StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

The Concept Market Environment - Coursework Example

Cite this document
Summary
The present coursework entitled "The Concept Market Environment" deals with the market environment which consists of the outside forces which influence the ability of the marketing management to successfully maintain relationships with target clients…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.7% of users find it useful
The Concept Market Environment
Read Text Preview

Extract of sample "The Concept Market Environment"

Market environmentMarket environment consists of the outside forces which influence the ability of the marketing management to successfully maintain relationships with target clients. Both macro and micro economic factors affect the market environment. Macro-economic factors affecting the market environment are the demographic, natural, economic and social factors. Micro economic factors affecting the market are short term factors like competition, mergers & collaborations etc. 1-Current Economic Situation Nintendo is one of the most successful companies as far as video games are concerned.

In fact, most people must have played Mario – a very popular video game developed by this company. However, the current economic scenario needs this organization to branch out into online multiplayer gaming community. However, Microsoft has already established its superiority in this branch of online gaming and to remain in market Nintendo needs to act speedily in order to develop a multiplayer online game. 2-Competitors The immediate competitor of Nintendo is Microsoft and it is one of the threats of this organization.

The firm needs to carefully conduct a SWOT analysis and accordingly develop and implement a strategy to compete with Microsoft. The current market environment requires this organization to carefully chart out and follow an action plan, work towards its hurdles and pave the path to successfully launch a product to remain in the market. If such aggressive market plan and product is not developed and implemented, the company will not be able to compete with Microsoft. The company has previously failed to compete with Tomy and Bandai – two well-known Japanese toy companies.

3-Competing Products Nintendo has to face its competitors especially Microsoft. One of the products making waves in the market is the development of online multiplayer gaming community. Also Microsoft is far ahead of Nintendo especially in the video game console market as it has always been the superior force with Xbox live. Nintendo needs to concentrate on focusing on its product development as it needs to come out with a sophisticated, easy to use, social product. This is one way to remain in the market and to compete with rival firms like Microsoft.

Another good online multiplayer gaming product was the Super Smash Bros: Melee. Nintendo’s gaming product could not match this one. 4-Legal Issues that relate to the Product Nintendo also have legal issues related to its products. One of the serious issues faced is that of counterfeit Nintendo products. Nintendo has recently announced the launch of new portables and consoles and the firm is trying to establish its hold in the gaming market by striving to launch sophisticated products. This has resulted in the creation of funny mock products which are available in the market (geekosystems.com). Other legal issues affecting the product are those of trademarks, copyrights and patents.

Nintendo is very particular about its intellectual property rights and seeks to protect them aggressively. 5-Social issues that impact the success of the productNintendo Entertainment Systems is a household name and is popular all over the world. Most children have grown up playing the famous video game Mario. Nintendo has successfully developed a household market as far as video games are concerned. Even today, the company has dedicated customers and most people care for the brand loyalty that the company has successfully established.

This is one of the key issues needed for a product to be successful. However, Nintendo must try and woo customers to try their new and sophisticated products especially in the online multiplayer video game console. Another issue which Nintendo must pay attention to is to retain the chunk of loyal customers and at the same time take into consideration wooing new customers for its products. Works Cited15 funny Nintendo product mock ups. Geekosystem.com, Geekosystem, 6 Apr. 2011. Web. 22 June 2011

Read More
Tags
Cite this document
  • APA
  • MLA
  • CHICAGO
(“The Concept Market Environment Coursework Example | Topics and Well Written Essays - 500 words”, n.d.)
Retrieved from https://studentshare.org/marketing/1429123-market-environment
(The Concept Market Environment Coursework Example | Topics and Well Written Essays - 500 Words)
https://studentshare.org/marketing/1429123-market-environment.
“The Concept Market Environment Coursework Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/marketing/1429123-market-environment.
  • Cited: 0 times

CHECK THESE SAMPLES OF The Concept Market Environment

Market Failure Concept, Institutionalization, and Networking

nbsp;One of the major themes in the readings and study notes is the concept of market failure that has failed to achieve its objective of ensuring efficient allocation of resources.... the concept of market failure is a tool to government's intervention in the economy but its validity and application are questioned.... The theme is evident among practitioners as they seek to achieve better governance in an environment that experience forces from both the public and private sectors....
4 Pages (1000 words) Research Paper

