The business environmental factors may be classified into different types.

There are broadly two types of environment that affects the organisation, internal environment and

external environment.

Image Courtesy: privatesectordevelopment.se

Inland Environment:

Environment which lies within the origin is known as internal environment. Internal factors are generally regarded as controllable factors.
Factors of Internal Environment:
Internal environment includes internal factors of the business. It includes plans and policies, human resource, financial resource, corporate image, plant and machinery, labour-

management relationship, promoters vision etc. The components of internal environment are controllable.

The following are the factors of internal environment:

1. Plans & Policies:

The plans and policies of the firm should be properly framed taking into consideration the objectives and resources of the firm. Proper plans and policies help the firm to

accomplish its objectives.

The higher authority must analyse the internal environment to foresee the changes and frame appropriate policies well in time.

For example: the personnel policy in respect of promotion should be based on merit rather than seniority.

2. Human Resource:
The survival and success of the firm largely depends on the quality of human resources. The social behaviour of the employees greatly affects the working of the business. The

characteristics of human resource like skill, quality, morale, commitment can contribute to the success of the organisation.

If the employees of the organisation are skillful and committed, it can take the firm to a great height. Neglecting the human resource by the management can hamper the success of

the organisation.

3. Financial Resources:
Capital is the lifeblood of every business. Finance relates to money. A firm needs adequate funds to meet its working capital and fixed capital requirements. There is a need to have

proper management of working capital and fixed capital.

Financial factors like financial policies, financial status (position) and capital structure a/so influence the internal environment of a firm affecting its performance- If the firm

enjoys sufficient financial resource, it can spend on research and promotional activities.
4. Corporate Image:
A firm should develop, maintain and enhance a good corporate image in the minds of employees, investors, customers etc. Poor corporate image is a weakness of the firm.

Constant research and development activities should be undertaken by the firm to enhance the quality of the brand. This helps in creating a corporate image and strengthens the

standard of the firm in the market.

5. Plant and Machinery:

Plant and machinery is the internal part of the business firm. If the machines are obsolete or outdated, they should be replaced by a new one, or that adversely affects the business

firm.

6. Labour and Management Relationship:

There should be smooth labour and management relationship. The management should understand the problems of their workers and gain confidence in them. The labours should

be motivated by providing with monetary and non-monetary incentives (benefits).

Better Labour- Management relationship helps in increasing the morale of the employees and motivates them to put efforts in the business. Such strong relationship enhances

organisations development.

7. Promoters vision:
The promoter should have far sight vision to forecast opportunities and threats in the business so that the opportunities are properly grabbed and threats are diffused off in time.

External Environment:
To run the business successfully, it is necessary to understand the environment with in which the business operates. Business environment j is a set of external factors that affects

the business decisions.

The environment, which lies outside the organisation, is known as external | environment. External factors are unpredictable and uncontrollable. They are beyond the control of

the company.

Definition of external environment:

According to William Glueck and Jauck, In environment there are several factors which constantly bring opportunities and threats to the business firm. It includes social,

economic, technological and political conditions.

External environment is further classified as:

I. Micro Environment

II. Macro Environment

I. Micro Environment:
Micro environment is also known as operating environment. It consists of companys immediate environment that affect its performance. It includes customers, suppliers,

intermediaries, competitors etc. The micro environment consist the elements that directly affects the company.

According to Philip Kotler, Micro environment consist of the factors in the companys immediate environment which affects the performance of the business unit. These include

suppliers, market intermediaries, competitors, customers and the public.

1. The customers:

Consumer is the king of the market. They are the centers of the business. They are one of the most important factors in the external environment. Customer satisfaction has become

more challenging due to globalisation.

Nowadays, consumer expectations are high. Therefore the firm must keep in mind the customers expectations, their requirements and accordingly make market decisions. The

success of the business depends upon identifying the needs, wants, likes and dislikes of the customers and meeting with their satisfaction.

