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What is Marketing Environment?
Nothing in marketing is alien from other factors. There are several factors, or forces affecting managerial ability to conceptualise, build, convert and sustain positive relationships with target consumers. All such forces which affect marketing decisions are called market environment.
These are the factors affecting the marketing decisions directly. These can be in the form of direct stakeholders affecting business. For example suppliers, logistic partners, other partners, and consumers. The name micro should not be confused with small, as it is not always the case.
These are the factors affecting marketing decisions, but those which are out of direct control of the business. Factors like laws, international trade policies, culture, politics, economics, and technology are not controllable by the business. It is prudent for the management to account for such changes.
All factors which are internal to an organization are classified into internal environment. The are identified as 5Ms. They are Men, Materials, Machinery, Money and Markets. The process of monitoring and auditing internal changes are known as internal marketing.
All external factors affecting marketing decisions are audited and accounted for using the following tools.
1. SWOT Analysis
2. Michael Porters 5 force model and
3. Â PEST analysis