Mkt420
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The micro environment consists of actors close to a company that influence its ability to serve customers, including the company itself, suppliers, marketing intermediaries, customer markets, competitors, and publics. The document defines each of these actors: the company includes other departments that marketing must collaborate with; suppliers provide resources to the company; marketing intermediaries help promote, sell, and distribute products; competitors provide customer value; and publics have interests in the company's objectives. It also discusses the different types of customers a company may have and how understanding these customer markets is important for marketing.
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Mkt420
- 2. What is Micro Environment ??? Micro environment 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.
- 3. 1. The Company Marketing success requires building relationships with other company department. Top management, finance, Research & Development, purchasing, operations, accounting.
- 4. 2. Suppliers Suppliers are firms and individuals that provide the resources needed by the company. They are an important link in the company’s overall customer “value delivery system.”
- 5. 3. Marketing Intermediaries Marketing intermediaries are businesses that help the company to promote, sell, and distribute its goods to final buyers. Marketing Intermediaries Reseller Physical distribution firms Marketing service agencies Financial intermediaries
- 6. Marketing Intermediaries Reseller • They are those who hold and sell company’s product. • Wholesaler and retailer. Physical Distribution Firm • They help the company to stock and move goods from their points of origin to their destinations. • Transportation and warehousing.
- 7. Contd… Marketing Service Agencies • They help the company target and promote its products. • Advertising agencies, Media firms, marketing research firms, etc. Financial Intermediaries • They help finance transactions and insure against risks. • Banks, credit companies, insurance company, ect.
- 8. 4. Competitors Provide greater customer value and satisfaction than its competitors do. A marketer must monitor its competitors’ offerings to create strategic advantage.
- 9. 5. Public A public is any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives. A company should prepare a marketing plan for all of their major publics.
- 10. Types of Public 1. Financial publics influence the company’s ability to obtain funds — banks, investment houses, and stockholders. 2. Media publics carry news, features, and editorial opinion— newspapers, magazines, radio and television stations. 3. Government publics influence product safety and truth in advertising 4. Citizen-action publics include consumer environment groups, and minority groups 5. Local publics include neighborhood residents and community organizations 6. General publics influence the company’s public image 7. Internal publics include workers, managers, volunteers, and directors organizations,
- 11. 6. Customer Customers are the actual buyer of our goods and services. Managers must actively study five distinct categories of customer markets.
- 12. Customer Market Consumer Market • Made up of individuals and household units. These customers buy products and services for their own personal use. Business Market • Purchase products and services that will be further processed or used in their own internal business processes. Reseller Market • Purchase products and services specifically to resell them to others for a profit. Government Market • Government agencies that buy goods and services in order to produce public services or transfer them to those that need them International Market • Buyers who reside in other countries. These buyers include consumers, producers, resellers and even governments.
- 13. PASSYEAR MKT420 APRIL 2011 (QUESTION 1) Discuss six (6) microenvironment forces that can affect a marketing decision making effort. (25 marks) JANUARY 2013 (QUESTION 6) Marketers today would have to deal with various internal and external forces in order to maintain good and continuous relationship with their customers. Discuss the six (6) forces in the internal marketing environment that affects the company's decision. (25 marks)
Notas do Editor
- The Micro-environment consists of the factors close to the business (usually involving business relationships) that affect its ability to serve its customers. We can break the micro-environment down into specific segments:
- Inside the Company, marketing managers must work closely with other company departments. They have to depend on, and take other groups, into account. These groups can consist of top management, finance, research and development, purchasing, operations, and accounting. Marketers must work in harmony with other company departments to create customer value and relationships.
- Suppliers provide the resources you need to produce the products and services that you are selling. Supplier's not only supply you with resources, they also can partner with you in the customer value delivery system.
- They can include resellers, physical distribution firms, marketing service agencies, and financial intermediaries.
- These include wholesalers and retailers. Resellers often perform their tasks more cheaply than the company can perform by itself.Physical ie: from the factory to a warehouse and then to the stores.
- Marketing Services Agencies usually consist of marketing research firms, advertising agencies, consultants, and media firms. As example, Advertising agencies help provide freshcreative ideas for your campaigns and strategic marketing efforts.Financial Intermediaries help you use money. They typically include banks, credit companies, insurance companies, other businesses that help you conduct financial transactions or insure against the risks associated with the buying and selling of goods and services.
- The marketing concept states that in order for your marketing to be successful, your business must provide greater customer value and satisfaction thanyour competitors do. You must do more than just give your customers what you think they need, or they say they need. Marketer must gain a strategic advantage by positioning the products and services against the competitors in the minds of the customers.
- Publics can help, or hinder your ability to get your message out to your customers, and collect value from them.
- Customers are the key to sales. If you don't have customers, you can't sell anything. Managers must continually study customer needs and try to anticipate how they are developing so they can meet these needs effectively now and in the future. However not all customers are the same. Managers must actively study five distinct categories of customer markets.