Businesses have different classes of customers like wholesale customers, retail customers, industrial customers foreign customers etc. To enhance growth, it is necessary for the

business firm to identify the needs of these customers and should undertake research and developmental activities.

2. The competitors:

The company has to identify its competitors activities. Information must be collected about competitors in respect of their prices, products, and promotion and distribution

strategies. World is becoming a global market.

Business firm has to face tremendous competition not only from Indian business firm but also from foreign firms. To achieve growth and success they have to monitor various

activities of their competitors.

Liberalisation, privatisation and globalisation have promoted competition that has created threats to domestic units. The business must understand the strategies framed by the

competitors to respond in an effective manner.

3. The Suppliers:

Suppliers supply raw material, machines, equipments and other supplies. The company has to keep a watch over prices and quality of materials and machines supplied. It also has

to maintain good relations with the suppliers.

It is necessary to have reliable source of supply for the smooth working of the firm. Uncertain supplies compel the firm to maintain high inventories resulting into increase in the

cost. The business should not only rely on the single supplier but also have relations with multiple suppliers.

4. Society:

Society affects companys decisions. The expectation of the society from the business is increasing. Therefore the business firm maintains public relations department to handle

complaints, grievances and suggestions from general public. The members of the society include:

i. Financial institutions

ii. Shareholders

iii. Government

iv. Employees

v. General public

5. Marketing intermediaries:

Market intermediaries include agents and brokers who help the business firm to find the customers. They help the firm to promote and distribute the goods to the final consumers.

They are the link between the firm and the final customers. Market intermediaries include wholesalers, retailers, advertising firm, media, transport agencies, banks, financial

institutions etc. They assist the company in promoting and targeting its product to the right market.

II. Macro Environment:

The macro environment consists of the larger societal factors that affect the working of a firm. Macro environment is also known as general environment. The macro factors are

generally uncontrollable.

The macro environment factors are briefly discussed as follows:

Definition of Macro Environment:

According to Philip Kotler, Macro environment create forces that creates opportunities and pose threats to the business unit. It includes economic, demographic, natural,

technological, political, political and cultural environments.

Macro Factor:

Demographic Economic Technological Cultural Political Natural Legal

1. Demographic Environment:

Demographic Environment relates to the human population with reference to its size, education, sex ratio, age, occupation, income, status etc. Business deals with people so they

have to study in detail the various components of demographic environment.

Demographic environment differs from country to country. Demographic factors like size of the population, age composition, density of population, rural-urban distribution,

family size, income level, status etc. have significant implications on business.

For example: If the population is large, then the demand for goods and services will be more. It will have favourable effect on the business. In the same way educational level is also

an important factor affecting business.

2. Economic Environment:

i. Economic environment consists of economic factors that influence the functioning of a business unit. These factors include economic system, economic policies, trade cycle,

economic resources, gross national product, corporate profits, inflation rate, employment, balance of payments, interest rates, consumer income etc. Economic environment is

dynamic and complex in nature

A business firm closely interacts with economic environment that consist of:

a. Economic conditions in the market i.e. demand and supply factors

b. Economic policies of the government: monetary policy, fiscal policy, industrial policy, trade policy, foreign investment policy etc.

ii. Economic system prevailing in the country also affects the business growth. Every country has different economic system. The economic system includes capitalism, socialism,

and mixed economy. Business depends upon economic environment for their inputs and also for market. Changes in the economic factors can adversely affect the working of a

business firm.

3. Technological Environment:

Technology has brought about far reaching changes in the methods of production, quality of goods, productivity, and packaging. There is a constant technological development-

taking place.

The business firm must constantly monitor the changes in the technological environment, which may have a considerable impact on the working of a business. It also indicates the

pace of research and development and progress made in introducing modern technology in production.

Technology provides capital intensive but cost effective alternative to traditional labour-intensive methods. In a competitive business environment technology is the key to

development. Technology helps to run the business better and faster.

