COBRAs Analysis of Marketing Environment & its Components
Consumer Online Brand Related Activities (COBRA) is one of the significant methods used by the marketing professional for the purpose of Marketing Environment Analysis. It is a method used NLP technique to Analyse eWOM (electronic word of mouth responses) to figure out opportunity and threat for the organization & firm functioning.The emergence of android and ios based mobile phones as wellas web 2.0 applications leads to increasing the data exponentially and the impression leaves by the consumers need to be transformed into meaningful insights by the COBRAs.
The consumer online activities on web 2.0 such as responses, reviews or feedbacks for a particular product/services or organization lead to generating a new job periphery as Electronic Customer Relationship Management.
Every organization is surrounded by an Internal and External Environment which have a direct or indirect impact on each other and affects the organizational functioning significantly. Marketing Environment Analysis consists of the deep scanning of Macro and Micro-elements of the environment.
Demographic Rudiments of Environment
Economic Rudiments of Environment
Socio-cultural Rudiments of Environment
Political Rudiments of Environment
Technological Rudiments of Environment
Demographic Rudiments of Environment covers the demographic attributes variables of consumer online brand-related activities such as age, gender, marital status, education, income, occupation and language. Similarly, the society is composed of different social classes, caste, cultures, value & beliefs more over their lifestyle, family structure and their attitude towards work and life are broadly studied by the marketing professionals for strategic market development.
Development of political fronts governs the economy of the Nation. Legislation regulating the business is also often a product on the political configuration. Tax law, corporate taxes, EXIM policy, capital flow restrictions, foreign trade liberalization are the political factors impacting the organizations in a straight line. GDP, GNP, NDP, NNP as well as per capita income and purchasing power parity are having a huge impact on the pricing strategy of product decided by the marketers.
The above-mentioned variables are very crucial and effectively, efficiently studied by the marketing professionals to sustain the products and services developed by the firm in present fast-paced business environment.
The micro-environment is specific to the given business organization against the macro environment. It is common to all business industries. Elements of micro-environments are consumer’s tastes, habit and preference, suppliers bargaining power and bankers / financial institutions / creditors for financing the business.
This method involves an in-depth analysis of C4 variables. (Consumer, Cost, Convenience, Communication)