Understanding The Marketing Environment

When determining the best way to market a product, the marketing team must analyse the marketing environment. Obviously, the marketing team must understand the market they wish to sell to, and what is the best way to market to those customers.

Customers

The company needs to study the type of customer markets and their characteristics closely. Customers are a major strength to the company. A company can create loyalty through customer relationship management.

Successful marketers focus on customer satisfaction and meeting the customer needs that match the company's main competencies. A marketer wants to use their strengths to best serve their customer, as without customers, the company wouldn't be in business.

· Age

· Income

· Education Level

· Gender

· Ethnicity

· Size of Market

Each one of these will affect how a customer might buy a product.

Responding to Marketing Environment

 There are three different kinds of companies depending on how they respond to the environmental forces; companies that; make things happen, watch things happen and some wonder why certain things have happened.

A number of companies take reactive stance towards the environment by analyzing what already happened and design strategies that will help to boost up.

It’s very much necessary to take proactive approach in marketing to boost your business.

Customer and their needs >Study changing market behavior>fulfill demand & Supply>Run the business  .

 Key Term

Strengths

Weaknesses

Opportunities

Threats

The new economy had brought forward challenges,changes and opportunities not only for companies but also for consumer.