Question

What is environmental marketing ? What are its components ? Give two examples.

Answer 1

Marketing Environment is the combination of external and internal factors and forces which affect the company’s ability to establish a relationship and serve its customers.

Components of Marketing Environment

The marketing environment is made up of the internal and external environment of the business. While internal environment can be controlled, the business has very less or no control over the external environment.

• Internal Environment

The internal environment of the business includes all the forces and factors inside the organisation which affect its marketing operations. These components can be grouped under the Five Ms of the business, which are:

1. Men
2. Money
3. Machinery
4. Materials
5. Marketing

• External Environment

The external environment constitutes factors and forces which are external to the business and on which the marketer has little or no control. External Environment

The external environment constitutes factors and forces which are external to the business and on which the marketer has little or no control.

Hope it will help you.