Examples of Changing Marketing Environment
Marketing environment is a broad term that includes all possible factors that can affect the market. A vast number of factors are present in the market. For example:
If the suppliers change the quality of supply or decrease the supply, it will immediately create a shortage of raw material and increase the cost to the company.
Similarly, if the competitor’s strategy is changed, this will lead to loss of customers to the company as customers would get attracted to the competitor’s product.
If the customer needs change due to advancements in technology, the company is bound to alter its products and provide features to satisfy the company’s needs.
If the government increases the taxes, it will affect the cost of the product, and finally, it would be reflected in the price of the product.
If the number of competitors increases in the market, it will reduce the market share of existing players.
If new technology is introduced for manufacturing the product, it would affect the internal process of the company.
The entire market of the product is governed by several factors that work simultaneously in the market. These all factors and many more together constitute the marketing environment.
Types of Marketing Environment
Some elements, like suppliers and distributors, have a direct impact on the company. In contrast, some elements like tax policies, the invention of new technology are the factors that affect the entire industry and therefore, indirectly also affect the company. Based on the impact the elements have on the company, the marketing environment can be divided into two broad types: internal environment and external environment.
External environment: This environment consists of the elements that affect the entire industry of the product. It includes factors like suppliers, customers, economic factors, technological factors, cultural factors, and legal factors. For example, certain laws for the tobacco industry affect all the companies in the industry likewise. A technology change again affects all the players in the industry likewise. Hence, the external environment does not affect one single company exclusively. It tends to affect all companies alike. The external market is further divided into two types: microenvironment and macro environment. The microenvironment consists of suppliers, distributors, partners, and customers. At the same time, the macro environment consists of political, legal, economic, and cultural factors.
Internal environment: This environment consists of the elements that are present within the company. The company’s employees, the material used by the company, the machines employed, and the money possessed by the company are the company’s internal resources. If the firm has the most skilled employees, it will have the best quality work provided. If the company has machines based on the latest technology, this can be considered the company’s strength. Hence, all the resources present in the company consist of the internal environment of the company.
Importance of Marketing Environment
Marketers require a marketing environment because it helps them identify with their customers’ demands, particularly when it comes to how customers make purchasing decisions. It also aids in the development of numerous marketing and promotional tactics to align the company’s offers with the current marketing environment.
A better understanding of all components of the marketing environment prepares the company well. They can make well-informed decisions based on the changing environmental factors. It helps the company to take the benefit of upcoming scenarios and save itself from any possible loss. Hence, a company must keep a vigilant watch on all the environmental elements to decide its future move accordingly.
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