Micro Environment Notes
Micro Environment Notes
• The forces within an organisation’s industry that affect its ability to serve its customers and clients – target markets, partners and competitors. (Marketing 2nd Edition by Elliott, Rundle-Thiele Waller)
- Customers
- Clients
- Partners
- Competitors
• All factors in the micro environment affect the marketing. Marketing managers, during the marketing process, must account for all factors in relation to marketing, specifically within the micro environment.
Customers and Clients
• It is up to marketers to continuously keep up to date in regard to the current, future and even historic needs and wants of their target market. This is vital in the marketing plan and process when planning to promote, value products, gather primary data such as customer preference, influence and anticipation.
• Growing awareness is crucial for marketers to succeed with their marketing plans.
• Companies don’t just market towards ‘consumers’. Marketers also consider business to business markets where Company A offers it’s products and markets them towards Company B.
Partners
• Logistic firms
• Financiers
• Advertising agencies
• Retailers
• Wholesalers
• Suppliers o Marketers need to know their existing and potential suppliers’ costs, availability, time frames and planned innovations to determine how they can best create value. o Management of risks must also be analysed. o In summary marketers must identify, assess, monitor and manage risks to supplies and risks to the price of supplies. o From Marketing 2nd Edition by Elliott, Rundle-Thiele Waller
Competitors
Types of competition include pure competition, monopolistic competition, oligopoly, monopoly and monopsony. Levels of competition include total budget competition, generic competition, product completion and brand
• The forces within an organisation’s industry that affect its ability to serve its customers and clients – target markets, partners and competitors. (Marketing 2nd Edition by Elliott, Rundle-Thiele Waller)
- Customers
- Clients
- Partners
- Competitors
• All factors in the micro environment affect the marketing. Marketing managers, during the marketing process, must account for all factors in relation to marketing, specifically within the micro environment.
Customers and Clients
• It is up to marketers to continuously keep up to date in regard to the current, future and even historic needs and wants of their target market. This is vital in the marketing plan and process when planning to promote, value products, gather primary data such as customer preference, influence and anticipation.
• Growing awareness is crucial for marketers to succeed with their marketing plans.
• Companies don’t just market towards ‘consumers’. Marketers also consider business to business markets where Company A offers it’s products and markets them towards Company B.
Partners
• Logistic firms
• Financiers
• Advertising agencies
• Retailers
• Wholesalers
• Suppliers o Marketers need to know their existing and potential suppliers’ costs, availability, time frames and planned innovations to determine how they can best create value. o Management of risks must also be analysed. o In summary marketers must identify, assess, monitor and manage risks to supplies and risks to the price of supplies. o From Marketing 2nd Edition by Elliott, Rundle-Thiele Waller
Competitors
Types of competition include pure competition, monopolistic competition, oligopoly, monopoly and monopsony. Levels of competition include total budget competition, generic competition, product completion and brand