The Marketing Environment.

The Marketing Environment.

Marketing environment is all of the factors that influence the ability of the business to satisfy customers.

These factors are;

  1. Economic
  2. Political
  3. Social
  4. Cultural
  5. Competitive.

Refer To This Page To Read More On Our Previous Lesson About DEVELOPING MARKETING STRATEGIES.

Marketing environment analysis will help to identify the opportunities or competitive threats to satisfying customers.

With this,we can minimise the risk and maximise opportunities.

Below are the micro and macro marketing environmental factors that can have either a positive or negative trend on a business;

(A) Micro or Internal Marketing Environmental Factors.

  1. Competitors
  2. Suppliers
  3. Middle men
  4. Public or customers

(B) Macro or External Marketing Environmental Factors.

  1. Natural disaster like flooding and other unfavourable natural factors.
  2. Technology
  3. Political and legal issues

Who Are The Main Competitors Of A Business.

Main competitors are brands that have the same target customers as you and meet some of the same demands as your business.

Who Are Customers.

There are two types of customers;

  1. Individual customers
  2. Corporate customers

A firm or business should be able to know the following information’s of both individual and corporate customers;

-customer profile like name, address, occupation, standard of living, purchasing power, medium of advertisement, age range, company size, industry type, location, systems and prices, impact of environment, development trends in customer demand.

S.W.O.T Tool

S.W.O.T means;

S- Strength

W- Weakness

O- Opportunities

T- Threats

S.W.O.T Analysis Explaining The internal And External Factors Of A Firm
S.W.O.T Tool

The S.W.O.T tool collects all internal strength and weaknesses in your business as well as opportunities and threats caused by the external environment on your business.

What Are The Threats That Needs To Be Dealt With

  1. Locate weak point within your business.
  2. Improve on these points to withstand external threats.

Advantages Of The S.WO.T Analysis.

The S.W.O.T helps to find the best opportunities the firm can take and issues that firms need to solve.

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