Questions in marketing Coursework Example | Topics and Well Written Essays - 1500 words

Questions in marketing - Coursework Example Acceptance of the existence of factor outside the control of the business helps organizations to keep an open mind regarding the uncertainties that exist. Through roper strategic planning firms are in a better position to make these uncertainties work in their advantage. Contemporary theories of management also emphasize on the unavoidable factor of change and uncertainty that affects organizations in every part of the world. The true strength of a business lies in ensuing that it is well-equipped to face any unforeseen challenge that it could encounter. The environmental domain consists of elements that affect an organization (Covin & Slevin, 1989). It broadly includes five areas of focus namely: Competition, customers, resources, laws and political system and technology. The competition establishes market trends and it is imperative that an organization is aware of the upcoming trends so it can match or surpass its competitors offering. The customers affect the demand side of an organizations offering and plays a significant part in shaping the structure pod demand patterns that the company can expect. By studying the customers’ organizations also get an idea regarding their needs so that they can modify their offering to suit the demands of its target market. Resources refer to organizational assets that are limited and need to be utilized at their optimum level. It is the job of the managers to decide the best approach to utilizing their raw materials and human resources in a way that makes them efficient and not exploite d. One of the most important factors for the environmental analysis is the study of the laws and political systems of the country it operates in. Globalization has made it imperative for firms to outsource many of its function, spanning the dynamics of this factor to even the countries it outsources its components or processes from. For example, Nike made use of