There are lots of factors affecting the market, one factor will be culture. Culture of one’s place will influence buying behavior of their members. Every place has different cultures so we must study hard on gathering information about other culture before establishing a business. If we aim to start an international business we must be able to learn lots of culture. For example Mc Donald’s. These fast food chain operates world wide they are enable to follow every law that didn’t violates any culture and tradition of one’s place for example, Mc Donald’s in UAE. And any Muslim and Arabic country. In order to operate they study the beliefs and tradition of Arabic country, in order to avoid being disrespectful to them. They start to remove from the menu all the food with ingredients that is not JALAL certified. So that there are no fries, and gravy on that said country. That’s why Mc Donald’s became successful in their own way. Another country that Mc Donald’s adjusted their menu is in Malaysia, they add the best food in that country to their menu, in order to suffice the demand on that food, and also gather lots of market. Population is also important it dictates what type of age and gender will be dominant. If the place has higher number of young adult your target market should be young adult, the product should focus on your target age. If the place has lots of older adult, you should focus on older adult. For example here in the Philippines all the in demand product is focus on young adult, the crop top, skinny jeans, board shorts, make up, and beauty products. These products are immense in the Philippines because we have lots of adult here. While in Japan they have lots of old people, so that the product there focused on old people also.
The culture and social environment affect also the buying behavior of the consumer, it influences them on how should we behave, dress, talk, and our perspective in life will be also affected, so it is very important to be consider in establishing business. For example, if you’re environment is more on islamic people you should not sell pork, because it is not suitable in their religion. And if your community are full of vegetarian people, you don’t usually sell meat. If your place is located near at the gym, sports community you must likely to sell meat. These shows that the behavior of the community as well as social environment really affects the buying behavior of the consumer. In this country where people loves fashion and sports the business entity mixed the variation of sports and fashion, they start to create a sportswear that can be use in fashion. Or a fashion designed sportswear. The business entity provides the demand of the consumer based on their social environment. This is what I used to do. When I am going to the mall I wear, designed shorts with a pair of snickers and mid-sized socks. It was appealing in the eye of the viewer as well as mine. So that I can say the business studied the social trend and social environment and provide a product that suffice that unknown demand.
Company uses lots of method on producing and imposing their product. That’s why, marketing concept also affected to change. If the business wants more the marketing concept upgrade. The ethnic marketing is created because of various ethnic groups living in this world. The concept of marketing is in general so that they split it into pieces to focus more on specified groups of people, for example this ethnic groups. Different ethnic groups have different ethnicity. It can be in a form of beliefs, tradition, language, food they eat, and clothes they wear. Ethnic marketing is used to reflect and target specific ethnic groups to know what they need and provide it to them on the very best possible way. Ethnic groups play a vital role in the market, because they are part of this society as a whole and they have the ability or power to buy. So that giving consideration to ethnic groups on decision making for market segmentation is really helpful in this times because ethnic groups are part of the whole market we are belonging to. For example a new flavor drink of Mc Donald’s is produce because of the ethnic groups who demand fruits flavor in district in America. This only means that ethnic groups really influence the buying behavior of the society, as well as the production of business itself. Another method is geographical segmentation, it segment market depending on their geographical locations. Location can affect climates, place, availability that the place has. That’s why it must be consider as basis for establishing a business. For example the STARBUCKS menu in manila is differ in the menu in the Baguio and Tagaytay. The menu here in the Philippines is different from menu in other country. For example in the Africa the menu is all about milk, while in France, menu is a classic order with made to order pizza, in china the menu is filled with cheese. This implies the difference between the taste of each country. If you don’t adjust to the taste of every country, your business will fall in an instant.
Green marketing is what our world need today, a business who operates and use lots of products for the sake of their business and the environment as well. These concepts of marketing will save our planet. Many business entities uses plastic as a means of cover, designs, and wrapper that can affect our environment such as water pollution and air pollution, and as well as the destruction of ozone layer through creating plastic and proper disposal, using eco friendly material will save our planet and this are the mission of environmental marketing. To avoid the destruction of the environment and preserve the remaining resources that we had. But green marketing is hard to promote. It is hard to attract the attention of the people, because viewers tend to support what they only see. They use to advertisement of this, it is more useful than this. They are seeking qualities but disregarding the harmful effects of this products. Using organic and environmental product is really helpful saving our environment. You can have your market at large if you able to maximize this concept. If you find something to turn this weakness into strength. The threat into opportunity, your business will be progressive as ever. You can have a maximum profit without destroying our environment.
1. Our environment being damage by different form of businesses gathering around. Because of the increase of demand, they start to create and create and create. In order to grow. They do everything just to increase their GDP, because it is the basis for computing economic growth. But before that what is economic growth? It is the amount of the income generated for a certain period of time. It is the guide on computing the economic growth of the country. unfortunately we didn’t compute other factors, such as our environment. Our natural resources are depleting as times goes by, we will be going to face our deepest fear in near future. The process of producing will be good at old age but for today its critical. We don’t have much resources to use, it will be drain in a span of time. Because it’s limited that’s what modern businesses mistake, they are using our natural resources as they own it, but the real deal we are using resources without paying for it, in other words free. Our environment is at stake because of the thing called paper gold, it is a type of agreement where in you will pay for something that is not yet done or made. For example businesses wants to buy gold, they will pay for it as soon as possible, then after the payment they will start to mine and provide gold on their client. The span of time depends on the agreement, it will may take months or years before fulfillment.
2. Businesses today take up a lot of effort on doing research about consumer behavior they studied about the process on which the brain works, it is called neuro-marketing. It is an art of science that strikes the subconscious mind of the people for example. The color of the mind what’s more attractive the dark color blue or the light one. The dark one would caught our attention first so that google uses color dark blue for their links. Another example, in choosing items in online store what would be more attractive high price with no reviews? Or high price with reviews and on sale. That was the neuro marketing works it give the people choices to think or the liberty to choose. Economics also affect the buying behavior of the consumer. Both micro and macro economics because they both inter related to themselves. On understanding micro economics, we should understand macro economics and vice versa. Because they are related to one another. For example the pandemic that happened. This event is an issue for macro economics. It involves the country and other country as a whole, but still it affects the individuals which is member of micro economics. The pandemic males our economic level to fall which affects our stock market (belongs to macro economics) because of this problems, the individual, firm, corporation is affected. They also lost the productivity of the business and firms also the purchasing power of individuals. So that I can say that MICRO and Macro-economics plays a vital role in our economic environment.
