A recent example of this is the environment and how many sectors are being forced to review their products and services in order to become more environmentally friendly.
That is why most companies now are paying for lobbyist to impact the decisions of politicians and to pass laws that favors the interest of the company.
This includes income distribution levels, which can vary among different countries. The marketing course is ideal for individuals looking to build practical skills in operational marketing management and broaden their strategic perspective.
Core beliefs cannot be changed because people inherit and grow up with these values. One of the strongest factors affecting companies today is the rapidly changing technological environment. Also the views of people about others are helpful for making effective strategies of the organization.
They are considered as the king of business. Shortage of raw materials 2. The factors of the microenvironment affect the particular business only, but the macro environmental factors affect all the business entities.
Your organisation has a duty to satisfy the public.
Micro Environment of Business: Any type of intermediary the company must take into active consideration, the following aspects: They are Middlemen wholesalers, retailers and agentsdistributing agencies, market service agencies and financial institutions.
Economic Environment Markets for consumer goods and capital goods require people to consume and also purchasing power with them. The economic environment consists of factors and market trends that may affect consumer purchasing power and spending patterns. It is found in all durable product markets.
Analyzing the Marketing Environment. Products sales depend mainly on the degree of consumer satisfaction. So, in order for a company to deliver value and customer satisfaction, they need to build strong relationship with the latter. For me, this option was easier than calling them and stays in hold for more than 15 minute to make an appointment.
Companies cannot stop the occurrence of a natural disaster, thus they should always prepare contingency plans to deal with natural disaster. Microenvironment is the environment which is in immediate contact with the firm. They also should build good relationships with their marketing intermediaries such as financial intermediaries and physical distribution firms.
Political and legal forces: Today marketing of a firm begins and also ends with the customers. Their overall success will be affected by how other publics in the society view their activity. Due to the increase in consumer awareness for sustainability, gasoline is developing a negative image.
The buying power and the spending patterns of consumers are what define the economic environment in a nation. Analyzing the marketing environment. The reasons for this increase in the age structure of the population are the increasing life expectancy and the downfall in the birth rate.
The Federal Reserve sets a federal funds rate for which federal banks borrow from each other, and this rate is used as a base rate for all credit rates in the broader market.
It is an exercise which has a larger impact on the well-being of the company for tomorrow s stay and growth. Most of the companies find, it is too difficult to reach the consumers. Below are few examples of such change. For example, if a retail seller is a reputable name then this reputation can be leveraged in the marketing of the product.
Micro Environment Factors The suppliers: Now, each one is discussed below in detail. How does their price and product differentiation impact you?
Sometimes micro environment of the various firms in an industry is almost the same. For example, instant movie streaming has caused a significant decrease in the amount of in-store DVD purchases and hurt movie rental companies such as Blockbuster Video Stern, Social and cultural forces: Certain important trends of the economic environment in the USA are as follows.
Those who sell same or similar products and services as your organisation are your market competition, and they way they sell needs to be taken into account. Business ethics and legislation exist to protect businesses, consumers, and the interests of society.The Impact Of Micro and Macro Environment Factors on Marketing There are two kinds of external marketing environments; micro and macro.
These environments’ factors are beyond the control of marketers but they still influence the decisions made when creating a strategic marketing strategy. According to them MACRO ENVIRONMENT stands for EXTERNAL ENVIRONMENT and MICRO ENVIRONMENT stands for INTERNAL ENVIRONMENT.
To avoid confusion, these can be taken up afresh in brief. In effect it is subdivision of EXTERNAL ENVIRONMENT into MACRO and MICRO.
Marketing environment is based on Micro-Environment and Macro-Environment. Micro Environments The Micro environment consists of the forces close to the company that affect its ability to serve its customer-the company, supplies,marketing, channel firms, customer markets, competitors and publics.(Kotler/ Armstrong ).
The external environment is further divided into two components: micro & macro. The micro or the task environment is also specific to the business but external. It consists of factors engaged in producing, distributing, and promoting the offering.
What is a 'Macro Environment' A macro environment is the condition that exists in the economy as a whole, rather than in a particular sector or region. In general, the macro environment includes. The Micro – Environment refers to the actors close to the organisation that affect its ability to serve its customers, whilst the Macro – Environment is the larger societal forces that affect the organisation’s whole environment.Download