Macro environment and marketing mix

Social and cultural forces: The impact the products and services your organisations brings to market have on society must be considered. External analysis will help identify future events, uncover possible threats and realise potential opportunities.

Price Pricing decisions takes into account profit margins and the probable pricing response of competitors. Other marketing — related legislation includes, sales tax edicts, the hire purchase Actsales of goods act the weights and Measures Act Trade Marks Act, Nigerian Export Promotion Council decree Industrial Promotion Act etc.

The physical environment involves the natural resources that are needed as input by marketers or that are affected by marketing activities. This will cover various avenues of marketing plan different required analyses identify various situations and their elements. Ecological forces in the Macro Environment Ecological, or natural forces in the Macro Environment are important since they are about the natural resources which are needed as inputs by marketers or which are affected by their marketing activities.

5 elements of macro environment

Micro and macro environments have a significant impact on the success of marketing campaigns, and therefore the factors of these environments should be considered in-depth during the decision making process of a strategic marketer. The general state of the economy at a given time whether boom or recession will affect business. Changing age structure The changing age structure of world population is another critical factor influencing marketing. The microenvironment consist of the forces close to the company that affect its ability to serve its consumers, the company, suppliers, marketing channel firms, customer markets, competitors and publics. Thereby, businesses do not only support the maintenance of a green planet, but also respond to consumer demands for environmentally friendly and responsible products. How does their price and product differentiation impact you? For instance, world, air and water pollution are headlines every marketer should be aware of. Place Place or distribution decisions are those associated with channels of distribution that serve as the means for getting the product to the target customers. However, these marketing environmental. The overall effect of this legislation is to regulate the marketer. Carbon tax 5 1. The main function of the standards organisation of Nigeria is to standardise methods and products in industries throughout Nigeria and to ensure compliance with government policy on standardisation. Media publics. Marketing Mix The basic reason for a marketing manager to focus on specific target customer or organisation is to have a competitive advantage, by directing company activities towards satisfying that segment more profitable for the firm.

Competition cannot be controlled; therefore, management must do its best to be alert to the potential threat posed by companies producing similar goods or substitute goods and services. All these have implications in one way or the other for marketing activities.

micro environment

Franchisees 3 3.

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MANAGING MARKETS