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ENVIRONMENT
Marketing environment
A firm has:
- No control over its macroenvironment. It can
only respond to the changes taking place
- Some control over its microenvironment
Why is it important?
- Direct selling
- Trade associations
Competitive environment
Starting point is to identify and categorize the
competitors:
- Direct competitors: Firms that produce a similar
product which is a direct rival e.g. Coke & Pepsi
- Close competitors: Firms producing similar products
e..g. Pharmaceutical products having the same
basic salt
- Substitutes: Products that are different but can be
considered for buying as an alternative e.g. Brownie
instead of Black forest cake, Banaspati Ghee
instead of Oil
- Indirect competitors: Firms that produce the same
products that fill the same needs as your own
product. E.g. book & e-book
Market environment
Macroeconomic environment
Political environment
Social & cultural environment
Demographic environment
Technical environment
Legal & regulatory environment
Macroeconomic environment
Economic Creates marketing opportunities.
growth. A major factor in the marketing growth.
Cyclical Fluctuations in the level of sales
fluctuations
Inflation Direct impact on costs & prices charged.
Indirect impact on customer demand
Unemployment Major impact on customer demand via
willingness & ability to buy
Interest rates Direct impact on investment by business.
Indirect impact on consumer demand in terms
of the amount of discretionary spending