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Marketing Environment.pptx
- 1. The Marketing Environment By Tom Hingsbergen
- 2. The Marketing Environment The the marketing environment is broken down into two components. Immediate Environment Macroenvironment
- 3. Immediate Environment The immediate environment includes Company Capabilities Competitors Physical Environment Corporate Partners
- 4. Company Capabilities Company firms focus on satisfying customer needs that match their core competencies. Marketers can use analyses of their external environment to categorize any opportunity as attractive or unattractive.
- 5. Competitors It is important to understand a company's competitors This includes their strengths Weaknesses Reactions to marketing activities that they undertake. Competitors will try to appeal to consumers by criticizing other similar companies
- 6. Corporate Partners and Physical Environment Businesses collaborate with other businesses, mostly known as partners who supply or help sell a product made by other companies The partners help each other by providing the necessary components needed to advertise and sell a product The partners work together to create a single efficient manufacturing system The physical environment includes land, water, air, and living organisms Products and services are influenced by how they are used in the physical environment The physical environment has many challenges that affect it negatively, and this leads consumers to want companies to do business without harming the environment
- 7. Macroenvironment The Macroenvironment includes Culture Demographics Social Trends Technological Advances Economic Situation Political/Legal Environment Responding to the Environment
- 9. Social Trends and Technological Advances Social trends are shaping consumers values around the world People like sustainability, health and wellness, and more efficient utilization and distribution of food Technological advances include having artificial intelligence, robotics, the internet of things, and privacy things
- 10. Economic Situation and Political/Legal Environment Consumers monitor the economic situation because it can determine whether a consumer spends money or not Factors such as inflation, foreign currency fluctuations, interest rates all play a factor on how a consumer is going to spend their money Organizations must follow the legislation and laws placed for fair competition, consumer protection, or industry-specific regulation Marketers follow these rules and regulations by not false advertising, by refraining from using any harmful or hazardous material, and adhere to fair and reasonable businesses practices when they communicate to consumers
- 11. Responding to the Environment Companies engage in marketing strategies that attempt to respond to multiple political, regulatory, economic, technical, and social developments and trends in the wider environment In a changing market environment, the marketers that succeed are the ones that respond quickly, accurately, and sensitively to their consumers.
- 12. Conclusion The Marketing Environment is crucial for a business to understand the immediate environment it places itself in, and the macroenvironment, which allows them to understand consumers and what there are in the market for A business can only succeed by following what most consumers want by the way they provide a product, and where they sell it Understanding what consumers want and need to buy a product is what marketing is all about Consumers are constantly changing what they want to see from a company and will influence a company to act in the best way possible