Hire Writer Importance of Macro and Micro environment factors Macro and Micro environment factors are portion of the external environment.
There are two ways to look at marketing strategies: The micromarketing strategy is like a microscope, focused on a small consumer base. The macromarketing strategy is more like an airplane at 30, feet, gaining a broader perspective why a product succeeds or fails.
Business owners need to understand how to use both methods to plan and implement marketing strategies and product development. Segmentation Micromarketing focuses on a small target group in the market.
It looks for demographic data to identify a specific type of buyer for a company's product or service. Computers have made this type of segmentation easy to do. A small insurance agency in a large city can target mailers to new parents in specific ZIP codes who have college degrees and make a minimum amount of money.
This is an example of market segmentation. Segmentation can also pertain to buying habits, lifestyle choices and hobbies. Business owners who understand buyers are better able to target ads and marketing efforts to them.
Scaling Up Macromarketing takes advantage of economies of scale; it looks at the bigger picture targeting the maximum number of people. Macromarketing strategies are concerned with how the product benefits society as a whole or fulfills a need in society.
The goal is to assess the buying trends, customer behavior patterns and regulatory environment. Where micromarketing is directed at one segment of the market, macromarketing looks at the whole market.
Coke-Cola doesn't target a small number of specific buyers but instead tries to give everyone a reason to buy Coke when making a soft drink choice.
Implementing Strategies Business owners should start with macromarketing and narrow it down to micromarketing. This means a business owner should first consider the macromarketing environment to determine the viability of products and services before spending time and energy on trying to sell to a specific group.
Once the market is defined as viable, business owners can narrow the marketing strategy to smaller microsegments. By partitioning the microsegments, business owners can further test sales performance in both segments to see where products perform better.
This is less expensive than sending products out into the entire market and hoping to hit all desired targets.MICRO AND MACRO MARKETING ENVIRONMENT Introduction Micro marketing Refers to the internal controllable factors or forces which affects the ability of a company to serve its customers.
e.g. the organization, the market, the suppliers, market intermediaries and the marketing mix. MICRO AND MACRO MARKETING ENVIRONMENT Introduction Micro marketing Refers to the internal controllable factors or forces which affects the ability of a company to serve its customers.
the organization, the market, the suppliers, market intermediaries and the marketing mix. There are two kinds of external marketing environments; micro and macro. These environments’ factors are beyond the control of marketers but they still influence the decisions made when creating a strategic marketing strategy.
Micro Environment Factors. The suppliers: Suppliers can control the success of the business when they hold the power.
Article shared by. After reading this article you will learn about the micro and macro environment of business. Micro Environment of Business: The micro environment consists of the factors of the firm’s immediate environment, (Fig.
). The marketing environment of a business consists of an internal and an external environment. The internal environment is company specific and includes owners, workers, machines, materials etc. The external environment is further divided into two components: micro & macro.
The micro or the task environment is also specific to the business but external. The macro environment in which a company or sector operates influences its performance, and the amount of the influence depends on how much of the company's business is dependent on the health of the overall economy.