With these questions in mind when we build our research surveys, we can direct our customer research to include personal elements that will provide a better idea of who our customers are and what they need.
Not all of these environmental factors may apply, but it saves the hassles of thinking about what does with this handy chart to refer to. Translating your market research into market requirements, and meeting those market requirements with product requirements essentially means the end-product has been driven into creation by the target customers and the market. The words “market-driven” and “customer-centric” implies an in-depth understanding of market trends and target customers. At Brainmates we love Product Managers and love helping them deliver awesome products to their customers. Thanks for your thoughts about whether market-driven is a strategy vs tactic come philosophy!
Marketing is a management philosophy – running a business to ensure that you satisfy and meet the needs of your customer. If you create a product to meet the needs of the producer who is the user of the product and you market the product to the middleman who may be considered the buyer, you will absolutely be applying the principles of market driven product development. This sounds very interesting for someone who wants to bring design research and market research together. Could you speak to some of the methods and techniques you would use to get the insights you are looking for? Founded in 2004, Brainmates provides professional Product Management and Marketing experience to medium to large organisations. Brainmates provides Training solutions for Product Management and Product Marketing professionals who want to improve their skills, validate their own approach, or learn a consistent method for a complex role.
By and large, managers can control the four Ps of the marketing mix: they can decide which products to offer, what prices to charge for them, how to distribute them, and how to reach target audiences. These factors—and changes in them—present both threats and opportunities that require shifts in marketing plans. Federal, state, and local bodies can set rules or restrictions on the conduct of businesses.
Moreover, if you operate in foreign markets, you can’t focus on solely domestic economic conditions: you have to monitor the economy in every region where you do business. Meanwhile, Coke and Pepsi have to watch Nantucket Nectars, whose fruit drinks are substitute products. New technologies also transform the marketing mix in another important way: they alter the way companies market their products. Clothiers who target teens and young adults (such as Gap and Abercrombie & Fitch) must estimate the size of both current and future audiences. The huge wave of baby boomers began arriving in 1946, following World War II, and marketers have been catering to them ever since. Because birth rates had declined by the time the “Gen X” babies first arrived in 1965, this group had just one decade to grow its numbers. Generally speaking, buyers run through a series of steps in deciding whether to purchase a particular product. Understanding the buying process of potential students is crucial to college administrators in developing marketing strategies to attract qualified “buyers.” They’d certainly like to know what information you found useful, which factors most influenced your decision, and how you made your final choice. Did you ever buy something you knew you shouldn’t buy but just couldn’t help yourself—something you simply wanted?
It shouldn’t be surprising that marketers are keenly interested in the effect of all these influences on your buying decisions. A number of forces over which it has little or no control affect a company’s marketing activities. Taken together, they make up its external marketing environment, which includes regulatory and political activity, economic conditions, competitive forces, changes in technology, and social and cultural influences. Successful marketing often hinges on understanding consumer behavior—the decision process that individuals go through when purchasing or using products. Shifts in the external marketing environment often necessitate changes in a company’s marketing plans. Experts have ascribed a number of attributes to Generation Y—people born between 1976 and 2001.
When planning a marketing campaign marketers have to take into account the changes in the marketing environment, including the competitive, social-cultural, technological, economic and political-legal environments. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Firms are affected by lots of different things; a firm's marketing environment is made up of all of the things that affect the way it operates. The micro environment is made up of factors that are close to the firm and affect it on a 'day to day' basis; usually these factors interact with the firm or are involved in the same industry. Firms should not concern themselves too much about which of the three categories a factor fits into.
Marketing activities cannot be set up and carried out without making reference of the overall environment in which the company and, more generally, the organisation operates. The marketing environment course will enable you to fully understand how the micro- and macro- environments in which every organisation operates may represent opportunities or threats for the business and how to most adequately relate to them. The course is aimed at those who wish to acquire a specific competency in marketing environment strategic analysis. In line with the Rome Business School’s general approach and the best international standards, the course is designed with the aim of providing excellent training with an emphasis to its concrete application in the job, professional and company markets. Therefore, the course involves both mainly one way teaching phases – to accurately transfer the reference conceptual models – and practical application sessions aimed at developing your operational and management capabilities.
Your progress in the subjects taught will be tested and consolidated through exercises related to actual managerial cases.
Our teachers are renowned trainers and managers who come from a multitude of operational and professional environments. All participants in this course will be provided with a wealth of documentation, including slide presentations, case studies and exercises.

