Customers Customers buy products or use services. They may be individuals‚ but also may be manufacturers‚ wholesalers or corporate clients. To compete‚ a business must deeply understand its customer’s needs and desires. Analyzing this environmental component allows a business to make sound strategic decisions that affect operations.Customer-oriented changes such as extra services‚ new products‚ or expanded hours of operations might sharpen a company’s competitive edge. Competitors A business occupying
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1 COMPONENTS AND SUBCOMPONENTS OF ENVIRONMENT 1.1 CLASSIFICATION OF ENVIRONMENT The term Environment can be broadly defined as one’s surroundings. To be more specific we can say that it is the physical and biological habitat that surrounds us‚ which can be felt by our physical faculties (seen‚ heard‚ touched‚ smelled and tasted.) The two major classifications of environment are : (A) (B) Physical Environment: External physical factors like Air‚ Water‚ and Land etc. This is also called the Abiotic
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Components of business environment On the basis of extent of intimacy with the firm‚ the environmental factors may be classified into different levels or types. There are broadly two types of environment‚ the internal environment‚ i.e. factors internal to the firm and the external environment i.e. factors external to the firm which have relevance to it. The internal factors are generally regarded as controllable factors because the company has control over these factors; it can alter or modify such
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implementing some marketing plan‚ PEST analysis plays a major role because it allows the organizations to do a complete analysis of political‚ economic‚ social and technological aspects of the organization and the evidence can be taken from the example of Tesco UK. The success factor of Tesco can be analyzed from the marketing strategy it has assumed in order to deal with the potential customers of United Kingdoms. However‚ this company has taken all the basic concepts of marketing under consideration
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Marketing Environment Marketing environment defined as ‘those condition and influences impingeing or potentially impingeing on marketing’ or anything that has an impact on what marketers do. Why pay attention? The world is changing constantly‚ if marketers don’t understand changes‚ they may be threatened. By consistently monitoring the environment‚ marketers can plan effectively and plan. There organisation ready to face change. Other definition; Actors and forces outside of marketing that
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Chapter 3 The Marketing Environment Learning Objectives 1. Describe the environmental forces that affect the company’s ability to serve its customers. 2. Explain how changes in the demographic and economic environments affect marketing decisions. 3. Identify the major trends in the firm’s natural and technological environments. 4. Explain the key changes in the political and cultural environments. 5. Discuss how companies can react to the marketing environment. Chapter Overview
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Introduction to Marketing Environment Firms are affected by lots of different things; a firm’s marketing environment is made up of all of the things that affect the way it operates. Some of the factors in a firm’s marketing environment can be controlled by the firm but some are uncontrollable. Firms need to understand their marketing environment so that they can make the most of positive factors and manage the impact of negative factors. The market environment is a marketing term and refers to
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MARKETING ENVIRONMENT The aim of this lecture is: • To describe important role of Marketing Environment. • To differentiate between Macro and Micro Environments. • To assess the impact of Marketing Environment on Marketing Practices. • To describe various method/Model of Marketing Environment Scanning. Background Information Marketing cannot be practiced in a vacuum; as a business function is affected by various factors or elements within the business environments. According to Lancaster
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Throughout this article‚ Foster’s five components of a quest make up the points of a story and bring it together as a whole. These five components are: (a) a quester‚ (b) a place to go‚ (c) a stated reason to go there‚ (d) challenges and trials en route‚ and (e) a real reason to go there. An example of a movie that exploits these components is the drama/romance Collateral Beauty. In this movie‚ the questers name is Howard‚ played by Will Smith. The place to go isn’t a literal place‚ but more of
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Topic One: The Marketing Environment 1. What is meant by the term marketing environment? The marketing environment consists of the actors and forces that affect a company’s capability to operate effectively in providing products and services to its customers. It is useful to classify these forces into the micro-environment (customers‚ competitors‚ distributors and suppliers) and the macro-environment (political and legal‚ economic‚ social/cultural‚ technological‚ environmental‚ legal forces). These
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