4. Cultural Environment:

Culture involves knowledge, values, belief, morals, laws, customs, traditions etc. Culture passes from one generation to another through institutions like family, schools, and

colleges. Business is an integral part of the social system.

Society is largely influenced by the culture and in turn culture influence the business firm. Culture shapes the attitude and behaviour of the society. Any change in the cultural

factor affects the business in large. Business should be organised and governed, taking into consideration various values and norms of the society.

5. Political Environment:

The political environment in a country influences the legislations and government rules and regulations under which a firm operates.

Political environment means influence exerted by:

a. Legislature:

This includes parliament, legislative assemblies. They are the law making bodies that frame rules and regulations.

b. Executives:

They include government beurocracy who implements the decision.

c. The Judiciary:

It includes Supreme Court, High Court who sees whether the decisions taken and implemented by the executive are within the constitutional framework. They are also known as

dispute settlement bodies.

Legislature, executives and judiciary are the important pillars of political environment. A stable progressive and healthy political environment is very necessary for the growth and

development of business.

6. Natural Environment:

Resource availability like land, water and mineral is the fundamental factor in the development of business organisation. It includes natural resources, weather, climatic conditions,

port facilities, topographical factors such as soil, sea, rivers, rainfall etc.

Every business unit must look for these factors before choosing the location for their business.

The natural environment largely determines the functioning of a business firm. Natural environment has a great influence on the working of a business. The business organisation

should consider the natural factors before starting their operations.

Natural calamities like flood, drought, cyclone, Tsunami etc. can also affect the business environment.

7. Legal Environment:

The state sets the formal rules, laws and regulations for the countrys operational system. It creates a framework of rules and regulations within which a business has to operate.

The business should have complete knowledge of laws and policies to run the business effectively. Some of the laws are:

a. Consumer protection Act-1986

b. Factories Act-1948

c. Workers compensation Act-1923

d. FEMA Act-1999

e. The Companies Act-1956

f. The Environment protection Act-1986

Elements of Business Environment and its Explanation by
Presentation
Saturday, April 18, 2009

This question for UGC NET Commerce is most important because , first it covers total them of business environment book at post graduate level and

second , if you search it on google , you will got 1610000 results on google . Because approximate every finance publisher has written this concept in

their site and blog and also this matter is discuss in every net forum . So , please understand these element clearly and I have also upload one docs

presentation of element of business environment . So , also watch and understand it .

Main Elements or factors of Business Environment

A Micro business Environment:

This is also known as internal business environment because business has power to control them. In this environment, factors can be divided with

following way.

1st Supplier

A supplier provides raw material to business. This is also main factor of business environment because, it affects business very closely. If supplier

delay to supply raw material or stop to supply. At this time production of business can be stopped due to not getting raw material. So, for controlling

this factor, it is the duty of businessman to make good relation with more than one supplier so that, if one stop or delay at this time, goods can be

purchased from other supplier.

2nd Customers

Customers are those people or companies which buy goods from our business. Business sells them his finished product. But time to time tastes of

customers also change. So, according to the taste of business customers, new products must be supplied by business. That is the formula for living

long life of business.

3rd Market Intermediaries

For promoting sale, it is required to ads by different way, so market intermediaries include sales man and middle man.

This environment is under control of business because, if business starts selling with more ads, his selling will surely increase.
4th Competitors

Competitors of business also create internal business environment. According to competitors, policies, business changes his policies for winning in

competition.

5th Financial Intermediaries

As business grows, it needs more money for his growth; either this money can be gotten by issuing new shares or by borrowing money from financial

intermediaries. So, financial intermediaries plays a vital role in business environment. If they provides loan at very low rate, at that time business can

get and grow fastly but, if they increase in interest rate, at that time business will not get at this rate and its growth may decrease due to lack of fund.

