COMPONENTS OF MARKETING ENVIRONMENT
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What does Marketing Environment depend on?
It depends upon the force that directly or indirectly influence an organisation's capability to undertake its business as well as the trading forces operating in a marketplace over which a business has no direct control, but which shape the manner in which the business functions and is able to satisfy its customers.
Is it not just the external environment that controls the marketing of a business?
The environment external to the firm constitutes a large part of the marketing environment, but it is not the whole of the environment, as there exists an internal environment that constitutes the factors internal to the firm which affect the marketing operation.
COMPONENTS OF THE MARKETING ENVIRONMENT :
(1) Internal Environment:
It mainly depends upon the forces and actors inside the firm that affect the marketing operation. It composed of internal stakeholders and the other functional areas with the business organisation.
(2) External Environment:
It consists of
(a) Macro Environment influenced by broad forces which shape the character of opportunities and threats.
(b) Micro Environment which is nothing but the immediate environment of the business firm, whose elements have a direct effects on the execution of the processes inside the firm.
