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Marketing EnvironmentBY: Raja Vikram | Category: Sales-Marketing | Submitted: 2010-03-12 09:44:52
Marketers need to build good relationship with customers and Others in the company as well as with the external partners. To have a grip over these there should be a proper understanding of the surrounding network and Its Influences. A Company's Marketing Environment depends upon the factors and forces outside marketing , which affects the Marketing Capabilities of the management to build good relationship with the target customer. So all the successful companies watch the present environment and adapt themselves with the change of environment. So "Marketing Environment can be defined as forces outside marketing that affect marketing managements ability to build and Maintain Successful relationships with target Customer."
As it is the time of Globalization , The environment is changing rapidly . It becomes a problem for the marketers to keep a track on the trend and Opportunity. So to know more about Marketing environment companies think in two ways , Marketing Intelligence and Marketing Research to collect the information about themselves as well as Competitors and Suppliers, So that they can analyse the challenges and Opportunities of the market.
Marketing Environment is generally divided in two ways :
1. Macro Environment
2. Micro Environment.
1. Micro Environment:
This environment mainly consists of the factors which are clearly related to the company's environment . " The actors or forces close to the company that affects its ability to reach the Target Customer" is the Micro Environment. It Includes 1. The Company 2. Suppliers 3. Marketing Intermediaries 4. Customers 5. Competitors 6. Publics.
So to start with The company , It includes all the departments of a company to check their internal abilities and wrongs . And to find out the internal challenges of company which mainly effects the Marketing Environment .
2. Suppliers: The Most Important thing that the company should take care of , Because Supply Availability - Supply Shortages or delays , Labor strikes and events can cost sales in the short run and damage customer satisfaction in the long run. So it is always advised to take care of this environment.
3. Marketing Intermediaries: marketing Intermediaries are the channel partners, Distributors and Marketing Service Agencies which help the company to promote , sell and distribute its goods. So to reach the customers these are the important players in the market, So these people affect a lot on the Marketing Environment.
4. Customers: The King of the market, The whole business game is depended upon the Customer . There a lot of work is needed from the companies to meet the expectations of the customers. The Change in the customers Taste will affect a lot on the Marketing Environment Of the Company.
5. Competitors: The whole thing of a company should look while in the market is the Competitive analysis , which helps the company to reach the customer in time and with their expectations . There should be a proper strategy from the companies to grab the market prior to the Competitor. Because of this there will be a lot of affect in the marketing Environment.
6. Publics: "Any group that has an actual and potential interest in or impact on an organizations ability to achieve its objectives." It includes 1. Financial Public , Such as Banks ,Investment houses and stockholders which influences the fund management of a company. 2. media Public , which carries the news, information , features and editorial opinions. Apart from these it includes , Government Public, Citizen - Action Public, Local Publics, General Publics, Internal Publics.
2. Macro Environment: The Largest Societal Factors that affect the Micro Environment . It Consists of Demographic, Economic Natural, Technological, Political and Cultural Forces.
Demographic: It is the study of human populations in terms of size ,Density,Location,age , Gender, race ,Occupation, and other statistics.
Economic Natural: It is the factors that affect the consumers buying power and Spending patterns . Because of which we can say that there will be a profit in the business or not. If the customers spends more then only there will be a good sale.
Technological : Factors That Create new technologies , Creating New product and Market Opportunities. So for every reason that Marketers should take care of this , as every company should be update of the new product and Technology , Otherwise the competitors can grab the market.
Political and Cultural : The political Forces can be Laws,Government agencies,and pressure groups that influence and limit various organizations and individuals in a given society. And the Cultural Forces can be defined as the Institutions and other forces that affect society's basic values, perceptions,preferences, and behaviors.
So, all the above forces need to be watch carefully and Should be up to date , Otherwise there will be a great change in the companies Marketing Environment. So to be in market one company need to check with its Internal as well as External Environment. For eg: The Prius Car which was launched by Toyota company has faced the challenges of marketing Environment. So , Every Company need to take care of the whole Environment.
About Author / Additional Info:
An MBA From GITAM University, India.
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