Marketing Strategy For The New Marketing Opportunity Essay

3. The final part of the assessment involves determining the final marketing mix in relation to the new marketing opportunity. As part of finalising your marketing mix, answer the following questions: ï‚ §Ã¯â‚¬  What environmental factors could have an impact on the selected marketing mix e.g. economic conditions, the political or legal environment, etc? †¢ Competition: To compete in new market, company has to do marketing mix and determine market strategy for Price, Place, products and promotions. †¢ Economical factors: Is information that is necessary for determine marketing opportunity for future activities. Considering from the area and condition of the new market and also the behavior of the customer then distribution channel will be decided. †¢ Technological changes As a result of changing in technology, the company has to determine whether to upgrade the current technology or to change the whole system in term of improvement. However, company itself realizes that changing comes with cost. It is necessary to rate the cost and benefits business will receive from changing. ï‚ §Ã¯â‚¬  How could the environmental factors you have identified impact on the marketing mix? Environmental factors Impacts on the marketing mix Environmental factor 1: Competition Impacts on prices: Pricing for new market can be calculated from the cost of entering the new market. It can be higher or cheaper or remain the same Price changing is expecting to affect the total sales volume and profit to business.Show MoreRelatedMarketing Opportunities: Starbucks, Procter Gamble, and IBM1134 Words   |  4 PagesMarketing opportunities The three chosen firms are Starbucks, Proctor Gamble and IBM. These organizations have been chosen for different reasons. First, all three companies were chosen because they are multinational corporations. Starbucks is a coffee shops retail chain and it is well known around the world and especially in the US. 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