Its reddish-brown body banded with white and black eye stripes on a delicate tapering head, give it a striking appearance.
Marketing Environment The Marketing Environment The marketing environment surrounds and impacts upon the organization. There are three key elements to the marketing environment which are the internal environment, the microenvironment and the macroenvironment.
Why are they important? Well marketers build both internal and external relationships. Macroenvironment The macroenvironment is less controllable. The macro environment consists of much larger all-encompassing influences which impact the microenvironment from the broader global society.
Here we would consider culture, political issues, technology, the natural environment, economic issues and demographic factors amongst others. Again for Walmart the wider global macro environment will certainly impact its business, and many of these factors are pretty much uncontrollable.
Walmart trades mainly in the United States but also in international markets. For example in the United Kingdom Walmart trades as Asda. Walmart would need to take into account local customs and practices in the United Kingdom such as bank holidays and other local festivals.
The United States and Europe experience different economic cycles, so trading in terms of interest rates needs to be considered. Also remember that Walmart can sell firearms in the United States which are illegal under local English law.
There are many other macroeconomic influences such as governments and other publics, economic indicators such as inflation and exchange rates, and the level nature of the local technology in different countries.
There are powerful influencers such as war in Afghanistan for example and natural disasters such as the Japanese Fukushima Daiichi nuclear disaster which inevitably would influence the business and would be out of its control.
To summarise, controllable factors tend to be included in your internal environment and your microenvironment. On the other hand less controllable factors tend to be in relation to your macro environment.
Why not list your own controllable versus uncontrollable factors for a business of your choice? Internal Environment The internal environment has already been touched upon by other lessons on marketing teacher.
For example, the lessons on internal marketing and also on the functions within an organization give a good starting point to look at our internal environment.
A useful tool for quickly auditing your internal environment is known as the Five Ms which are Men, Money, Machinery, Materials and Markets.
Here is a really quick example using British Airways. Looking internally at men, British Airways employees pilots, engineers, cabin crew, marketing managers, etc.
Money is invested in the business by shareholders and banks for example. Machinery would include its aircraft but also access to air bridges and buses to ferry passengers from the terminal to the aircraft.
Materials for a service business like British Airways would be aircraft fuel called kerosene although if we were making aircraft materials would include aluminium, wiring, glass, fabric, and so on. Finally markets which we know can be both internal and external.
Some might include a sixth M, which is minutes, since time is a valuable internal resource. We are looking at the immediate local influences which might include its marketing plans, how it implements customer relationship management, the influence of other functions such as strategy from its top management, research and development into new logistics solutions, how it makes sure that it purchases high-quality product at the lowest possible price, that accounting is undertaken efficiently and effectively, and of course its local supply chain management and logistics for which Walmart is famous.
Microenvironment The microenvironment is made from individuals and organizations that are close to the company and directly impact the customer experience.NUMBAT AN ENDANGERED SPECIES. The numbat, also called the marsupial anteater, is a small, slow-moving oddity of Australia.
Its reddish-brown body banded with white and black eye stripes on a delicate tapering head, give it a striking appearance. The gentle and squirrel-like numbat grows to be up to 10 inches (25 cm) long..
The numbat is now extinct throughout much of its range. The Impact Of Micro and Macro Environment Factors on Marketing There are two kinds of external marketing environments; micro and macro.
These environments’ factors are beyond the control of marketers but they still influence the decisions made when creating a strategic marketing strategy.
A growing number of research studies have addressed the issues of social media in marketing.
• This research reviewed studies on social media in marketing context. This research will be an attempt to access the importance and affectivity of new media in advertising. Digital media is a new mode of communication for the advertising and marketing of products.
A PEST analysis is used to identify the external forces affecting an organisation/making up its Macro Environment. This is a simple analysis of an organisation’s Political, Economical, Social and Technological environment.
The objective of this course is to advance the students ability to develop, implement, and critically evaluate the marketing strategy for a product or service.