Micro environment
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This document discusses the external environmental factors that affect businesses. It identifies micro and macro factors in the external environment. Micro factors include customers, competitors, suppliers, marketing intermediaries, financiers, and the public - all of which have a direct influence on business performance. Macro factors comprise the broader political, socio-cultural, economic, technological, natural, demographic, and global environments. The document then examines each micro factor in more detail, focusing on how businesses must understand customer demands, consider competitors, choose reliable suppliers, utilize marketing channels, obtain financing, and engage with the public.
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The marketing environment represents a mix between the internal and external forces which surround an organization and have an impact upon it, especially their ability to build and maintain successful relationships with target customers.
The marketing environment consists of the micro and macro environment.
Macro environmental factors include social, economic, political and legal influences, together with demography and technological forces. These are sometimes referred to as the PESTLE factors and are discussed in more detail in PESTLE analysis. The organization cannot control these forces, it can only prepare for changes taking place.
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Porter’s 5 Forces model is an excellent tool to analyze the structure of the competitive environment. Two important forces are the bargaining power of customers and the bargaining power of suppliers.
Supplier power is represented by their ability to determine the terms and price of supply and will increase if there are fewer suppliers than buyers, if the organization is not a key customer for the supplier, or if their industry is not attractive for suppliers.
Buyer power refers to the pressure that customers exert on companies to obtain high quality products and services at lower prices. Buyer power increases when there are few buyers and many sellers in the field, or when products are not significantly differentiated and can be easily substituted. For the seller, buyers’ demands represent costs. This means that the stronger the buyer is, the less profit available for the seller, which is why many companies try to develop strategies that reduce the power of buyers.
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The document discusses the marketing environment, which consists of micro and macro factors. The microenvironment includes a company's internal departments as well as suppliers, intermediaries, customers, and competitors. The macroenvironment encompasses large societal forces such as demographic, political, economic, technological, cultural, and legal conditions. Understanding how these internal and external factors influence marketing management is important for building relationships with customers.
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This document discusses different types of business organizations. It describes sole proprietorships, partnerships, private limited companies, limited companies, cooperatives, and public corporations. Sole proprietorships are owned and controlled by one person, while partnerships involve two or more owners. Private limited companies require a minimum of two members and Rs. 100,000 paid-up capital, while limited companies require minimum seven members, Rs. 500,000 paid-up capital and allow public participation. Cooperatives are voluntary associations that aim to benefit members through collective effort. Public corporations are autonomous bodies created by the government to serve the public.
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The document discusses the external environment that affects businesses. It defines the external environment as factors outside a business's direct control that can indirectly influence it. The external environment is divided into the micro and macro environment.
The micro environment includes factors close to the business like customers, employees, suppliers, shareholders, media, and competitors that directly impact operations. The macro environment comprises broader forces like political, economic, social, technological, legal, environmental, and ethical factors influencing the context for a business. Both the micro and macro environments are important for a business to understand to adapt to its surroundings.
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This document provides an overview of consumer behavior. It defines consumer behavior and notes it is influenced by factors like culture, social class, psychology, and more. It discusses the different types of consumers like customers, buyers, and institutional buyers. The document also outlines the consumer decision process from obtaining a product to consuming and disposing of it. It explains how understanding consumer behavior can help with marketing by informing market analysis, target selection, and strategy. The document concludes that understanding consumer needs and wants is important for business success.
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The macro environment encompasses broad factors in the wider society, economy and environment that influence businesses. It comprises economic, political, social, technological, legal, and global conditions.
Business environment
Business environment:the definition of business environment, “the sum total of all individuals, institutions and other forces(like suppliers, competitors, consumer groups, media, government, customers, economic conditions, market conditions, investors, technologies, trends) that are outside the control of a business enterprise but the business still depends upon them as they affect the overall performance and sustainability of the business.”For business we need…..
• Finance
• Social norms
• Proper market conditions
• The sale of products/services
• The labour
• Natural resources and raw material
• Legal support
Concept of business:
• Profit concept of business
• Profit –cum-service concept of business
Importance of business environment:
• Identifying firm’s strength and weakness:
• Determining opportunities and threats:
• Giving direction for growth:
• Continuous learning:
• Meeting competition:
Internal and External publics of Public Relations by Shaining Star Lyngdoh
The document discusses the internal and external publics of public relations. It defines internal publics as people employed by or members of an organization, including shareholders, employees, suppliers, distributors, and other associates. It states that internal PR aims to enhance communication and morale within the organization. External publics include consumers, the community, media, government, financial institutions, action groups, and the general public. External PR works to build relationships with these groups and determine their information needs. Maintaining good relationships with both internal and external publics through regular communication is important for an organization's success.
