Marketing Environment, Principles of Marketing Video Lecture | Principles of Marketing - B Com

this video is about the marketing
environment and there are three elements
to our marketing environment we have our
internal environment our macro
environment and an micro environment the
marketing environment surrounds and
impacts upon the organization there are
three key stages which we've just
discussed why are they important
well marketers build both internal and
external relationships marketers aim to
deliver value to satisfied customers so
we need to assess and evaluate our
internal business corporate environment
and our external business which is
subdivided into micro and macro let's
look at these in more detail our
internal environment has already been
touched upon by the lessons in marketing
teacher for example the lessons on
internal marketing and also on the
functions within an organization give a
good starting point to look at our
internal environment a useful tool for
quickly auditing your internal
environment is known as the 5ms which
are men money machinery materials and
markets let's have a quick look at
British Airways looking internally at
men British Airways employs pilots
engineers cabin crew marketing managers
etc money is invested in the business by
shareholders and banks for example
machinery would include its aircraft but
also access to air bridges and buses
through ferry passengers from the
terminal to the aircraft materials for a
service business like British Airways
would it be the aircraft fuel which we
call kerosene although if we're
making aircraft materials would include
aluminium wiring glass fabric and so on
finally markets which we know can be
both internal and external some might
include 1/6 n which is minutes since
time is a valuable internal resource
let's have a look at the micro
environment the micro environment is
made up from individuals and
organizations that are close to the
company and directly impact the customer
experience examples would include the
company itself its suppliers other
marketing input from your agencies the
markets and segments in your business
trades your competition and also and
those around you with public relations
which we would call publics the micro
environment is relatively controllable
and this is important it is relatively
controllable since the actions of the
business may influence such stakeholders
let's have a look at the micro
environment and Walmart Walmart's micro
environment would be very much focused
on immediate local issues it would
consider how to recruit retain and
extend products and services to
customers it would pay close attention
to the actions and reactions of direct
competitors Walmart would build and
nurture close relationships with key
suppliers the business would need to
communicate and liaise with its publics
such as neighbours which are close to
its stores or other road users there
will be other of intermediaries as well
including advertising agencies and trade
unions amongst others now let's consider
our macro environment the macro
environment is less controllable the
macro environment consists of much
larger all-encompassing influences which
impact the micro environment but from a
broader global society perspective here
we would consider culture political
issues technology the natural
environment economic issues and
demographic factors amongst others let's
go back to Walmart and look at it in
terms of its macro environment again for
Walmart the wider global macro
environment will certainly impact its
business and many of these factors are
pretty much uncontrollable Walmart raids
mainly in the United States but also in
international markets for example in the
United Kingdom wal-mart trades as
Walmart and Asda Walmart would need to
take into account local customs and
practices in the United Kingdom such as
bank holidays and other local festivals
and in the United Kingdom in 2012 we saw
the 60th anniversary of Queen Elizabeth
the second ring which was a national
celebration and this would provide an
opportunity to sell particular products
and services but also there will be bank
holidays and the local cultural
environment would affect Walmart for
example to summarize controllable
factors tend to be included in your
internal environment and your micro
environment on the other hand less
controllable factors tend to be in
relation to your macro environment okay
that's the business environment and our
internal macro and micro environments