micro environment Flashcards
what is the company’s micro environment
the factors in the firms immediate environment that affect its ability to operate in its chosen market
what are the six key components within a micro environment
the company, suppliers, marketing intermediaries, competitors, publics and customers
what is the company in the micro environment
refers to the fact that marketers must work in harmony with other sections of the business and departments to create customer value and relationship
e.g Human Resources must work in harmony with finance and accounting
what does supplies refer to in micro environment
refers to the need that supppliers that provide the resources needed for goods and services must eb treated as partners to provide customer value
what is marketing intermediaries in micro environment
marketing intermediaries help to promote, sell and distribute a product or service to its final buyer
what are the forms of marketing intermediaries
- resellers
- marekting services agencies
- financial intermediaries
- physical distribution firms
what is a reseller
a type of channel partner that acts as a intermediary between companies and end customers
what is a physical distribution firm
they help the company stock and move goods from their points of origin to their destination
what are mareketing services intermediaries
help the company target and promote its product to the right markets
what are financial intermediaries
banks and credit companies that help finance transactions with buying and selling of goods or services
what does competitors refer to in micro environment
refers to the fact that the company must maintain its competitive advantage (moat) by positioning their offerings strongly against competitors offerings in the mind of customers
what does publics refer to in the micro environment
any group that has an actual or potential interest in or impact on an organisation ability to achieve its objectives
what are the 5 types of publics
financial publics
media publics
local publics
internal publics
government publics
what does customers refer to in the micro environment
customers are anyone interested in consuming the product or service involves 4 markets
what are the four markets involved in customers
-consumer markets
business markets
reseller markets
government markets