Business enviroment
The document discusses the business environment and its various components. It defines the business environment as the set of external conditions including economic, social, political, and technological factors that are beyond a business's control but influence its operations. The business environment can be categorized into the micro environment comprising suppliers, customers, competitors, and other actors in close proximity to the business, and the macro environment consisting of broader forces like economic, political, social, and technological conditions affecting all businesses.
EXTERNAL ENVIRONMENT OF BUSINESS
External environment factors are elements that exist outside of a company's internal environment that can affect a company's operations. These outside forces can help the business or present challenges to its current processes.
105 Marketing Enviornent Unit no 2.ppt
The marketing environment consists of internal and external factors that affect a company's marketing decision-making and performance. The microenvironment includes suppliers, marketing intermediaries, customers, competitors, and publics. The macroenvironment includes political, economic, social, technological, demographic, and natural forces. Understanding the marketing environment through environmental scanning allows companies to identify strengths, weaknesses, opportunities, and threats to inform long-term business strategy and decision-making.
Business Environment Basics
The document provides an overview of business environment fundamentals and business organizations. It defines business environment as the external forces, factors, and institutions that influence a company's operations and ability to achieve its objectives. The business environment consists of internal and external components. The internal environment includes management structure, employee skills, and company culture. The external environment includes political, economic, social, technological, environmental, and legal factors that are outside a company's control. Understanding how these internal and external factors interact is important for business strategy and decision making.
Chapter 2.docx
The document summarizes the key elements of a company's marketing environment, including the microenvironment and macroenvironment.
The microenvironment includes factors close to the company like other departments within the company, suppliers, marketing intermediaries like distributors and retailers, customers, competitors, and publics. The macroenvironment includes larger societal forces like demographic trends, economic conditions, the natural environment, technology, and the legal/regulatory landscape. Understanding these internal and external forces is important for developing successful marketing strategies and adapting to changes in opportunities and threats.
Marketing Environment.pptx
This slideshow is to help a marketer understand the type of environments they are in and how to use that to sell to a consumer.
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This chapter discusses the marketing environment and its impact on marketing management. It defines the microenvironment as the actors close to a company, and the macroenvironment as broader societal forces. These environments present both opportunities and threats. The microenvironment includes a company's departments, suppliers, marketing intermediaries, customer markets, competitors, and publics. The macroenvironment consists of demographic, economic, natural, technological, political-legal, and sociocultural factors. Marketers must systematically monitor changes in both environments to identify threats and opportunities and adapt marketing strategies accordingly.
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Micro environment
- 1. WELCOME
- 3. EXTERNAL ENVIRONMENTAL FACTORS External elements are affecting factors outside and under no control of the company. Considering the outside environment allows businessmen to take suitable adjustments to their marketing plan to make it more adaptable to the external environment. Elements of External Environment: Micro factors Macro Factors
- 4. MICRO FACTORS Micro environment refers to those individuals, groups and agencies with which the organizations come into direct and frequent contact in the course of its functioning. These have a direct influence on the performance of the Company. Customers Competitors Suppliers Marketing Intermediaries Financiers The Public
- 5. MACRO FACTORS Political/legal environment Socio cultural environment Economic and financial environment Technological environment Natural or physical environment Demographic environment International/Global environment
- 6. CUSTOMERS One of the most fundamental factors we learn in economics is that satisfying customer demand is a must for every business survival. Besides to be the leading company entrepreneurs should not only identify but also tailor to their customer’s interest.
- 7. COMPETITORS The competitive environment consists of certain basic things which every firm has to take note of. No company, howsoever large it may be, enjoys monopoly. In the original business world a company encounters various forms of competition. The most common competition which a company’s product now faces is from differentiated products of other companies.
- 8. SUPPLIERS Suppliers are either individuals or business houses. They combined together provide resources that are needed by the company and suppliers who offer best mix of quality, delivery reliability, credit, warranties and obviously low cost must be chosen.
- 9. MARKETING INTERMEDIARIES Market intermediaries are either individuals or business houses who come to the aid of the company in promoting, selling and distributing the goods to the ultimate consumers. They are Middlemen (wholesalers, retailers and agents), distributing agencies, market service agencies and financial institutions. Most of the companies find, it is too difficult to reach the consumers. In such a cases the agents and distribution firms help to reach the product to the consumer.
- 10. FINANCIERS Shareholders, financial institutions, debenture holders and banks provide finance to a Company. Financial capacity, policies and attitudes of financiers etc. are important factors of the Company. If the investors are not interested in risk taking, the Company cannot raise funds through shares.
- 11. PUBLIC Literally word ‘public’ refers to people in general. According to Philip Kotler, “A public is any group that has an actual or potential interest in or impact on a company’s ability to achieve its objectives.” The environmentalists, consumer protection groups, media persons and local people are some of the well-known examples of public.
- 12. THANK YOU