographics, economics, natural factors, technology, politics, and culture. It is vital for an enterprise's marketing activities to be able to react to the changing social environment in order to better grasp the macro marketing environment. PESTEL (Political, Economical, Social, Technological, Environmental, and Legal) is a name for the macro-environmental elements that effect businesses (Brauer, K., 2011).

The macro-environment includes the economy. In terms of purchasing power and spending patterns, this region has both rural and urban economies (Chaffney, 2012). Agriculture uses a lot of industrial production in subsistence economies. The markets of industrialized countries have a wide range of commodities. Marketers study each demographics purchasing and income habits.

SOWT Analysis

SWOT involves examining both the internal and external environments. In the SWOT analysis model, 'S' stands for strengths, 'W' stands for weaknesses, 'O' stands for opportunities, and 'T' stands for threats. A detailed assessment of an event's interior circumstances yields its strengths and faults (Nixon, 2010). Scanning the external environment of the event, which includes both the macro and micro surroundings, reveals both opportunities and threats. Both the macro and micro environments can be examined using the PESTLE or C-PEST approach. As a result, each of these instruments has a certain function (Jeffs, C. 2008).

Conclusion

The marketing environment analysis of Rad Eddie pressures is erratic. Political, legislative, economic, social, and technical forces all play a role. By monitoring their environment on a frequent basis, businesses can prevent risks and exploit market opportunities. This demands ongoing surveillance and analysis. Environmental scanning is the process of gathering, observing, and analyzing information on macro and micro factors. Environmental analysis is the process of evaluating and analyzing data. Marketers must keep up with the latest trends. They must keep a constant eye on their opponents. They might be vendors. Some of them are brand new. Customers and vendors might be competitors. Marketers must be familiar with a variety of business strategies in order to compete with low-cost service providers.

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