Assessing the Impact of Political, Economic and Technological Factors on Marketing Operations

Enhancing Performance by Focusing on Customer Demand

Task:

Marketing and management play an important role in enhancing the performance while focusing on the demand of the customers. The assessment of the environmental factors permits an organization in enhancing the performance while focusing on the demand of the customers. According to Johnson, Fisher and Friend (2019, the assessment of the market environments empowers the marketing operations of the venture in alignment with the strategic requirements of the venture. In this relation, I believe that the political, economic and technological factors empower the marketing operations of an organization. The political, economic and technological factors mostly identify the current legislative frameworks, the affordability of the customers and the technological innovations that are being implemented by the organizations in the market.

However, the other might oppose my viewpoint by stating that the socio-cultural and technological factors mostly influence the rate of marketing operations of an organization. The different aspects of change in the organizational operations are related technological changes in the market environment and the preferences of the customers. In this relation, I believe that the assessment of political, economic and technological factors is a necessary for improving the marketing potentials of an organization. The consideration of the economic aspects of a market environment would allow the organization in assessing the affordability of the target customers while improvising on the technological modifications. On the other hand, the political factors influence the sustenance of the business operations in the markets based on legislative frameworks and political stabilization. Guo et al. (2019) opined that the healthy marketing operations of an organization is based on the efficient functioning of the different systems while focusing on the demand of the customers. Therefore, I believe that the consideration of the political, economic and technological factors is essential for recognizing the nature of the market, even more than the cognition on socio- cultural aspects of human behavior.

The plan of developing an insight on the political, technological and economic aspects might be supported through the effective understanding of the different aspects of change in the organizational operations while focusing on the demand of the customers. The assessment of the overall market dynamics through lucid cognition on the environmental factors would enable the venture in improving their capability of developing strategies for the growth and expansion of the venture.

I would like to take the initiative of advising the board to conduct market assessments with the purpose of recognizing the different changes in the political, economic and technological aspects of the concerned market. It would allow the organization in improving their cognition on the different strategies that might be applied by the same for improving the marketing operations. The assessment of the technological alterations would permit the organization in improving their competency of empowering the growth of the operations. On the other hand, the economic considerations would allow the organization in gaining cognition on the affordability of the customers while positioning their propositions. The assessment of the market position would thereby assist the organization in gaining significant insight on the nature of changes that might be considered by the same while operating in the different markets.