MICRO & MACRO ENVIRONMENT OF BUSINESS

Environment of Business: Micro and Macro

Every business is made up of forces that influence the marketing environment of the business. These are generally all the external factors that affect the business. This is further divided into two categories : Macro environment and Micro Environment. 

Micro environment generally influence the functionality of a particular business. It comprises of public, customers, competitors, suppliers & marketing intermediaries.

Macro environment is also known as broad environment as it influences the operation of business. It comprises of demographic, economic, social cultural, natural, technological & political-legal.

WHAT IS MARKETING?

What is Marketing?

Marketing is all about identifying, anticipating and then satisfying human needs. 

We can also say that marketing management is an art of choosing target customers and delivering superior customer value to them. There are many companies that fits according to this definition. One of the most powerful company is 'Google'. Google recognized what people need and then created a powerful search engine.

What is Marketed?

Mainly there are ten types of entities that is marketed among the customer. Here are the list of all entities:

GOODS   It includes physical goods like food products, cars, refrigerators, televisions etc.

SERVICES   It includes the work of airlines, barbers, lawyers, doctors, bankers etc.

EVENTS   It includes performances by artists, Olympics, craft fairs, farmer's market etc.

EXPERIENCES   It is basically the customer experiences like a four day rock and roll fantasy camp, Walt Disney World's Magic Kingdom, Volkswagen Piano staircase etc.

PERSONS   It includes artists, musicians, physicians, CEO & other professionals.

PLACES   It includes economic development specialists, real estate agents, commercial banks and advertising & public relations agencies.

PROPERTIES   These are intangible right of ownership. It includes both real property and financial properties.

ORGANIZATIONS   Corporations, organizations, museums and nonprofits are using marketing to boost their public image.

INFORMATION   Combining industry expertise with innovative technology to deliver information to leading decision makers in the financial, legal, healthcare and media markets. Firms make business decision  using information by organizations.

IDEAS  Best example of idea in marketing management is 'Revlon' by Charles Revson.