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Word Count: 438
As we enter an age where change is forever accelerating adjustment has become apart of our daily life Change is constantly happening and if we as an individual cannot keep up with the pace of change we are left in the dust As a marketing firm how well we adapt to change could very well determine whether the firm succeeds or fails A business firm creates their own unique marketing mix which is directed specifically at their target market There are several different factors that will affect a firms marketing plan by changing over time These factors are Social change economic conditions political and legal factors technology competition and demographics A firm must take into account that their marketing plan must adjust as changes in the environment occur The most difficult environmental change a firm must deal with is social change because it is constantly evolving Social change involves the way consumers behave Different people want different things that makes it hard to label customers with consumer labels A major social change that is occurring today is the increasing number of working women Because of this phenomenon it has created a poverty of time thus there is a huge market demand for goods and services for conveniences A second environmental change is demographical Demographics are the study of a persons age race and location A firm must choose a certain demographic to target because most often what one certain demographic likes another demographic will not like Economic conditions are the third environmental change a firm must deal with A firm must take into account the economic conditions of the time If the economy is doing well they can maintain there pricing but if the economy is in a slump they must drop prices to stir up interest for a product that might not else get interest if the price is still high A firm must be aware of the political and legal issues
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