When one talks of environmental factors, many aspects are incorporated, among which technology, nature, ethical nature, culture, ecology, and social and political factors are incorporated in the word environmental factors. When coming up with a business to deal with either goods and services globally or at domestic level, all the above constituents of the environmental factors need to be considered either singly or jointly to the other factors. When these factors are considered, then the product or service can be effectively marketed domestically and globally.
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When analyzing these environmental factors one needs to have the target market in mind in order to relate these factors with the market. This is because a domestic market will definitely differ from a global market thus having some of the environmental factors not applicable in both the markets.
Some of these factors are never constant. I mean they keep changing from time to time. An example of this is political factors whereby politics keep changing thus to current consideration it the only valid consideration. In the global market, an external analysis should be adopted to enhance proper analyzing of the factors affecting the market.
At the same time, it’s good to relate the nature of your business with these factors. This is because these factors have different impacts depending on the type of business and the sector in which the business is in, and also depending on the size of the business. A small business might be effectively, by very few factors compared to a large business where the marketing influences a wider compared to a small business (Albaum, Duerr & Strandskov, 2004 p. 15)
Watson Pharmaceuticals ranks the fifth largest pharmaceutical company in the United States in terms of the number of prescription it dispenses. The company is located in California with over one hundred and fifty product in genetic division markets, among of its well doing line in the industry being oral contraceptives. Apart from the Generic division, the company’s brand produces more than twenty pharmaceutical product types among which are oxytrol and ferrlecit. The company also has a distribution division which is concerned with marketing and ranks the fourth largest pharmaceutical distribution company in United States.
This company was found in 1984 by David Hsia, PhD and Allen Chao, PhD. It was named Watson after a close Homophone to “Hwa’s son”, since Dr. Chao’s mother maiden name was Hwa, and the company was dedicated as a tribute to her.
The company is involved in manufacturing, distributing and marketing of its branded and generic pharmaceutical products both domestically and globally. The company is dedicated to developing, marketing, manufacturing of both generic and branded pharmaceutical with the use of various technologies and delivery such as oral controlled release, transmucosal and transdermal delivery systems. (Hoover’s Inc, 1999).
The high level domestic and global environmental factors that may impact the Watson pharmaceutical marketing decision, need to be analyzed when deciding on the market. The nature of the Watson pharmaceutical company means in deciding the market of the pharmaceutical products. Being a pharmaceutical company, the market should be basically based on health institutions and any other institution that dispenses medicines.
This nature of the business helps in narrowing down the type and location of the market the company can associate with. The cultural nature determines the kind of market the pharmaceutical company deals with. This can either be in domestic countries or globally. Different cultures have different values of different drugs and medication, thus when selling their products, the Watson pharmaceutical company should have this in mind.
When deciding on the marketing, the Watson pharmaceutical company needs to analyze the current political status of the countries in which they want to market their pharmaceutical, with the analysis, the company can avoid the politically violent countries and associate with the politically peaceful markets thus ensuring their company progresses.
The social set up of the neighboring countries of the Watson Company as well as the global states and countries influences the marketing of the company’s pharmaceutical. There should be favorable social activities in both domestic and global countries to enhance the freedom engagement of Watson company in the marketing of its pharmaceutical.
Technology has impact on the Watson’s pharmaceutical marketing decision. The technology has facilitates better marking through technology enabled advertisement of new products as well as in relating to its customers. The technology has also enhanced production of large amounts of Watson’s pharmaceuticals thus giving room for more products in the market. This enhances more sales for the company. (Kim & Kenneth, 2002 p.22).
By being socially responsible, the Watson Company ensures they relate with the people in both domestic and global market in a way that they promote social growth and relationship. This shows the company is socially responsible, a factor that can make the company to progress. Ethic is also related to company marketing because when marketing their pharmaceuticals, the need to have the moral integrity to enhance not only marketing their products but also relating well with their customers globally and domestically.
Albaum, S., Duerr, E., & Strandskov, J. (2004) Export management and international marketing. New York: Prentice Wall.
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Hoover’s Inc. (1999). Handbook of Emerging companies. New York: Hoover’s incorporated.
Kim, H., Kenneth, A, (2002). Text and cases on Global corporate Finance. Oxford: Blackwell Publishing.