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Micro Environment
Micro Environment is defined as the
nearby environment, under which the firm operates.
The micro environment in marketing includes all those
micro factors that affect business strategy, decision
making and performance. It consists of those elements
which are controllable by the management.
Customers
Media Competitors
Components
of Micro
Employees Environment
Suppliers
Marketing
The general
intermediaries
public
Components of Micro Environment
1. Customers
The customers are the central part of any business as
they tend to attract and retain most of the customers
to generate revenue. Therefore, organizations must
adopt a marketing strategy that attracts the potential
customers and retains the existing customers by taking
into consideration the wants and needs of customers
and by providing the after sales services and value-
added services.
2. Competitors
The competitors of an organization can have a direct
impact on business strategies. The organization must
know how to do a competitive analysis of competitors
and have a competitive advantage. An organization
must understand, what value added services their
competitor is providing or the unique selling point of
their competitors. How they can differentiate from their
competitors. What benefits a company can offer to the
customers which competitors does not offer.
3. Suppliers
Actions of a supplier can influence the business
strategy, as they provide the materials for
production. For instance, if their services will not
reasonable and timely that will affect the
production time and the sales due to delayed
process of production.
4. The general public
1. Demographic forces
Different market segments are typically impacted by
common demographic forces, including
country/region; age; ethnicity; education level;
household lifestyle; cultural characteristics and
movements.
2. Economic factors