Question

Discuss the internal and external factors affecting marketing environment

Answer 1

Marketing environment consists of internal factors as well as external factors.

Internal factors are those factors that can be controlled by the company whereas external factors are those factors that cannot be controlled by the company.

Internal marketing environment - consists of all those factors that are internal to the company and include:
1. Company's vision mission and objectives
2. Culture of the company
3. Goodwill of the company
4. Strategies
5. Human resources
6. Technical capabilities
7. Resource availability and so on

External marketing environment consists of
a) micro factors
b) macro factors

Micro factors - are those factors that directly affect the organisation and include:
1. Public
2. Suppliers
3. Customers
4. Stockholders
5. Competitors

Macro factors - are those factors that indirectly affect the company. These are as follows:

1. Demographic factors-include age, sex ,location, income ,education ,population etc
2. Political factors - Include govt. policies , taxes govt. regulations , monetary and fiscal policy,etc
3. Socio-cultural factors- Include lifestyle,values, beliefs, traditions,etc
4. Economic factors- Include economic stability , economic system, Gross domestic product,etc
5. Technogical Factors- Include availability of technology, technical know-how.
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