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Advantage s and disadvantage s of external factors when it comes to marketing product

Share There is an ongoing debate among employment managers as to whether it is better to give preference to internal candidates before looking externally to fill vacancy.

External Analysis - Opportunities and Threats

Older, more established firms traditionally give preferences to internal candidates while fast-growing and more innovative firms tend to focus more on external hires. Although most firms end up using a mixed strategy, the target ratio of internal to external hires is always a topic of hot debate.

  • The likelihood of lawsuits resulting from illegal practices by hard to control managers is high;
  • Learning internet recruiting and setting up web pages may be prohibitively expensive or time consuming;
  • Population overturn creates an advantage for marketers who are promoting products that appeal to the younger population;
  • At this point in their lives, most are at their peak earning power and affluent enough to make marketers stand up and take notice;
  • You may have gone online and studied the Web sites posted by a few schools.

First let us focus on giving preferences to outside hires. Reasons To Favor Outside Hiring: It helps you acquire competitive intelligence about other firms.

Price Elasticity Disadvantages

The new ideas that applicants and new hires bring in stimulate the thinking of others. It keeps our employees on the edge because they know they must compete against outsiders for jobs. This effect varies depending on the cost of a new hire.

Marketing Audit Tools: External Environment

As a result it can lower training cost. When you hire a great talent from a close competitor, you gain one and as an added benefit…the competitor also loses one. The outside recruiting and advertising for outside hires may tangentially help build your brand, send a message that you are growing and also help boost sales.

If the firm has weak training or development, the inside talent will not have sufficient skill to do the job. If the firm has a weak hiring process promoting internally, is not a realistic option because of the lack of talent.

In jobs where you absolutely require experience, there may not be enough experience in newly developing areas.

Dr Antony Michail

External hiring forces are managers to stay up with trends and to benchmark as they interview search. This is the added impact of improving their learning. In most cases external hiring adds more to the diversity of the workforce than internal hiring. The World Wide Web makes recruiting so easy and inexpensive the advantage has shifted towards external hiring.

Advantages & Disadvantages of Two External Factors When It Comes to Marketing Products

Problems With Outside Hiring: Outside hires can weaken the corporate culture by bringing in counter culture people. The turnover rate for external hires is almost always higher than internal promotions because the candidates must both adjust to a new environment and they come to us as relative unknowns. In a tight job the potentially higher starting salaries of outside hires may cause internal equity issues and eventually increase all salaries.

In a tight job market there may be little external talent available or the quality of the limited talent may be poor.

  • The important point here is not that the enabling technology became available but that so many people who would never normally take something without paying for it now routinely do exactly that;
  • As you work through this external analysis part of the SWOT process you must be aware that what is seen as an opportunity in one market or for one product or service may be considered a threat for another;
  • We need a marketing audit in order to measure our commercial progress, to identify weak aspects and improve the marketing activity;
  • For example, if U.

Hiring talent away from customers and suppliers may harm your business relationships. Legal issues can occur when hiring intact teams, top technical talent with non-compete agreements.

  • Economic Factors The state of the current economy can have an effect on marketing, since it is related to consumer spending;
  • More people place more importance on balancing their work lives with the rest of their lives, and fewer people are willing to sacrifice their health to the demands of hectic work schedules;
  • Successful organizations are constantly reviewing their market and services to see how they can increase their market share.

Learning internet recruiting and setting up web pages may be prohibitively expensive or time consuming. The world of external recruiting changes so rapidly and is so competitive that we might end up with lesser talent unless we can afford a strong recruiting function.

What Can Affect Marketing?

The likelihood of lawsuits resulting from illegal practices by hard to control managers is high. External hires have already demonstrated their lack of loyalty by leaving their firm. They may have the same lack of loyalty at our firm, resulting and high turnover rate. In a cyclical economy, large-scale external hiring might just a mean future layoffs.