Pricing is comparatively reasonable in relation to competitors. Dismantling of price controls and introduction of market-driven price policy. As we said at the outset of this chapter, the key to successful marketing is meeting the needs of customers.
Business markets include those that buy goods and services for use in producing their own products to sell. Monopolies and Restrictive Trade Practice Act 9. Each is important to the marketer because each has a highly different spending pattern as well as different distribution of wealth.
Demography refers to studying human populations in terms of size, density, location, age, gender, race, and occupation. The macro environment consisting of wider societal authorities, and the micro environment which incorporates the influences related to a company, together form the general marketing environment of a company.
Culture influences every aspect of marketing. Reference groups. This refers to the purchasing power of potential customers and the ways in which people spend their money.
Were you happy with your decision? In addition to making old products obsolete, technological advances create new products. Tapping Trends Breaking into new markets and capitalizing on new trends requires a lot of insight about the marketing environment. Internal Environment[ edit ] The internal environment "consists of those relevant physical and social factors within the boundaries of the organisation or specific decision unit that are taken directly into consideration in the decision-making behaviour of individuals in that system".