Related: General Environment: 6 Factors That Influence Business 3. For example, an economic recession could negatively affect a business's profits, but an economic surplus might encourage customers to make larger purchases. A company's economic environment may fluctuate based on government funding, credit availability, market trends, interest rates and shifts in the global economy. Economic environmentĪ company's economic environment refers to the factors that influence consumer buying habits and the company's performance. Related: 7 Demographic Marketing Examples 2. Some factors that companies might monitor to determine their demographic environment include population growth, population shifts and economic class shifts. Understanding the company's demographic environment can help you adjust marketing strategies, develop products and target advertising effectively. It also covers the age, race and gender of prospective customers in a demographic group. This environment includes the size and density of a particular population and the common occupations people have. The demographic environment for a company encompasses the people who are part of a specific market. Demographic environmentĭemography is the study of populations. Here are the seven key components of a macro-marketing environment: 1. Related: 20 Examples of Marketing Assets 7 elements of macro-marketing environments While macro factors may affect the entire industry, they rarely have a direct impact on a specific company. A company's external contacts may include customers, suppliers or other outside agencies.Įxternal macroenvironment: The term macroenvironment refers to the market or field in which a company performs. These influence the tasks that a company's marketing and advertising teams complete and how effectively they can create campaigns and content to be competitive in a market.Įxternal microenvironment: An external microenvironment covers the relationships outside of the company. Internal marketing environment: Marketing professionals work with the resources, company values, systems and processes that exist within a company. Here are the three main types of marketing environments: Related: 16 Types of Marketing To Use in Your Campaigns Types of marketing environments Helping you determine future marketing plans Supporting you in identifying your current and potential customers Some benefits of understanding your marketing environment include:Īssisting you in understanding the company's competitors and the market Both internal and external conditions can affect how a customer responds to a business and determine how a business might grow. It can also include external components like existing customers, delivery platforms and top competitors. This can include internal elements such as resources, equipment and a company's corporate structure. What is a marketing environment?Ī company's marketing environment includes every element that may affect its ability to connect with its customers. In this article, we define marketing environments, explore the different types and examine the elements of microenvironments and macroenvironments. Learning about these environments can also help the company adapt and grow during market fluctuations. Understanding a company's marketing environments can help you identify trends and manage potential risks. When a company adjusts to market conditions, it often considers a variety of factors.
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