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On the contrary, technology forces will impact the Hershey Company since the technological knowledge of consumers impacts their desires for products and services. This is primarily because technological advances have created opportunities for new products, new methods for influencing customers, and new selling methods.
Strategies for Overcoming Threats:
Generally, the technological, societal, and economic factors provide marketing environment factors that pose marketing threats to the approaches adopted by the Hershey Company is selling and distributing its products and services to its customers. Marketing threats are environmental factors that can hinder the organization from accomplishing its marketing goals and objectives. The identification of these forces in the external environment is part of the strategic planning process through conducting a SWOT analysis. Consequently, the firm needs to overcome these threats through adopting some appropriate and effective strategies.
For the Hershey Company to deal with these marketing threats, some of the most suitable strategies could include monitoring, developing new products, protection of customer base, and identification and minimization of weaknesses (Linton, n.d.). The need to monitor threats in the business is fueled by the pace of change in the economy in order to change the business strategy as new threats emerge. The firm should also incorporate new product development plans in its long-term business strategy in order to deal with the threats. In light of the emergence of new competitors, the organization should develop a customer loyalty strategy in...
Furthermore, the identification and lessening weaknesses through prioritizing actions help the firm to deal with forces that represent greatest risk.
Notably, the success of marketing initiatives of products and services of the Hershey Company is also dependent on capitalizing on opportunities in the marketing environment. This can be achieved through various strategies like enhancing consumer confidence, creating awareness of products and services, and leveraging emotions. These strategies boost the existing marketing approaches and enable the firm to maximize on opportunities in the environment.
In conclusion, the marketing environment is characterized by some environmental forces that have a considerable impact on the approaches for selling and distributing products and services. Since these forces are threats, they require effective strategies for dealing with them in order to maximize on the opportunities within the market.
References:
Linton, I. (n.d.). Strategies to Overcome Marketing Threats. Retrieved September 19, 2012, from http://smallbusiness.chron.com/strategies-overcome-marketing-threats-38186.html
Sena, M. (n.d.). Chocolate Industry Analysis 2012 -- Costs and Trends. Retrieved September 19,
2012, from http://www.franchisehelp.com/industry-reports/chocolate-industry-report
"The Hershey Company." (2009). United States Securities and Exchange Commission. Retrieved September 19, 2012, from http://library.corporate-ir.net/library/11/115/115590/items/328854/D45A89C2-B130-4B31-A2B0-2AEB3BF43CBA_hsy_10K.pdf
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