Participation in the Master’s course entitles you to be enrolled in the Rome Business School Alumni Association, the international network through which students of the Rome Business School can share ideas, experiences and projects. If your company doesn’t believe in providing products that your customers want, then it is most likely not going to invest in understanding the market and your customers. When looking at market trends and understanding the market as a whole, it’s best to use the marketing macro- and micro-environment guide.
The development of market-driven products should be endorsed by a company that believes and invests in such market research. Using repeatable and flexible frameworks for Product Management and Product Marketing, Brainmates helps clients deliver products to market that customers love. Unfortunately, there are other forces at work in the marketing world—forces over which marketers have much less control. To spot trends and other signals that conditions may be in flux, marketers must continually monitor the environment in which their companies operate. If you’re trying to sell cars, you know that people facing higher interest rates aren’t so anxious to take out car loans. What if Nantucket Nectars managed to get its drinks into the soda machines at more fast-food restaurants? Consider the revolutionary changes brought about by the Internet, which offers marketers a new medium for promoting and selling a vast range of goods and services. The values and attitudes of American consumers are in a state of almost constant flux; what’s cool one year is out of style the next. The last few decades have witnessed monumental shifts in the makeup of the American workforce.
So must companies that specialize in products aimed at customers in other age brackets—say, young children or retirees. Sincavage, “The Labor Force and Unemployment: Three Generations of Change,” Monthly Labor Review, June 2004, 34. Advertisers are also busy trying to find innovative ways to reach this group, but they’re finding that it’s not easy. Once you recognized the need to go to college, you probably started gathering information about colleges.
For instance, suppose the travel agency that sold you your spring-break getaway found that you bought the package because you viewed it as a reward for studying hard and doing well academically. They go through a series of steps in reaching the decision to buy a product: need recognition, information search, evaluation, purchase, and postpurchase evaluation.
All companies are affected by external factors, but certain factors can have a stronger influence on particular products. Here is an example of the changes that happen in these environments and their effect on Anheuser-Busch’s Budweiser marketing strategy. Some of the factor's in a firm's marketing environment can be controlled by the firm but some are uncontrollable.
Examples include employees, company policy, capital assets, the firm's structure and the firm's products (materials). Micro environment examples include customers, banks and trade unions as they all interact with the firm. Instead firms should ensure that they have correctly identified all of the factors which make up their marketing environment and plan how to manage them for the firm's benefit. All components, players and forces of the micro- and macro- environments will be analysed in detail and, through examples and concrete cases, the strategic options for reacting and adapting to environmental dynamics will be studied. Similarly, even if being market-driven is a corporate strategy, you’re not market-driven if you don’t take the time to gain an in-depth understanding of the market and your customers. This is not incorrect but I feel much market research today does not get to the heart of ‘understanding ‘. To get a better idea of how they affect a firm’s marketing activities, let’s look at each of the five areas of the external environment.
Businesses favor some regulations (such as patent laws) while chafing under others (such as restrictions on advertising).
Sometimes (but not recently), the news is cause for optimism—the economy’s improving, unemployment’s declining, consumer confidence is up. Sales will slip, and to counteract the anticipated slowdown, you might have to add generous rebates to your promotional plans. In particular, they need to monitor the activities of two groups of competitors: the makers of competing brands and the makers of substitute products. Videotape makers who were monitoring technological trends in the industry would probably have taken steps to keep up (go into DVDs) or otherwise protect themselves from losses (maybe even getting out of the market).
Marketers must keep abreast of technological advances and adapt their strategies, both to take advantage of the opportunities and to ward off threats. The number of women at all levels has increased significantly, the workforce has become more diverse, and telecommuting is more common.
Marketers pay particular attention to population shifts because they can have dramatic effects on a consumer base, either increasing or decreasing the number of potential customers. In addition to age, members of each group tend to share common experiences, values, and attitudes that stay with them as they mature. Generation Ys grew up with computers and other modes of high technology, and they’re used to doing several things at once—simultaneously watching TV, chatting on the phone, and playing computing games on the computer. You probably don’t think much, for example, about the brand of gasoline you put in your car; you just stop at the most convenient place. Perhaps you wanted to prepare for a particular career, to become better educated, or to postpone going to work full time. This is the kind of information that colleges are seeking when they solicit feedback, both from students who chose their schools and from those who didn’t.
Objectively, you may have made a bad decision, but not all decisions are made on a purely objective basis.
In that case, it might promote student summer-travel programs as rewards for a hard year’s work at school.

