WATERSTONE

Waterstone

[Name of the Institute]Waterstone

Introduction

The processes and factors of doing business have extensively changed ever since the world has ridden on the conveyance rendering fast pace developments and advancements. Almost every researcher and scholar attributes this change in the course of business and trade, and mainly all the factors involved in marketing and business, to the ever changing and constantly fast developing technology, as well as the advent of globalisation. It will not be wrong to infer that with the advent of the latest technology and globalisation, the dynamics of doing business and specially marketing have somewhat, if not entirely has adopted a new dimension. Now besides the contemporary and conventional marketing strategies and approaches, the firms all over the world have taken their marketing processes to the amazing arena of internet.

Environmental Factors Affecting the Marketing

Marketing is one of those vital constituents of almost every business in the world, which cannot exist and function in seclusion. As marketing affects numerous factors, ranging from a customer's perception, proposed strategies, to even the enhancement of the market share. Similarly, it is inevitable that marketing tactics or approaches of organisations will not be affected by external factors, and the environment in which it endeavours to triumph.

The marketing is revered as a tool that plays a pivotal role in enabling the firm maintaining healthy and prosperous relationship with its customers. The environments, which seem to be an integral part of marketing and tactics that are employed in marketing exist in three levels, or belong to three different categories.

Micro Environment

The primary environmental aspect or level, from where the basis of all marketing strategies forms, is the firm's own internal environment. This firm of environment in which the internal forces of the company affect the marketing of the firm is known as Micro environment. The environmental factors which the micro environment constitutes, apart from the firm's possession of specified and pivotal resources, are the internal environment of the organisation itself, encompassing all the vital departments of the firm; public; firm's suppliers; primary and secondary competitors; marketing intermediaries, and most importantly the specified consumer markets (Allen, 2006, pp-136).

Meso Environment

Another aspect of the environmental factors affecting the marketing of the firm is the Meso environment. The Meso environment refers to the environment of the industry in which the firm operates; as well as the market to which the entire industry caters. An important factor of the Meso environment is the market intermediaries. They are revered as the basic components because they play a pivotal role in assisting the form to distribute, sell, as well as promote the firm's goods. These intermediaries exist in various forms. Therefore, for successful marketing, it is highly imperative that the factors affecting the sound environment in which marketing will be employed, shall be thoroughly analysed.

Macro Environment

Most intellects deem the macro environmental factors to be the most significant aspects of the environment affecting the marketing approaches and tactics. The term macro environment refers to all the factors that the society or the region encompasses in which ...