What is the importance of studying Marketing Environment?
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Analysis of the marketing environment is of great importance to marketers because of the following reasons- 1) The impact of the environment on the organisation is enormous. To understand the trends and events in the market and successfully analysing the data to produce a product of customers need.
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Business environment brings both threats and opportunities to a business. Hence, understanding of environment helps the management in future planning and decision making. For example, competition increases with the entry of new firms in the market.
The marketing function of a business is customer-centred. It makes an attempt to study the customer needs, and goods are produced accordingly.
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