Macro Business Environment or External Factors of Business Environment:-

1. Economical Environment

Economic environment is main element of business environment. Economy is factor which affects business with following way:-

A) Economic policies

Economic policies related to budget , industrial policy , fiscal policy , export and import policy and business should see what changes are done in these

and business has to changes their business policies according to these changes .

B) Economic regulation

Different laws and regulations are at international level and national level . These are all called economic regulation and business has to respect all of

these while it is operating business .

2. Natural Environment

Natural environment is also external factor of business . Because , business can not fully control on natural environment . Many points like season ,

raining , floods , earth quake are natural and happens according to fluctuation in it . These are also main element of business because business has to

face all these factors . But some of loss from these factors can be transferred with effective schemes of insurance .
3. Demo graphic Factors

Size of population and their growth rate includes in demo graphic element and factor of business environment. Increasing trend of population will

increase demand of products and support business to produce more products. But if death rate is increasing or demo graphic factor like religion are

preventing to use the products of business. At that time business has to change their business or make other plans according to situation.

4. Technological Environment : -

This is fully concerned with changing of technology and its effect on product . Many technical products are fastly changed by coming new

technology .At that time business also have to cover new products according to changes in technology .

5. Political Environment

Political environment is composition of three factors which are following

a) legislature

b) executive

c) judiciary

All above factor affects business and business has to make rules and regulation according to Govt. and political rules and regulation.

6. International Environment

International environment includes WTO, IMF, WB, SARC and G20 meetings and their rules and regulations can effect on any type of business.

Business has to exist in world market, and then it should understand their effect and take action according to these rules and regulation.
 | Components of Business Environment

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Marketing management
From Wikipedia, the free encyclopedia

Marketing

Marketing

Marketing management

Key concepts[show]

Promotional content[show]

Promotional media[show]

Business administration

Management of a business

Types of business[show]

Business entity[show]

Corporate governance[show]

Corporate titles[show]

Economy[show]

Corporate law[show]
 Finance[show]

Accounting[show]

Trade[show]

Organization[show]

Society[show]

Types of management[show]

Business and economics portal

Marketing management is the organizational discipline which focuses on the practical application of marketing orientation,
techniques and methods inside enterprises and organizations and on the management of a firm's marketing resources and
activities.

Contents
[hide]

1Structure

o 1.1Marketing strategy

o 1.2Implementation planning

o 1.3Project, process, and vendor management

o 1.4Reporting, measurement, feedback and control systems

o 1.5International marketing management

2See also

3References

4Further reading
 5External links

Structure[edit]
Marketing management employs various tools from economics and competitive strategy to analyze the industry context in which
the firm operates. These include Porter's five forces, analysis of strategic groups of competitors, value chain analysis and
others. Depending on the industry, the regulatory context may also be important to examine in detail.
[1]

In competitor analysis, marketers build detailed profiles of each competitor in the market, focusing especially on their relative
competitive strengths and weaknesses using SWOT analysis. Marketing managers will examine each competitor's cost
structure, sources of profits, resources and competencies, competitive positioning and product differentiation, degree of vertical
integration, historical responses to industry developments, and other factors.

Marketing management often finds it necessary to invest in research to collect the data required to perform accurate marketing
analysis. As such, they often conduct market research and marketing research to obtain this information. Marketers employ a
variety of techniques to conduct market research, but some of the more common include:

Qualitative marketing research, such as focus groups and various types of interviews

Quantitative marketing research, such as statistical surveys

Experimental techniques such as test markets

Observational techniques such as ethnographic (on-site) observation

Marketing managers may also design and oversee various environmental scanning and competitive intelligence processes to
help identify trends and inform the company's marketing analysis.

A brand audit is a thorough examination of a brand's current position in an industry compared to its competitors and the
examination of its effectiveness. When it comes to brand auditing, five questions should be carefully examined and assessed.
These five questions are how well the business current brand strategy is working, what are the company's established resource
strengths and weaknesses, what are its external opportunities and threats, how competitive are the business prices and costs,
how strong is the business competitive position in comparison to its competitors, and what strategic issues are facing the
business.

