MARKETING ENVIRONMENT
To correctly recognize opportunities and monitor threats, company must begin with a thorough understanding of marketing environment in which firm operates. The marketing environment consists of all the actors and forces outside the marketing that affect marketing management's ability to maintain and develop successful relationships with its target customers. Although these factors and forces can vary depending on the particular company and industrial group, they may generally be divided into macro environmental components and broad micro environmental. For most of the companies, micro environmental components are: the, suppliers, company, marketing channel firms (intermediaries), competitors, customer markets, and publics which unite to make up the company's value delivery system. Macro environmental components are thought to be: economic, demographic, technological, natural, political, and cultural forces. A wise marketing manager knows that she or he cannot all the time affect environmental forces. However, smart managers may take a proactive, instead than reactive, approach to the marketing environment.
As marketing management collects and procedure data on these environments, they ought to be ever vigilant in their efforts to apply what they learn to developing opportunities and dealing with the threats. Studies have shown that brilliant companies not only have a keen sense of the customer but an appreciation of environmental forces swirling around them. By continually looking at the dynamic changes that are taking place in aforementioned environments, companies are well prepared to adapt to change, prepare long-range strategy, meet needs of today's & tomorrow's customers, and compete with intense competition present in global marketplace. All of the firms are encouraged to adopt an environmental management perspective in new millennium.
A company's marketing environment consist actors and the forces outside marketing that affect marketing management's capability to develop and maintain successful relationships with its target customers.
1). Being successful means being capable to adapt marketing mix to trends and changes this environment.
2). Changes in marketing environment are frequently quick and unpredictable.
3). The marketing environment offers opportunities and threats both.
4). The company have to use its marketing intelligence and marketing research systems to monitor the changing environment.
5). Systematic environmental scanning helps marketers to adapt and revise marketing strategies to meet new opportunities and challenges in marketplace.
The marketing environment is made of:
- Micro environmental
- Macro-environment.