marketing enviroment

All QuestionsCategory: Secondary Schoolmarketing enviroment
uche asked 1 year ago

what are the branches in marketing environment

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1 Answers
User AvatarStopLearn Team Staff answered 1 year ago

Marketing environment refers to the external factors and forces that influence the marketing activities and decisions of a business. These factors can impact a company’s marketing strategy, tactics, and overall performance. The marketing environment can be divided into two categories: micro-environment and macro-environment.

  1. Micro-environment: Micro-environment consists of factors that are close to the company and have a direct impact on its marketing operations. These factors include:
  • Customers: The customers of a company are the most important stakeholders in the micro-environment. The company needs to understand their needs and wants, behavior, preferences, and purchase patterns to create effective marketing strategies.
  • Suppliers: Suppliers provide the necessary inputs for a company’s operations. They can have a significant impact on the company’s pricing, quality, and availability of products.
  • Competitors: Competitors are other companies that operate in the same market and offer similar products or services. They can impact a company’s market share, pricing, and promotional activities.
  • Intermediaries: Intermediaries are entities that facilitate the distribution of a company’s products or services. They include wholesalers, retailers, agents, and brokers.
  • Publics: Publics refer to the various groups of people that a company interacts with, such as media, government, financial institutions, and the general public. They can influence a company’s reputation and image.
  1. Macro-environment: Macro-environment consists of broader societal factors that affect the micro-environment and the business environment as a whole. These factors include:
  • Economic: Economic factors include the general economic conditions, such as inflation, recession, and employment levels. They can impact a company’s pricing, demand for products, and consumer behavior.
  • Technological: Technological factors include advancements in technology that can impact the way companies operate, produce products, and deliver services.
  • Political/Legal: Political and legal factors refer to laws, regulations, and policies that impact the business environment, such as taxation, trade laws, and environmental regulations.
  • Sociocultural: Sociocultural factors refer to the social and cultural values, beliefs, and attitudes that can impact a company’s marketing activities, such as demographic changes, lifestyle trends, and social norms.
  • Environmental

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