Generally, when a business is conducting a brand audit, the main goal is to uncover business resource strengths, deficiencies,
best market opportunities, outside threats, future profitability, and its competitive standing in comparison to existing competitors.
A brand audit establishes the strategic elements needed to improve brand position and competitive capabilities within the
industry. Once a brand is audited, any business that ends up with a strong financial performance and market position is more
likely than not to have a properly conceived and effectively executed brand strategy.

A brand audit examines whether a business share of the market is increasing, decreasing, or stable. It determines if the
companys margin of profit is improving, decreasing, and how much it is in comparison to the profit margin of established
competitors. Additionally, a brand audit investigates trends in a business net profits, the return on existing investments, and its
established economic value. It determines whether or not the business entire financial strength and credit rating is improving or
getting worse. This kind of audit also assesses a business image and reputation with its customers. Furthermore, a brand audit
seeks to determine whether or not a business is perceived as an industry leader in technology, offering product or service
innovations, along with exceptional customer service, among other relevant issues that customers use to decide on a brand of
preference.

A brand audit usually focuses on a business strengths and resource capabilities because these are the elements that enhance
its competitiveness. A business competitive strengths can exist in several forms. Some of these forms include skilled or
pertinent expertise, valuable physical assets, valuable human assets, valuable organizational assets, valuable intangible
assets, competitive capabilities, achievements and attributes that position the business into a competitive advantage, and
alliances or cooperative ventures.

The basic concept of a brand audit is to determine whether a business resource strengths are competitive assets or competitive
liabilities. This type of audit seeks to ensure that a business maintains a distinctive competence that allows it to build and
reinforce its competitive advantage. Whats more, a successful brand audit seeks to establish what a business capitalizes on
best, its level of expertise, resource strengths, and strongest competitive capabilities, while aiming to identify a business
position and future performance.

Marketing strategy[edit]

Main article: Marketing strategy

Two customer segments are often selected as targets because they score highly on two dimensions:

1. The segment is attractive to serve because it is large, growing, makes frequent purchases, is not price sensitive (i.e. is
willing to pay high prices), or other factors; and

2. The company has the resources and capabilities to compete for the segment's business, can meet their needs better
than the competition, and can do so profitably. [2]

A commonly cited definition of marketing is simply "meeting needs profitably". [3]

The implication of selecting target segments is that the business will subsequently allocate more resources to acquire and retain
customers in the target segment(s) than it will for other, non-targeted customers. In some cases, the firm may go so far as to
turn away customers who are not in its target segment.The doorman at a swanky nightclub, for example, may deny entry to
unfashionably dressed individuals because the business has made a strategic decision to target the "high fashion" segment of
nightclub patrons.

In conjunction with targeting decisions, marketing managers will identify the desired positioning they want the company,
product, or brand to occupy in the target customer's mind. This positioning is often an encapsulation of a key benefit the
company's product or service offers that is differentiated and superior to the benefits offered by competitive products. For
[4]

example, Volvo has traditionally positioned its products in the automobile market in North America in order to be perceived as
the leader in "safety", whereas BMW has traditionally positioned its brand to be perceived as the leader in "performance".

Ideally, a firm's positioning can be maintained over a long period of time because the company possesses, or can develop,
some form of sustainable competitive advantage. The positioning should also be sufficiently relevant to the target segment such
[5]

that it will drive the purchasing behavior of target customers. To sum up,the marketing branch of a company is to deal with the
[4]

selling and popularity of its products among people and its customers,as the central and eventual goal of a company is
customer satisfaction and the return of revenue.
Implementation planning[edit]

Main article: Marketing plan

The Marketing Metrics Continuum provides a framework for how to categorize metrics from the tactical to strategic.

If the company has obtained an adequate understanding of the customer base and its own competitive position in the industry,
marketing managers are able to make their own key strategic decisions and develop a marketing strategy designed to maximize
the revenues and profits of the firm. The selected strategy may aim for any of a variety of specific objectives, including
optimizing short-term unit margins, revenue growth, market share, long-term profitability, or other goals.

