Introduction to Marketing and Communications Essay

Introduction to Marketing and Communications - Essay Example segments and what it takes to define those market segments properly and adequately; tweaking various elements of the marketing mix to position products for individual target markets. The intent is to provide a template that Mega Bastard Corporation can use to explore the marketing of all kinds of products from a good grasp of marketing management fundamentals and basic models and processes contained therein (Bray; Sarvary; Oxford Learning Lab). The marketing environment consists of those external factors to a firm that impact the ability of the firm to undertake marketing activities. These are external circumstances, conditions, and realities that firms must face up to, and must take as givens, in crafting marketing strategies, and in coming up with viable product and business ideas. The fundamental component of a survey of the marketing environment for Mega Bastard Corporation are the micro environment and the macro environment. As the names suggest, the macro environment relates to the big picture factors that impact firm activities, and a good model for capturing the macro environment is the PESTLE analysis, which is a shorthand for the political, economic, socio-cultural, technological, legal and environmental factors that impact business and marketing strategies. The micro environment factors on the other hand relate to more immediate factors that impact firm activities, relationships, and operations, and a good model that captures the relevant micro environmental factors are the Five Forces Framework or Model of Porter. These Five Forces model looks at the level of competition, the bargaining power of buyers, the bargaining power of suppliers, the threat of substitutes, and the threat of new entrants into an industry. In the context of Mega Bastard Corporation’s foray into bionic limbs, the Five Forces analysis and the PESTLE analysis would be able to determine the nature of the marketing environment within which any marketing plan must prove its mettle