Technology has a crucial influence in the macro environment. Example, air and water pollution, floods, droughts, etc. The ecological conditions have become a crucial factor to consider as the environmental concerns have grown strongly in the recent years. It refers to the natural resources or physical environment that are required as inputs by marketers or which is affected by the marketing activities. Important economic criteria includes GDP, GNI, Import duty rate, unemployment, inflation, spending patterns as well as the disposable personal income. As an example, it is not advisable for a company to start exporting its goods to a country before having examined the citizens spending patterns. The economic environment consists of factors that can affect consumer purchasing power as well as the spending patterns. The large and diverse demographics offer both opportunities as well as challenges for businesses. The marketers have special interest in the demographic environment because it consists of people and people are the driving force for development of markets. Six components of macro environment are Demographic, Economic, Natural, Technological, Political and Cultural environments.ĭemography can be defined as the study of human population in context of size, density, age, location, gender, race, occupation and other statistics. It comprises of forces that provide opportunities, but at the same time also pose threats to company. A company does not operate alone in its business environment, but operates in a larger context. Macro environment refers to the major external and uncontrollable factors that influence the decision making of an organization. These include consumer markets, business markets, government markets, reseller markets, and the international markets. There are five types of customer markets that companies might try to target. The whole of value delivery network aims to engage the target customers and create strong relationships with them. The most important actors in the company’s microenvironment are its customers. There are seven types of publics identified in a company’s marketing environment which includes financial publics, media publics, government publics, citizen-action publics, internal publics, local publics and general public. The public refers to the group of people who have an actual or potential interest in company’s product or who can have an impact on the organizations ability to achieve its objective. The marketers must not only try to simply adapt to the needs and demands of target customers, but also try to attain strategic advantage against the competitors by positioning their products strongly in the market. According to the marketing concept, a company needs to provide greater customer value and satisfaction that its competitors, in order to be successful. Examples includes middlemen (agents or merchants) who help the company find customers, physical distribution firms such as warehouses or transportation firms that help the company in stocking and moving goods from their origin to the destination and marketing service agencies such as market research and advertising firms.Ĭompetitors are rivals who compete with the organization in market and resources as well. They include those individuals or firms who help the company in promotion, sales and distribution of its goods to the final buyers. The marketing intermediaries are also an important component for company’s overall value delivery network. Any shortage or delays of supplies, in terms of natural disasters or other events can cause damage to sales in short run and lead to customer dissatisfaction in the long run. Marketing managers must have a control on the suppliers availability and costs. The quality and reliability of vendors are very essential for smooth functioning of business of any organization. They are the ones who provide inputs to business like raw materials, parts, cutting tools, equipments etc. The suppliers are an important part of an organization’s overall customer value delivery network. With marketing team taking the lead, other departments like manufacturing, finance, legal and human resources teams takes the responsibility for understanding the customer needs as well as creating customer value. Marketing managers needs to work closely with them as that will help them to make decisions with broader strategies and plans. Various groups in an organization like the top management, finance, operations, human resourcing, research and development (R&D), accounting etc needs to be taken into account by the marketing management for designing the marketing plans.
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