After the firm's strategic objectives have been identified, the target market selected, and the desired positioning for the
company, product or brand has been determined, marketing managers focus on how to best implement the chosen strategy.
Traditionally, this has involved implementation planning across the "4 Ps" of : product management, pricing (at what price slot
does a producer position a product, e.g. low, medium or high price), place (the place or area where the products are going to be
sold, which could be local, regional, countrywide or international) (i.e. sales and distribution channels), and Promotion.

Taken together, the company's implementation choices across the 4 Ps are often described as the marketing mix, meaning the
mix of elements the business will employ to "go to market" and execute the marketing strategy. The overall goal for the
marketing mix is to consistently deliver a compelling value proposition that reinforces the firm's chosen positioning,
builds customer loyalty and brand equity among target customers, and achieves the firm's marketing and financial objectives.

In many cases, marketing management will develop a marketing plan to specify how the company will execute the chosen
strategy and achieve the business' objectives. The content of marketing plans varies from firm to firm, but commonly includes:

An executive summary

Situation analysis to summarize facts and insights gained from market research and marketing analysis

The company's mission statement or long-term strategic vision

A statement of the company's key objectives, often subdivided into marketing objectives and financial objectives
 The marketing strategy the business has chosen, specifying the target segments to be pursued and the competitive
positioning to be achieved

Implementation choices for each element of the marketing mix (the 4 Ps)

Project, process, and vendor management[edit]

More broadly, marketing managers work to design and improve the effectiveness of core marketing processes, such as new
product development, brand management, marketing communications, and pricing. Marketers may employ the tools of business
process reengineering to ensure these processes are properly designed, and use a variety of process management techniques
to keep them operating smoothly.

Effective execution may require management of both internal resources and a variety of external vendors and service providers,
such as the firm's advertising agency. Marketers may therefore coordinate with the company's Purchasing department on the
procurement of these services. Under the area of marketing agency management (i.e. working with external marketing agencies
and suppliers) are techniques such as agency performance evaluation, scope of work, incentive compensation, RFx's and
storage of agency information in a supplier database. Database is a critical thing to manage, but easy to allocate. While vendor
allocation having complications to resolve but easy to handle.

Reporting, measurement, feedback and control systems[edit]

Marketing management employs a variety of metrics to measure progress against objectives. It is the responsibility of marketing
managers in the marketing department or elsewhere to ensure that the execution of marketing programs achieves the
desired objectives and does so in a cost-efficient manner.

Marketing management therefore often makes use of various organizational control systems, such as sales forecasts, sales
force and reseller incentive programs, sales force management systems, and customer relationship management tools (CRM).
Some software vendors have begun using the term marketing operations management or marketing resource management to
describe systems that facilitate an integrated approach for controlling marketing resources. In some cases, these efforts may be
linked to various supply chain management systems, such as enterprise resource planning (ERP), material requirements
planning (MRP), efficient consumer response (ECR), and inventory management systems.

International marketing management[edit]

Globalization has led some firms to market beyond the borders of their home countries, making international marketing a part of
those firms' marketing strategy. Marketing managers are often responsible for influencing the level, timing, and composition of
[6]

customer demand. In part, this is because the role of a marketing manager (or sometimes called managing marketer in small-
and medium-sized enterprises) can vary significantly based on a business's size, corporate culture, and industry context. For
example, in a small- and medium-sized enterprises, the managing marketer may contribute in both managerial and marketing
operations roles for the company brands. In a large consumer products company, the marketing manager may act as the
overall general manager of his or her assigned product. To create an effective, cost-efficient marketing management strategy,
[7]

firms must possess a detailed, objective understanding of their own business and the market in which they operate. In
[2]

analyzing these issues, the discipline of marketing management often overlaps with the related discipline of strategic planning.

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