Micro environment factors11/12/2023 ![]() Therefore any spending on new technology will be recovered fast by the companies. CD/DVD players have replaced cassette players, the T.V’s and home theatre systems have replaced the cinema theatres. Technology is the total of techniques and means employed to provide objects necessary for human comforts.Įvery new technology replaces the existing technology and the latter goes waste. Technology has created positive things such as the computer, the lifesaving drugs, medical equipment etc., negative things such as machine guns, nuclear bombs and also mixed gifts to the society such as automobiles, mobile phones etc. ![]() Technology is a wonderful gift of our times. Pollution control measures are becoming more and more stringent day by day.Ī company has to realize these facts, revamp all its operations become eco-friendly and also project the same to the society so that its products are well accepted in the market. Governments will come down very heavily on such companies which are not environmentally responsible. The governments are also becoming very stringent in terms of environment matters. Every company requires natural resources as its raw materials.Ī company has to convince the customers that it is environmentally responsible, that the production processes are eco-friendly, that its products are safe etc. People will not buy the products of a company if they are not eco- friendly. The present situation is witnessing a great surge in the levels of awareness relating to environmental matters. have a very negative impact on marketing. The fast deteriorating conditions of ecology and environment greatly affect a company’s marketing.įactors like environmental pollution, weakening ozone layer, dwindling forests, shrinking water bodies, deficient power supply etc. Natural factors in this context mean factors relating to ecology, environment etc. A low rate of interest gives a fillip to the business sector.Ī proper understanding of the economic factors will enable a company to frame pragmatic policies in terms of pricing, advertisement budgets, quantity of goods to be manufactured etc. ![]() An economy with a high incidence of savings reduces the demand for the goods and services. A liberal supply of money and credit in the economy enables the middle income class to buy high priced goods such as automobiles, apartments etc. The purchasing power of the people enables them to buy goods and services.Ī high per capita income endows the people with more spending power. The above factors greatly affect the marketing of a company as they collectively have a great influence on the purchasing power of the people. A wise company always understands its environment and manages their influence to its advantage. The marketing environment does both-present opportunities and pose threats to marketing. Even a very strong company cannot insulate itself against the influence of this environment. – Philip KotlerĮvery company should understand the factors and forces in its environment because these factors and forces, together influence the success of marketing. “A company’s marketing environment consists of the factors and forces outside marketing that affect marketing management’s ability to maintain successful relationships with its target customers”. Marketing Environment: Micro Environment and Macro Environment Marketing Environment – Micro and Macro Environment (With Factors)
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