Micro environment on marketing
Some businesses recognise this and will change their reaction when consumers mention that they are going to contact a consumer television programme or the newspapers about the business.
So the company has to keep a constant check on their competitors. Therefore, marketing environment plays a crucial role in the operations of a business and must be reviewed on a regular basis to avoid any difficulty.
Management creates appropriate steps that will position the organization in the current business environment. Clemente; "Marketing"; Richard L. In the case of recession, the marketing practices should be different as what are followed during the inflation period.
Types of marketing environment
Thus, each marketing strategy is customer oriented that focuses on understanding the need of the customers and offering the best product that fulfills their needs. There are also many restrictions on subliminal messages and monopolies. Shareholders will also demand a return on their investment. It influences the organization directly. To keep their interest dividends also have to be paid. Some businesses recognise this and will change their reaction when consumers mention that they are going to contact a consumer television programme or the newspapers about the business. Thus, marketing activities should be undertaken keeping in mind the returns to shareholders.
As raw materials become increasingly scarcer, the ability to create a company's product gets much harder. Macroenvironmental elements are encompassing; they include such concepts as demographics, economics, social and cultural factors, political and legal factors, technology and the natural environment; microenvironmental forces are those that are distinct and individual, such as customers, producers, marketing intermediaries, public entities and the company itself.
Difference between micro and macro environment
Socially responsible marketing is that business firms should take the lead in eliminating socially harmful products. They are more interlinked with the company than macro environmental factors. International markets include buyers in other countries and includes customers from the previous categories. It includes the company itself, its suppliers, marketing intermediaries, customer markets, competitors, and the public. This is essential to the smooth running of the organization. Financial intermediaries are institutions such as banks, credit companies and Insurance companies. They own shares of the company, so they are actually owners of the company in a way. Let us study in detail the different factors of micro environment that affect an organization. Each is important to the marketer because each has a highly different spending pattern as well as different distribution of wealth.
based on 35 review