Environmental Factors Influencing Marketing This Study Outlines

Environmental Factors Influencing Marketing

This study outlines a report on my views as a consultant on the environmental factors that will affect marketing of educational toys, EduTot in the five selected countries. The selection relied from the fact that they have the greatest potential to accept the educational toy products. Various environmental factors will be considered in the report, with an analysis of supporting details. The study will also capture a table encompassing the environmental factors that will affect marketing in these countries. The ratings in the table outline how those factors support the sale of the educational toys in these countries.

Environmental Factors impacting Marketing

Exporting is the best strategy that may be used in marketing the products of EduTot Company in the international markets. This is because it exposes the business to fewer costs, as compared to other entry strategies of getting to the international markets. The countries, with the greatest potential to accept the products of EduTot include Spain, Ireland, France, Morocco, and Venezuela. This is because of the favorable conditions in these markets, which provides a platform for EduTot to sell its products. In this regard, EduTot need to develop an in-depth understanding of the market conditions of these countries. This will be useful in helping the company to maximize on the opportunities available, and minimize on the risks of getting into these markets.

Indeed, just like any other business, the intention of EduTot to enter into the mentioned international markets, such as Spain, Ireland, France, Morocco, and Venezuela is to make profits. In other words, the important aspect that the company is considering is the issue of sales. This is because high sales for the educational toys in these new markets results in exceptional profit margins of the company. However, the success of the company in selling the education toys in these markets will solely depend on the environmental factors in these markets. These factors include the economic state of the market, the political stability, and relations between the countries, the consumer culture of the people in these markets, the potential of the markets to expand, and the social and technological factors that support or bar business development (Ymbersky, 2008).

Environmental Factors impacting Marketing

FACTOR

Spain

Ireland

France

Morocco

Venezuela

The economic state of the market

Excellent

Good

Excellent

Good

Good

The political state and stability

Excellent

Excellent

Excellent

Excellent

Good

People's consumer culture

Excellent

Excellent

Excellent

Good

Good

The social factors

Good

Excellent

Good

Fair

Fair

The technological factors

Excellent

Excellent

Excellent

Good

Good

Spain has a strong market for EduTot products. The country has had an excellent social, economic, and political stability, which has made it score high GDP values exceeding €980 billion with a per capita. In this case, there is a high rate that the business will perform exceptionally well. Besides the language barrier, business will boom.

Ireland

market has immense potential that needs to be tapped by EduTot. The country's economy has been relatively stable, with many of the sectors picking up. The exceptional social culture of the people in Ireland may also promote high sales of the EduTot products. The country has also progressively embraced newer technologies, which may support marketing of the exported products.

Factor/Country (2011)

Spain

Ireland

France

Morocco

Venezuela

GDP Growth

0.7%

0.7%

0.7%

4.3%

4.2%

GDP/Capita

US $31,000

US $40,000

US $33,000

US $51,100

US $12,700

3.1%

2.6%

0.8%

1.4%

21%

Interest Rate

1%

1%

2%

3.2%

15%

Unemployment

20%

14.4%

7.8%

8.9%

8.2%

Population

47M

6M

64M

32M

29M

Retrieved from the world factbook

France presents an excellent market for EduTot. The country is well developed just like the United States, and this creates a meritorious ground for business. The excellent performance of the economy is an added advantage; however, it is also a challenge because of the high costs of items. This may be an opportunity for EduTot to employ a pricing strategy in selling its products to the French population (Tielmann, 2010).