Firms need to understand their marketing environment so that they can make the most of positive factors and manage the impact of negative factors.
Competitors are also part of the micro environment because they are selling competing products, their activity could have a direct impact on the firm's daily business. Micro environment factors could be national or global measures and affect many industries and groups. Every marketing manager must therefore be fully aware of the marketing environment and be able to analyse it and relate to it in the most effective and profitable way. Particular focus will be placed upon demographic, technological and cultural trends which can influence business development. The tobacco industry, for example, has had to learn to live with a federal ban on TV and radio advertising. Talent coordinators posted red flags next to the names of Janet Jackson (of the now-famous malfunctioning costume) and other performers. At other times (like today), the news makes them nervous—we’re in a recession, industrial production is down, jobless claims are rising,consumer confidence has plummeted, credit is hard to get. For one thing, you’ll have to pay particular attention to fluctuations in exchange rates, because changes will affect both your sales and your profits. Coke and Pepsi, for instance, are brand competitors who have engaged in the so-called “cola wars” for decades. What if Nantucket Nectars, which markets an ice tea with caffeine, introduced an ice tea drink with mega amounts of caffeine? A lot of people wouldn’t—they’re the wrong style, the wrong fit, the wrong material, the wrong color, or just plain wrong. More people place more importance on balancing their work lives with the rest of their lives, and fewer people are willing to sacrifice their health to the demands of hectic work schedules. These values and attitudes have a profound effect on both the products they want and the marketing efforts designed to sell products to them. A firm's marketing environment can be split into three parts: internal environment, macro environment and micro environment. More recently, many companies in the food industry have expressed unhappiness over regulations requiring the labeling of trans-fat content. The telemarketing industry fired workers and scrambled to reinvent its entire business model.
Naturally, business thrives when the economy is growing, employment is full, and prices are stable.
Where would we be without the cell phone, digital cameras, instant messaging, personal digital assistants, LASIK surgery, and global positioning systems? Now put yourself in the place of a marketer for a clothing company that targets teenagers and young adults. At this point in their lives, most are at their peak earning power and affluent enough to make marketers stand up and take notice. Try to reach them through TV ads and they’ll channel-surf right past them or hit their TiVo remotes.Anthony Bianco, “The Vanishing Mass Market,” Business Week, July 12, 2004, 61–68. For more information about the micro environment and how to analyse a firm's micro environment through a stakeholder analysis, click here.
The broadcasting industry is increasingly concerned about fines being imposed by the Federal Communications Commission for offenses against “standards of decency.” The loudest outcry probably came from telemarketers in response to the establishment of “do-not-call” registries. What if Nantucket Nectars launched a marketing campaign promoting the health benefits of fruit drinks over soda? As women spend more time at work, the traditional duties of the “homemaker” have shifted to day-care centers, nannies, house-cleaning services, and (for those who can afford them) child chauffeurs, birthday-party coordinators, and even family-photo assemblers.Sandra Tsing Loh, “Nannyhood and Apple Pie,” The Atlantic, October 1, 2003, 122–23. To design effective strategies, marketers need to find the answers that consumers give to questions such as these. Once you let colleges know that you were interested, admissions departments likely sent you tons of information. Macro environment factors are uncontrollable factors but still influence company strategy. On the other hand, when the economy is slowing (or stalled) and unemployment is rising, people have less money to spend, and the marketer’s job is harder. In summer 2004, both companies came out with nearly identical new colas boasting half the sugar, half the calories, and half the carbohydrates of regular colas.
As we said at the outset of this chapter, the key to successful marketing is meeting the needs of customers.
The number of gyms has mushroomed, the selection of home office furniture has expanded, and McDonald’s has bowed to the wishes of the health-conscious by eliminating its “super-size” option.
They’re still a major marketing force, but their needs have changed: they’re now the target market for Botox, pharmaceutical products, knee surgery, financial investments, cruises, vacation homes, and retirement communities.
In other words, they try to improve their understanding of consumer behaviorDecision process that individuals go through when purchasing or using products.—the decision process that individuals go through when purchasing or using products. For more information about the macro environment including how to analyse a firm's macro environment through a PEST Analysis, click here.
Advertisers keep trying, because Generation Y is big enough to wreck a brand by giving it a cold shoulder. In the next section, we’ll look at the process that buyers go through in choosing one product over another. Both companies targeted cola drinkers who want the flavor of a regular soda but fewer calories.

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