Marketing and Micro Environment Essay
Marketing and Micro Environment
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 micro environment, as the name suggests, is the immediate environment that impacts a business. The micro environment includes considerations related to suppliers, customers and local stakeholders, including local government agencies or regulatory bodies. The micro environment 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. 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.
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