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Homework Help: Solved 191477

Introduction Environmental scanning is necessary for discovering factors that might affect business. It is a very effective instrument for planning and developing marketing strategies. In this paper, such an analysis will be conducted for a chosen organization. However, before this, it is necessary to define two pertinent concepts: marketing management and the general marketing environment. Marketing management is a process of controlling and planning the development of new products and services (“What is marketing management?” n.d.). It includes advertising, promotions, and sales. Other important aspects of marketing management are the application and tracking of marketing resources and activities to increase the company’s customer base. The general marketing environment is a mix of internal and external factors that have an impact on the company’s performance (“Marketing environment,” n.d.). Internal factors might include personnel, policies, assets, products, and some others. Usually, a company can control such factors. On the other hand, external factors consist of micro and macro environments. Therefore, they cannot be controlled by a company. The chosen organization is Abu Dhabi Commercial Bank (ADCB). It was founded in the1980’s due to the merger of several banks in the UAE (“Abu Dhabi Commercial Bank,” n.d.). The city’s government has more than half of ADCB shares. This company is one of the leading banks in the UAE. The main goal of this paper is to evaluate the implications for marketing management in the next decade to address the five most significant changes that are likely to occur in the general marketing environment. Market To start the analysis, it is paramount to define the market in terms of three aspects: geographic market, customer base, and customer needs. A geographic market is a market that is classified by geographical division. It depends on three factors: population density, climate, and culture. The company works in multiple regions around the globe. There are more than 100 states and cities in which the company does business (“Geography,” n.d.). The customer base is made up of clients to whom a firm provides its products and services. As the company is present in a great number of countries, it has a large customer base that has over 700,000 clients (“Key performance indicators,” n.d.). The company satisfies customers’ needs by providing retail, investment, merchant, and commercial activities. Trends and Factors First, it is necessary to identify political trends and factors. Several important political aspects are pertinent to the marketing manager of the company. The UAE has low trade restrictions. Although the country’s government has designed different limitations and conditions, there is a very liberal trade regime. The main goal of the trade policy is to improve market access for products. This is implemented via “multilateral trade liberalization and bilateral and regional trade agreements” (“Summary,” n.d., para. 1). Also, such a policy is promoted both at the federal and emirate level. Therefore, each emirate is very independent. Another important political trend is that there are low barriers to market entry. The UAE has “no restrictions on profit transfer or capital repatriation” (“Potential barriers,” n.d., para. 9). The majority of Free Zones support this position to improve the trade environment. Therefore, as the main political factors include low trade restrictions and experienced political environment the most probable change in the marketing environment is the intense globalization of the market. Second, it is necessary to identify economic trends and factors. One of the main economic factors is taxes. The UAE does not have federal business tax regulations. Although each emirate has introduced its business taxes that might be very high (up to 55%), they are mostly applied to the oil and gas industry (“Corporate,” n.d.). Another important factor is the UAE’s stable economy. It creates a favorable investment environment for domestic and foreign businesses. Cost, environmental, and market advantages make the country a major business center. In recent years, the UAE has become a leading trading hub (“The United Arab Emirates,” n.d.). The country has many developed industries such as banking, finance, insurance, transportation, consulting, manufacturing, logistics, and many others. Therefore, the main economic factors pertinent to the case are adequate business taxes, a stable economy, a competitive market, and high productivity (“The United Arab Emirates,” n.d.). The increasing sustainability of the company allows predicting establishing new distribution and supply channels. Third, it is necessary to identify social factors. In the last decade, the UAE has experienced significant growth in the population. It doubled during the period between 2005 and 2010. By 2014, the population was approximately 9 million (“Population,” n.d.). However, UAE citizens make up less than a third of the total population. Also, the rapid development of the country has led to changes in Emirati society. It has a significant impact on its major social institutions, which are marriage and family. Modern tendencies regarding gender roles and relations are becoming more and more prevalent in the country. For example, women promote new values that contradict traditional ones related to polygamy, family size, and women’s roles in society (Wang

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