In this chapter, we explore factors outside of marketers’ control but that play a vital role in shaping an organization’s marketing strategies and tactics. As we will see, external forces present both opportunities and threats. Each force holds the potential to alter how an industry conducts its business and how individual marketing organizations make decisions. Our coverage includes in-depth evaluation of seven key external forces: demographics, economic conditions, governmental environment, influential stakeholders, cultural and societal change, innovation, and competitors.
- What are External Forces?
- The External Forces Facing Marketing
- Economic Conditions
- Governmental Environment
- Influential Stakeholders
- Cultural and Societal Change
Links to Cited References:
- For one business executive’s opinion on industries that will be impacted by driverless vehicles see: Barbier, Joel. “Self-Driving Cars Will Disrupt More Than the Auto Industry. Here Are the Winners and Losers.” CNBC, May 3, 2017. https://www.cnbc.com/2017/05/03/self-driving-cars-will-disrupt-10-industries-commentary.html.
- Marketers who are slow to adjust to demographic shifts may find issues with brand awareness as discussed here: Buck, Sebastian. “As Millennials Demand More Meaning, Older Brands Are Not Aging Well.” Fast Company, October 5, 2017. https://www.fastcompany.com/40477211/as-millennials-demand-more-meaning-older-brands-are-not-aging-well.
- For more details on Apple’s “1984” ad see: “The Real Story Behind Apple’s Famous ‘1984’ Super Bowl Ad.” Bloomberg, YouTube Video, December 3, 2014. https://www.youtube.com/watch?v=PsjMmAqmblQ.
- Heilpren, Will. “18 False Advertising Scandals That Cost Some Brands Millions.” BusinessInsider, March 31, 2016. http://www.businessinsider.com/false-advertising-scandals-2016-3.
- “Household Savings Rate.” Organization for Economic Cooperation and Development, June 2017. http://stats.oecd.org/Index.aspx?QueryId=51648.
- Each year the Massachusetts Institute of Technology (MIT) lists the top technologies of the year. The current list and past lists can be found here: “10 Breakthrough Technologies.” MIT. https://www.technologyreview.com/lists/technologies.
- For more details on Amazon’s Alexa intelligent personal assistant see: “Amazon Alexa.” Wikipedia. https://en.wikipedia.org/wiki/Amazon_Alexa.
- For a look at the history of computer chips used in Apple computers see: “Apple’s Transition to Intel Processors.” Wikipedia. https://en.wikipedia.org/wiki/Apple%27s_transition_to_Intel_processors.
- Naylor, Brian. “Equifax Breach Puts Credit Bureaus’ Oversight in Question.” National Public Radio, September 21, 2017. http://www.npr.org/2017/09/21/552427628/equifax-breach-puts-credit-bureaus-oversight-in-question.