Marketing and Micro Environment Essay

Effective marketing incorporates macro and micro-marketing strategies, ground that may not be very familiar to many small craftpeople. They are important concepts, though, that when apply effectively can help to boost advertising results. Even small businesses can learn howand whyto take up the impacts of macro and micro impacts in their planning and strategy. Micro EnvironmentThe micro environment, as the name suggests, is the immediate environment that impacts a business. The micro environment includes considerations related to suppliers, customers and local stakeholders, including local government agencies or regulatory bodies. The micro environment can generally be considered the local environment where the business operates and the business owner is likely to be somewhat aware of the impacts that they are faced with. Macro EnvironmentThe macro-environment includes those things that may impact small businesses but which are outside of their control. It is the larger, extern al environment within which businesses operate from an industry or economic standpoint. Using Strategy EffectivelyIn considering the micro and macro impacts on a business, internal and external factors must be considered. Businesses use a variety of tools in planning to consider these impacts, including the SWOT, which is strengths, weaknesses, opportunities and threats analysis the PEST, which is political, economic, social, technological, and Porters 5-Forces Analysis, which is the threat of new competitors, the level of competition, the threat of substitute products, and the bargaining berth of customers and suppliers.