It, therefore, needs a properly controlled strategy over the variables to optimize its objectives. A better understanding of the marketing environment allows the marketer to understand more about the competitions and about what advantages do the competitors have over his business and vice versa. This includes the climatic conditions, environmental change, accessibility to water and raw materials, natural disasters, pollution etc. Karminder Ghuman, 2010 page 37. Owners must be able to accurately identify which new developments will be truly useful, and which are just fads.
Macro issues in business can represent any item or issue not directly controlled by the company. On the other hand, depression is a period of stockpiles, restricted money supply, lack of demand, unemployment. Micro marketing is a strategy whose focus is to generate profit back to the business through customer satisfaction. Implications of global or continent and understand the factors unique to the already volatile region in order to divert potential conflict arising. Environmental Factors of Marketing This paper will discuss the five environmental factors that influence global and domestic marketing decisions that organizations must make. Owing to this method of ordering, customers could save time and easily pay with a credit card Cnet, 2011.
Today, Indian market is filled with all foreign products in important areas like electronics, electrical, textiles, agro-based products and the like. Macro marketing Refers to the external factors or forces which affects the ability of the company to externally and internally serve its customers. Technological Factors Technological variables incorporate the innovative work, robotization, development of web and other communication innovations, innovation inducements and barriers to technology. But also the technology used to run businesses efficiently. The types of competition can be brand competition, substitute product competition, limited customer competition.
The level of disposable income of Australians is another key point. If these variables are measured, a company can manufacture only those products which suit the necessity of the buyers. The micro marketing environment that surrounds organisations can be complex by nature, however the company has an element of control over how it operates within this environment. Let us not each of these six points in brief: 1. In order to operate and stay in the market for long, one has to understand and analyze the marketing environment and its components properly.
Also, the companies are required to invest in the welfare of general people by constructing public conveniences, parks, sponsoring education, etc. The constituents or stakeholders of the micro environment include customers, suppliers, creditors, distributors, dealers, etc. Internal Environment The internal factors constitute the internal environment of an organization. The technology and materials used in production of goods and services helps in smoothing the process of business. The macro or the broad environment includes larger societal forces which affect society as a whole.
They eliminated some electric lighting, made tables from recycled plastic… etc and customers actually supported these changes Daily Finance, 2009. The organizations are adopting the environmental friendly trend by which they have produced safe, biodegradable or recyclable products. Micro marketing is different from mass marketing approach in that instead of high volume and result in high customer turnover, it provide a deep level of satisfaction to a smaller, ideally matched customer base. The availability of the supplies is permanently watched by the organization to ensure the smooth working of its operations. The public have the power to help you reach your goals; just as they can also prevent you from achieving them.
The changes in micro environment can be most of the time controlled by the organization. Fundraising management: analysis, planning and practice. This micro environment component has great importance and analyzed deeply. The weaknesses are meant to be changed into strengths and the strengths are meant to be maintained and improved. The society of today can be divided into materialistic and spiritual values.
These environments let marketers build internal and external relationships. The growth of micro financing is definitely a start, like you say, but macro initiatives, tailored to the needs of the group, need to be put into place as well. Macro marketing examines the social effect of marketing and the flow of products and services in the economy in the very best way possible. These factors include income, levels of employment, inflation, value of the Australian dollar, monetary policy and many others. The company must… Words 1327 - Pages 6 agents behave or interact and how economies work. Keeping an eye out on which technology is used in the industry can mean life or death for the firm. For instance, the price of end product would increase with the increase of inflation rate, as with the increase of inflation rate, the price of raw material will increase that will end up with increase in price of finished goods.
The economic environment consists of all factors-such as salary levels, credit trends, and pricing patterns-that affect consumer spending habits and purchasing power. The organization must know how to do a competitive analysis of competitors and have a competitive advantage. It is associated with a small area in which the firm functions. While some of the factors are in the control of the business, most of these are not and the business has to adapt itself to avoid being affected by changes in these factors. Suppliers: The marketing firm cannot sell unless it makes the products or buys it first.
Perhaps the most important breakthrough is miniaturization of electronic products. A company has to implement its policies contained by the restrictions set by nature. This affects the prospects of company badly but temporarily. Macro environmental forces have considerable influence on any organizations marketing system. Companies are affected differently by these factors depending on the industry they are in and the size of the organization. The marketer of the organization has a keen interest in this actor of macro environment because it relates to the people, which are the foundation of any market.