What are Environmental Influences?
Environmental influences are present everywhere, more so when businesses are planning to extend their sphere of activities into international levels. These environmental influences can be both internal as well as external, meaning, the factors that impact on the business can be situated inside the business or in the outside where the business has to survive the competition with the other companies catering to the same market. The external environmental influences affect the main operations of the company and thus impact on the objectives and business strategies.
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Definition of Environmental Influences on International Marketing
Environmental influences on International Marketing can be defined as the different forces of the external environment that impact on the international marketing, such as the SPELTE. SPELTE stands for the Social/Cultural, Political, Economic, Legal, Technological and Ethical factors that could act either positively or negatively on the business. With more and more companies going international and investigating new markets for their products, the analysis of these environmental influences is important before making any ventures.
Social and Cultural factors are environmental influences that are linked to the changes, the structure, the lifestyle preferences, the cultural propensities, the purchasing models exhibited by them, consumer behaviour patterns, their health consciousness and the demographic details like the gender, age and so on.
Legal factors are environmental influences concerning the laws and regulations in the place where the business is planning to enter. Legal requirements may act as constraining factors in some ways, especially in human resource management, infrastructure and raw materials procurements, building and essential services regulations and so on. The company has not only to be aware of the existing legal situation in the place but also learn to anticipate and change its strategy according to the changes in the laws and regulations.
Economic factors are environmental influences referring to the national and international economy and its fluctuations. Economic factors such as economic growth, the standards of living, taxes, government spending, interest and exchange rates, and global economic factors that can affect the national ones are all important points for analysis on how they would influence the company’s future prospects.
Political factors are environmental influences that concern the governmental changes and policies that can impact the business. If the changes in the policy are anticipated and exploited, the company can operate more profitably or change its strategies accordingly.
Technological factors are environmental influences that concern the advances in the knowhow, using which the company can come up with better and newer products or innovative methods of manufacture that are cost efficient. As the technological advances are constant, the company has to keep up its awareness in the field and make changes accordingly and profit from the new technology before its competitors.
Ethical factors are environmental influences that the company has to determine whether the actions of the company are ethically and morally acceptable such as in human resource management, environment degradation, circumventing legal issues through loopholes and so on.
The company employs environmental scanning to study and analyse the environmental influences that could have an impact on their products and functions.
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