Abc Clothing Company - Emphasis on Economics

Emphasis on Economics

The marketing concept has been defined as ‘the key to achieving organizational goals' and the marketing concept rests on ‘market focus, customer orientation, coordinated marketing and profitability'. In a profit making business the firm obviously has to try and achieve this level of customer satisfaction as a way of staying ahead of the competition and making a profit. Traditionally, marketing has been utilized by the private sector in decisively increasing the capabilities of an organization. Marketing can be considered as one of the most important element underpinning successful business creation. The importance of marketing concept incorporates oft-repeated elements such as: customer orientation; integrated marketing efforts; and resultant profitability.

In marketing operations, the marketing manager must have the ability to strategically decide the most essential external environment factors to be monitored in order to sustain the competitive advantage of the company in the future. In the case of ABC Clothing Company, the marketing manager of the company should give focus on the economic aspects. As mentioned, economic aspects includes the possible conditions needed in order to gain competitive advantage within the marketplace. Economic sectors include all the possible factors that drive an industry to know where it belongs such as the condition of its competitors, entire economic situation of the region and nation in which the company is operating. In this particular case, ABC Clothing Company is operating in different areas or regions of the world, including Asian market.

In this manner, the marketing manager, should be able to consider economic sectors in its monitoring to ensure that ABC Clothing Company adheres to all elements of economic factors of the external environment. Just like what big as well as small multinational companies that are operating globally. Herein, the marketing manager should be able to monitor the economic status of a certain country where the company is currently operating or the economic status of a country in which the company would plan to operate in the future. It is said that if a country with a good economic status or which is economically stable, there is possibility to gain more customers which would avail the quality products offered by the company.

Industry Analysis

Companies in the industry sell to a few large customers/buyers. Likewise, the industry also displays an apparent impracticality for customers/buyers to switch from one source of supply to another. This is reflected by the cost of raw materials as well as the costs of operations. Moreover, the products offered by companies in the industry are essentially interchangeable and indistinguishable. The product could also be considered as a commodity for the retail