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The once iconic and much loved Nokia, touted the king of phones in its glory days, can be considered as a tough lesson in “keeping up with the times”. It was all too apparent when smartphones were taking over the world while the Finnish mobile phone giant was fading in the eyes of the customers. The company shifted its focus to the newer market only when it was rife with one smartphone brand after another. The end result, a brand that went from stellar to subdued within months. All that because one thing stayed missing in action at Nokia’s planning department - a proactive marketing environment analysis.
There is a crucial takeaway to have here. Customers no longer stick to the business that owns the least value. They are selective when it comes to buying products or even sticking to a brand. Therefore, entrepreneurs can run a profitable business only with the help of a proactive analysis of the marketing environment they are targeting.
So, what is a marketing environment?
Marketing environment comprises the internal and external factors that affect an organization’s ability to foster and maintain successful relationships with its clients. Whereas the internal elements can be monitored and controlled by effective leadership, the external factors require a comprehensive strategy that is unique yet dynamic in approach to adapt to the ever-evolving marketing environment quickly. Let us have a look at the different elements of a marketing environment.
1. Internal environment
These are the factors that are within the organization and have a significant impact on the business operations. As this environment is under the marketer’s control, these are relatively easier to manage and are grouped into five categories called the 5Ms.
- Men - This includes both the skilled and unskilled employees of the organization. An effective workforce is a great advantage over the competitors.
- Machinery - An organization requires instruments to complete the operations. Good standard working tools help in increasing the overall work efficiency.
- Markets - The types of market, such as consumer or business, define the kind of strategy required. A regular review of marketing strategy should be practiced for developing fool-proof marketing techniques.
- Material - Raw materials or supplies are needed for business operations. Good quality materials help in sustaining clients.
- Money - Finance is required to meet the expenses and smooth running of the enterprise.
2. External environment
These are the determinants outside the business and have little or no control of the company’s management. The external environment is further divided into two categories as follows.
(a) Micro Environment
Also known as a task environment, this type of external environment comprises the factors outside the company but are directly related to the business.
- Suppliers and market intermediaries
- Company departments
(b) Macro Environment
These include the factors which affect the industry on the whole and are not company-specific.
Importance of Marketing Environment Analysis
Here are 5 compelling reasons why marketing environment analysis is essential:
Vital for Planning
Marketing environment deals with the different components of marketing which assist professionals in strategizing several business activities for better growth. It helps entrepreneurs make better decisions that elevate their reputation and productivity.
In the competitive business world, there are chances that you can lose your customer base. To tackle that, adopt the approach of analyzing a marketing environment that helps you create products as per the customer's preferences. With this, you can maintain a loyal set of customers.
Embrace New Trends
Business is volatile. Its dynamics keep changing and evolving very rapidly. Surviving the ‘blink and you miss’ environment at a fast pace can be possible only when companies tap into the emerging trends. It will help them be consistent and competitive amid the shifting dynamics of the market.
Check On Threats
There are a lot of factors like price variations, customer preferences, market dynamics, etc. that influence a business. The brand has to keep a check on these threats to grow substantially. This is where marketing environment analysis is crucial to the company’s survival.
Grab The Opportunities
With threats come a lot of fruitful opportunities that work for the benefit of the company. The analysis of marketing environments helps manage such opportunities that lead to technological advancement and business growth.
3 Techniques To Analyze Any Marketing Environment
Technique 1 - Examining the environmental influences
The foremost process is to examine the environmental influences. In other words, you can identify the factors that are affecting business productivity and its operations. Also, the ones with which business can get trouble shortly. You can know more about it with the help of our pre-designed template below. It comprises a total of 29 content-ready slides that demonstrate the analysis approach.
You can also utilize our aesthetically pleasing template below to analyze the marketing environment factors that affect a company's ability to work properly. With this topic-specific deck, you can create a captivating picture of the marketing environment’s composition and show it to your employees. This pre-designed template helps you exhibit your marketing insights. So grab this deck and see what it has to offer.
You can gain knowledge about the micro factors influencing a marketing environment with the aid of our ready-to-use template. In this deck of 23 slides, you can portray the threats that are beyond the control of your business. By utilizing this template, you can showcase numerous factors that impact your business. Download the deck to know more.
Technique 2 - Assessing the nature of the marketing environment
A market strategist will assess the nature of the marketing environment and how long it exists. If there is a sign of a static environment, then it proves useful to the business, and if it shows instability, then the demand for analysis can go even stronger. Here is a deck for you that explains how to deal with the crucial factors. Just tap on the template and download it instantly.
Marketing environment is a vast concept but you can gather knowledge related to it with our topic-specific template. This deck comprises a total of 26 slides, each giving valuable information about marketing environment components. There are a lot of high-grade icons in this template with which you can enhance the look of your subject. Grab this deck and introduce the marketing environment framework to your employees.
You can explore the macro factors of a marketing environment with the aid of our template below. This deck is topic-specific and includes other business environment dimensions such as economic, political, legal, social, and technological. Incorporate this template in your presentation and talk about the marketing environment in depth.
Technique 3 - Analyzing the market structure
The third technique is all about analyzing the structure of the market. As a marketer, you need to compare your market share with your competitors. This will let you know your market sustainability. We introduce you to our visually-appealing template that helps you illustrate external influences over your business models. This deck sheds light on product evaluation methods like PESTLE, VRIO, SWOT, 5C, etc.
Marketing environment helps marketers understand the needs and requirements of their customers. You can know more about the concept and components of a marketing environment with the help of our template below. There are a lot of topics in the deck that help you run a successful business. The template is fully editable, so you can tweak the content without any hassle.
Presenting our content-ready template to you that includes the content related to different types of business environment dimensions. The information in this deck is carefully researched and designed appropriately to meet your business needs. So without wasting your time, click on the template and download it in one go.
Be a first-mover, adapt to these techniques and stay ahead in the competition with our templates. For more on the threats and challenges in a business environment, check out our blog here.