ceases to amaze me why so many businesses fail to take the time to look at the macro and the micro environments when completing their business plans and strategies. These external forces will play a big part in shaping the final outcome of the ultimate corporate achievement. Yet, most managers focus only on internal factors and it is fair to say that sales growth and profits remain high on their agenda. The macro environment tends to have a long term impact and requires extensive research. Couple this
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for any other business, it is a process with lots of complexity. Several steps are involved such as identifying, the objectives, analyzing the market, organization and products or services overview, SWOT analysis, analyzing the customers and their needs, analyzing the environment, macro and micro-environmental factors, marketing goals and strategies, financial goals, marketing mix , monitor and control implementation as well as the contingency plan. In any market planning process the entire
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marketing environment, and how each could affect a business *Describe a SWOT analysis and its components *Outline several common metrics and why they are used *(Ch 3) Discuss the 2 different types of data, and 2 main research approaches Slide 3 Marketing MIX: 4ps product price place promotion Slide 4 Lots of competitors are coming in for Facebbok Need to use SWOT analysis in our plan Slide 5 1. Macro-Environment 2. Micro-Environment Slide7 Macro-Environment Include
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PRINCIPLES OF MARKETING NOTES BST 2220 LECTURER: MS CHEGE PRINCIPLES OF MARKETING Marketing is a discipline that identifies customer needs and wants, determines which target markets the organization can serve best and designs appropriate products, services and program to serve these markets. It is a philosophy that guides the entire organization. Marketing aims to create customer-satisfaction profitably through a constant relationship with the target customers and timely production of products
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A PESTEL analysis is a framework or tool used by marketers to analyze and monitor the macro-environmental (external marketing environment) factors that have an impact on an organization. The result of which is used to identify threats and weaknesses which is used in a SWOT analysis. PESTLE analysis is in effect an audit of an organization's environmental influences with the purpose of using this information to guide strategic decision-making. The assumption is that if the organization is able to
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telephony, ISDN, broadband access, professional mobile radio, voice over IP, wireless LAN and a line of satellite receivers. Nokia provides mobile communication equipment for every major market and protocol, including GSM, CDMA, and WCDMA. SWOT Analysis of the Company: Nokia Strengths: - Nokia has largest network of distribution and selling as compared to other mobile phone company in the world. It is backed with the high quality and professional team in the HRD Dept. The financial aspect is very
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irMICRO ENVIRONMENTAL FACTORS AFFECTING BUSINESS Micro environment factors, are factors close to a business that have a direct impact on its business operations and success. Before deciding corporate strategy businesses should carry out a full analysis of their micro environment. The following are the micro factors affecting business- Customers As all businesses need customers, they should be Centred (Orientated) around customers. The firm's marketing plan should aim to attract and retain customers
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The market, its definition A market consists of all the consumers who purchase a particular type of good or service. The market may be sub-divided into separate segments each of which can be considered to be a separate market in its own right. It is very important for a business to be able to define its market [1]: 1. So that it can estimate the size of the market 2. So that it can forecast the growth of the market 3. To identify the competitors in the market 4. To break the market down
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Marketing Audit A Marketing Audit is a comprehensive, systematic, periodic and independent examination of a company’s or business unit’s marketing environment, objectives, strategies and activities with a view to determine problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance. The purpose of a Marketing audit is to identify whether there are any working practices that could be more effective. There are essentially
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1.0 Micro and Macro Analysis Micro Analysis: Micro Analysis is individual study of the factors affecting firms in a specific sector or industry. Micro factors include competition, suppliers, customers, labor and competition. The effect of changes in these factors on the individual decision makers, how their choices are coordinated by markets, and how prices and demand are determined in individual Macro Analysis: Macro Analysis is the study of the behavior of the individual firms or markets. through
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