Show macro and micro environmental factors which influence marketing decisions
These forces are very particular for the said business only. The process is a series of steps that are followed by the bank to provide a service to the customer like teller services, ATM services and passbook printing services.
In other words, it consists of all the factors that affect particularly your business. The firm itself is an aggregate of a number of elements like owners like shareholders or investors, employees and the board of directors. The latter one is the macro-environment which affects the operation of all existing business entities out there.
An effective positioning strategy involves identifying and capitalising on the unique selling proposition of the product like the classic and monstrous looks of a ford mustang or a formidable and sturdy looks of a Ford Mazda Henderson, The promotional mix of the banking products and services consists of personal selling by the relationship executives of the bank, cross selling of the banking products and also advertising campaigns.
The suppliers hold the power when they are only or the largest suppliers of their goods the buyer is not vital to the suppliers business the suppliers product is a core part of the buyer finished product and business. Any actions of your company must be considered from the angle of the general public and how they are affected.
Thus to build this kind of image in the minds of the consumer the marketers have to pay special attention to special attributes of a product that hangs on the minds of the consumer when they see it.
Task 2 2. What is the micro-environment?
Micro and macro environmental factors affecting business
The micro marketing environment that surrounds organisations can be complex by nature, however the company has an element of control over how it operates within this environment. Task 3 3. For example when we talk of social networking the image that immediately comes to our mind is that of Face Book. For cars that are meant for older people with families large space and adequate safety features are the segmenting criteria and hence those cars should be built according to the needs and demands of that category of customers. Thus during this time the banks come up with a lot of innovative and hassle free loan products with attractive rates of interests and longer payback periods. There are two broad categories of consumers in the emerging market, the rich and the lower class with huge differences in their respective spending capacity Doyle, Both micro and macro environment plays vital role in marketing strategies of a company. Conclusion Microenvironment and macro environment, both cover the overall environment of business. Wahabatanda Atanda AC 2. Also the fast and fancy cars of Ford should have all the features that go with the mentality of the younger generation of customers like speed and sexy looks. Dalgic, T. The external environment forces are uncontrollable and company finds it hard to tackle with the external factors. The competition Those who sell same or similar product and services as your organization are your market competition and the way they sell needs to be taken into account. You have to be knowledgeable about the business environment in order to be able to track and comprehend how various factors affect your company. The common masses on the other hand just want some vehicle that they can use to move about like getting to the place of their work.
Thus during this time the banks come up with a lot of innovative and hassle free loan products with attractive rates of interests and longer payback periods.
How does the macro environment affects the business?
For example the bank designs the retail loans like car loans and home loans keeping in mind the payoff ability of each customer. The company should to be flexible to adopt the rapid changes in technology, government regulations, and competition in the external microenvironment. Economic factors The economics environment can impact both the organization production and the consumer decision making process. We can explain what is exactly microenvironment and macro environment. The factors of the microenvironment affect the particular business only, but the macro environmental factors affect all the business entities. In broad terms, this environment can be divided into two categories. Related Differences. Thus in this way the banks distributes its services and products to the customers. In Summation Every business is affected by a myriad of factors. In differentiated marketing strategy there is a single marketing mix for different segments of the markets Kotler,
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