mktg marketing environment

micro environment

forces within the org/firm & other close entities

consumer at center & other things near it include:

1. company capabilities

2. competitors

3. corporate partners

4. physical environment

company capaabilities

know what your company does well

competitors

know strengths & weaknesses of competitors

• proactive rather than reactive marketing strategy

corporate partners

align w/competitors, suppliers to create a seamless system

physical environment

products influence physical environment & are influenced by how they are used in the physical environment

macro environment

external larger societal forces

1. culture

2. demographics

3. social trends

4. technological advances

5. economic situation

6. political/legal environment

culture

shared values, beliefs, and behaviors of a group

country culture

visible nuances are easier to spot like dress/language subtler aspects are harder like social trends

regional culture

specific area in a country like saying pop vs soda

demographics

info about the characteristics of populations & segments especially hose used to identify consumer markets

• income

• education

• gender

• ethnicity

• age

• generational cohorts

social trends

like health and wellness rn

privacy concerns

technological advances

tech impacts every aspect of marketing

can generate long term competitive advantage

can get rid of existing products (like newspaper)

ex: AI, robotics, virtual reality

economic situation

impacts the way consumers buy products & spend money c

consumer confidence

the extent to which people are optimistic or pessimistic about the future affects buying habits

political/regulatory environment

can have an affect on product production and marketing methods

ex: tariffs means importing materials could be more expensive