Business Studies Theory by Topic
- External environment
Below is a list of business studies theory articles relating to the External environment section of Business Case Studies. Choose your sub topic from the list of arrowed links below the External environment heading to find all theoretical explanations.
By working from real world external environment examples, you will get more from your business education than ever before and learn from true experts.
What is ‘external environment theory’?
This part of the curriculum explains the purpose of the marketing function and the process of marketing planning. It shows the importance of marketing in matching the company's offer or brand to what customers want and expect, as well as how companies use their strengths to take advantage
of opportunities or counter threats. This includes:
Setting marketing objectives - product- versus
Analysing and forecasting markets - understanding
customer types and market segments
Identifying what customers want - market research,
Understanding how evaluating the elements of
the marketing mix (product, price, place, promotion) helps a business to
achieve competitive advantage
Exploring the levels of risk associated with
different marketing strategies (Ansoff's matrix - market penetration, market
development, product development, diversification) and determining which
a business should choose to fit different needs.
Considering what strategies are open to a company
to market products that are at different stages of the product lifecycle,
such as pricing and promotional strategies.