Illustrate with Examples the Relevance of Technological, Political, Economic, Social, and Regulatory Environments in the Context of Marketing Strategy.

Organizations should know very well about that technological, political, economic, social and regulatory environments and be well aware about the change in these environments. Let's have a closer look at each of these environments:

Technological Environment – Rapid development and exploitation of new technologies are having great influence in most type of industry. Organizations should recognize the limits of their core technologies, know which technologies are emerging and decide when to incorporate new technologies in their products. For example in last decade, the development of internet grows rapidly and almost everyone had watched video on the online platform "Youtube", which allows people to upload their own video online, as well as TV programs which are broadcasted. And because of this technological change, TVB, the SBU chosen for our SMP project has the My TV .com, from where you can watch the TV program that you like. TVB knows that audiences may go to other online platform for the show if they don't provide this service, which just makes them lose more audiences, losing more audiences means they will lose more customers for the TV commercials.

Political Environment – In stable governments like Hong Kong, political trends may not have significant impact on marketing strategy. TVB has a more commercial image, they may have to be neutral and be careful to avoid giving a wrong impression to customers and audiences, that they are the government channel, or they support the extreme political