Marketing and Micro Environment

Categories: Environment Marketing Swot Analysis

Essay, Pages 2 (273 words)

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Marketing is a process of creating, communicating, and delivering value to the customer. It is a set of activities that are designed to create a specific outcome. The Marketing Mix consists of four key elements: product, price, promotion, and place.

Effective marketing incorporates macro and micro-marketing strategies, terms that may not be very familiar to many small businesspeople. They are important concepts, though, that when applied effectively can help to boost advertising results. Even small businesses can learn how--and why--to consider the impacts of macro and micro impacts in their planning and strategy.

Micro Environment

The microenvironment, as the name suggests, is the immediate environment that impacts a business.

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The micro environment includes considerations related to suppliers, customers, and local stakeholders, including local government agencies or regulatory bodies. The microenvironment can generally be considered the local environment where the business operates and the business owner is likely to be somewhat aware of the impacts that they are faced with.

Macro Environment

The macro-environment includes those things that may impact small businesses but which are outside of their control.

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It is the larger, external environment within which businesses operate from an industry or economic standpoint.

Using Strategy Effectively

In considering the micro and macro impacts on a business, internal and external factors must be considered. Businesses use a variety of tools in planning to consider these impacts, including the SWOT, which is strengths, weaknesses, opportunities and threats; analysis; the PEST, which is political, economic, social, technological, and Porter's 5-Forces Analysis, which is the threat of new competitors, the level of competition, the threat of substitute products, and the bargaining power of customers and suppliers.