The microenvironment consists of six important factors ; the company, its suppliers, marketing intermediaries, competitors, the public, and its customers. The company is where it all begins. Marketers must work closely with all of the levels of the company in order to succeed.
To get a better idea of how they affect a firm’s marketing activities, let’s look at each of the five areas of the external environment. The Political and Regulatory Environment. The Economic Environment. The Competitive Environment. The Technological Environment. The Social and Cultural Environment. Consumer Behavior.
Top 10 Factors Influencing Marketing Factor # 1. Population Growth: Factor # 2. Increasing Households: Factor # 3. Disposal of Income: Factor # 4. Surplus Income (discretionary income): Factor # 5. Technological Development: Factor # 6. Mass Communication Media: Factor # 7. Credit Purchases: Factor # 8. Changing Social Behaviour:
Six microeconomic business factors that affect almost any business are customers , employees, competitors , media, shareholders and suppliers. The Impact of Customers . Availability of Employees. Distribution Channels and Suppliers. Level of Competition . Availability of Investors. Media and the General Public.
The factors that make up the macro-environment are economic factors , demographic forces , technological factors , natural and physical forces , political and legal forces , and social and cultural forces .
Answer: The important elements of the micro environment of an organization are: Customers and Consumers. Competitors. Organization. Market. Suppliers. Intermediaries.
The Macro Environment consists of 6 different forces. These are: Demographic, Economic , Political , Ecological, Socio-Cultural, and Technological forces. This can easily be remembered: the DESTEP model, also called DEPEST model, helps to consider the different factors of the Macro Environment .
Examples of Environmental Factors Affecting Business Environmental Policies. Environmental policies are considered the major external factor that can impact the strategy of a business . Climate Change. Green Agenda. Pollution. Availability of natural resources. Recycling. Waste Disposal.
Types of Marketing Environment – 2 Important Types: Macro Environment and Micro Environment Demographic Environment: Economic Environment: Natural Environment: Technical Environment: Political Environment: Cultural Environment: Legal Environment:
Some examples of areas which are typically considered in internal factors are: Financial resources like funding, investment opportunities and sources of income. Physical resources like company’s location, equipment, and facilities. Human resources like employees, target audiences, and volunteers.
The three levels of the environment are as follows: Internal environment – the internal elements of the organisation used to create, communicate and deliver market offerings. External Micro environment – small forces external the company that affect its ability to serve its customers.
Microeconomic concepts marginal utility and demand . diminishing returns and supply. elasticity of demand . elasticity of supply. market structures (excluding perfect competition and monopoly ) role of prices and profits in determining resource allocation.
Government policy has microeconomic effects whenever its implementation alters the inputs and incentives for individual economic decisions.
Macroeconomic factors not only affect the entire economy but can also affect individuals and businesses . Key macroeconomic factors that businesses should pay close attention to include unemployment, inflation, economic output and interest rates. Technology can also both positively and adversely affect these variables .