The Development of Marketing over the Last Century

Therefore, the current marketing concepts involving branding, communication, and intensive ads that characterize the modern business environment are merely a rebirth of the concepts used by marketers at the start of the 20th century up to the 1950s (Belz, 2006).... Today marketing as a discipline has become an outward looking discipline where strategies and actions depend on the external environment of a company.... As such, any change in the external environment affects the marketing strategy adopted by a company (Belz, 2006)....
4 Pages (1000 words) Research Paper

Analysis of Macro and Micro Environment of Microsoft Corporation

nbsp;   The company, founded by Bill Gates and Paul Allen in 1975, revolutionized the concept of personal computer usage by introducing the Graphical User Interface (GUI) Windows Operation system in 1985....   The paper "Analysis of Macro and Micro environment of Microsoft Corporation" analyses the micro and macro environments of Microsoft Corporation, the world market leader in the software industry.... nbsp; For a company to make correct strategic choices in crafting its long-term business strategies, it should gain a clear understanding of the organizational environment....
7 Pages (1750 words) Research Paper

Economic Efficiency Concepts

In view of these, a relevant topic encompassing economics at the abovementioned level is the concept of economic efficiency.... Mofatt (2009) defines microeconomics from The Economists Dictionary of Economics as "the study of economics at the level of individual consumers, groups of consumers, or… The general concern of microeconomics is the efficient allocation of scarce resources between alternative uses but more specifically it involves the determination of price through the optimizing behavior of economic agents, with consumers maximizing utility and firms profit....
4 Pages (1000 words) Term Paper

Analysis of Market Situation and External Environment

However, the concept of elasticity implies the responsiveness of consumers and manufacturers toward the change in some variable.... There are numerous factors that are related to the concept of elasticity such as a price of a good, income of consumer or cross-elasticity of supply and demand.... This research evaluates various concepts about micro and macro economics and explains how its understanding can help business deal with their market situation and their external environment....
8 Pages (2000 words) Essay

Evaluation of Market Segment

Also, the author discusses five philosophies of marketing such as production concept, selling the concept, product concept, and others.... However, in recent years Hexin has been reluctant to adapt to current market trends.... The production concept holds that consumers will prefer products that are widely available and inexpensive.... The production concept prevailed from the time of the industrial revolution until the early 1920's....
9 Pages (2250 words) Term Paper

Cultural Concepts Affected Strategic Management Decision of Multinational Businesses

nbsp; The Institutional theory suggests that the characteristics, as well as the values of the cultural environment of the host country or the foreign market, are essentially influencing practical strategic managerial decisions of multinational corporations.... The Institutional theory explains the need for multinationals adaptation or adjustment of strategies and practices to the foreign markets on the basis of aligning the corporate disposition with the cultural, social and political infrastructure of the host environment....
10 Pages (2500 words) Term Paper

Baldrige Criteria with Managing in a Changing Global Environment

In order to govern and maintain the exchanges between organization and its people, Jones (2008) has put forward the concept of Transaction Cost (Jones, 2008).... … Comparison of Baldrige Criteria with ‘Managing in a Changing Global environment' Comparison of Baldrige Criteria with ‘Managing in a Changing Global environment' (Jones, 2008) In order to encourage the performance and quality of American companies, the U.... Appropriate financial indicators and measures include net assets, revenues, profits, budgets, cash to cash cycle, market position, financial stability, financial returns and earnings per share (Baldrige National Quality Program, 2006). The measures and indicators for tracking the marketing performance of an organization as per Baldrige criteria include market share, market position, new markets entered, measures of growth, new population served, entry into e-service for customers and patients, percentage of earnings resulting from new healthcare programs and services (Baldrige National Quality Program, 2006). Human Resource Outcomes The Human Resource outcomes of Baldrige criteria examine how well the organization is developing and maintaining learning, productive and concerned working environment for its staff....
3 Pages (750 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us