The marketing environment is made up of a microenvironment and macro environment. The microenvironment consists of forces close to the company that affects its ability to serve its customers- the company, suppliers, marketing channel firms, customer markets, competitors and public.
Microenvironmental Factors Affecting the Ability to Serve Customers
A company’s marketing environment consists of the actors and forces outside marketing that affect marketing management’s ability to develop and maintain successful transactions with its target customers. Now, we look at the company’s microenvironment.
- The Company:
In designing marketing plans, marketing management takes, other company groups into account- groups such as top management; finance, research, and development (R&D), purchasing; manufacturing and accounting. All departments in the company share the accountability of understanding the needs of the purchaser and creating importance for them. All these interrelated groups form the company’s internal environment.
Suppliers are an important link in the company’s overall customer value delivery system. Supply deficiency, labor strike, increased the cost of supplier goods and other factors can impact sales in sort run and manipulate consumer contentment in the long run. They provide the resources needed by the company to produce its ‘ goods and services.
- Marketing Intermediaries
Marketing intermediaries help the company to promote, sell and distribute its goods to final buyers. Partnering with the right intermediary and supporting them in making a sale is decisive for the accomplishment of the business. They include resellers, physical distribution firms, marketing services agencies, and financial intermediaries.
There are five types of customer market: consumer markets, business markets, reseller markets, government markets, and international markets. The consumer market could be any/all of the following – consumer, business, reseller, government or worldwide. Each market type has special characteristics that call for careful study by the seller. This factor relies on dissimilar kind of markets, such as business, consumer, re-seller, global, and government.
The marketing concepts states that to be successful, a company must provide greater customer value and satisfaction than its competitors do. Customers are capable to decide the product or service, which matches their needs or wants. As a result, companies have to be always prepared for the features that the other companies offer to their customers. Thus, marketers must do more than simply adapt to the needs of target consumers.
The Company’s marketing environment also includes various publics. This rubric of publics relies on dissimilar sections: financial, media, government, citizen-action, local, common approach from society, and internal, which companies must have a good relationship so that its business flows in the market place. Any group that has an actual potential interest in or impact on an organization’s ability to achieve its objectives. Marketing plans can be designed focusing on these key publics and its consumer markets.