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Describe the elements of a company’s marketing environment and why marketers play a critical role in tracking environmental trends and spotting opportunities.
-The marketing environment surrounds and impacts upon the organization. There are three key elements to the marketing environment which are the internal environment, the microenvironment and the macroenvironment . The internal environment refers to the company and its existing products, marketing strategies. It also includes the strengths of the company with regard to manufacturing abilities, distribution capacities, and marketing abilities. Internal resources should also be considered while formulating a marketing strategy. Every manager in an organization observes the outside environment with disciplined methods marketing research and marketing intelligence for collecting information about the marketing environment. They also spend more time in customer and competitor environments. By carefully studying the environment, marketers can adapt their strategies to meet new marketplace challenges and opportunities
The microenvironment consists of the actors close to the company that affect its ability to serve its customers the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. The microenvironment is made from individuals and organizations that are close to the company and directly impact the customer experience. Examples would include the company itself, its suppliers, other marketing input from agencies, the markets and segments in which your business trades, your competition and also those around you (which public relations would call publics) who are not paying customers but still have an interest in your business. The Micro environment is relatively controllable since the actions of the business may influence such stakeholders.
The macroenvironment is less controllable. The macroenvironment consists of the larger societal forces that affect the microenvironment