Current micro and macro actors to consider include;
(a) Micro-- actors
- Competitors: Consider who the competitors are and what level of competition they present, as well as the strategies that they are using to stay on top. For example, the methods, marketing strategies, and techiques, as well as operational activities. This will assist us to gain a competitive edge. Also, it would be prudent to consider their pricing strategies and brand image to be able to give them equal competition.
- Customers: The customer base is important. Their needs, preferences, eating habits, spending habits, and interests will dictate their response to our product. Changing trends, for example, customers nowadays have a keen interest on healthy living, health foods and sugar-free beverages. It is important to keep in mind these customer dynamics before the launch of our product.
- Stakeholders: These are interest groups such as regulators, government entities and the society at large have interests that may range from environmental conservation to societal norms that affect businesses. It is important to put them into consideration because they will dictate what kind of government restrictions and legal obstacles that we expect in the market.
(b) Macro actors;
- Technological factors: The various tech advancements available for the product production and handling. For instance technology related to storage, preservation, production, and value addition are very vital to ensure resource utilization and quality products.
- Socio-economic factors: Existing economic factors of the country dictate the market response to our products. Economic trends, purchasing power, consumption patterns, economic stability, living standards, and inflation lever are all very important. Social factors such as; social norms, demographic factors, consumer attitudes, eating habits, social and religious influences will greatly affect our our new product. For instance, Muslims have peculiar habits towards animal products which must be taken into consideration.
NB: Our marketing strategy must be strategic and based on both economic and legal factors to ensure that our products comply to ensure not only profitability but also persistence.