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Impact of macro environment on marketing decisions for Marketing Management Mcom sem 2 Delhi University

Impact of macro environment on marketing decisions for Marketing Management Mcom sem 2 Delhi University

Impact of macro environment on marketing decisions for Marketing Management MCOM sem 2 Delhi University

Market environment

The business environment is a marketing term and refers to factors and forces that affect a firm’s ability to build and maintain successful customer relationships. The three levels of the environment are:

  • Micro (internal) environment – small forces within the company that affect its ability to serve its customers.
  • Meso environment – the industry in which a company operates and the industry’s market(s).
  • Macro (national) environment – larger societal forces that affect the microenvironment.

Impact of macro environment on marketing decisions for Marketing Management MCOM sem 2 Delhi University

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Macro Environment Factors

  • Social and cultural forces: The impact the products and services your organisations brings to market have on society must be considered. Any elements of the production process or any products/services that are harmful to society should be eliminated to show your organisation is taking social responsibility. A recent example of this is the environment and how many sectors are being forced to review their products and services in order to become more environmentally friendly.
  • Demographic forces: Different market segments are typically impacted by common demographic forces, including country/region; age; ethnicity; education level; household lifestyle; cultural characteristics and movements.
  • Natural/physical forces: The Earth’s renewal of its natural resources such as forests, agricultural products, marine products, etc must be taken into account. There are also the natural non-renewable resources such as oil, coal, minerals, etc that may also impact the organisation’s production.
  • Technological factors: The skills and knowledge applied to the production, and the technology and materials needed for production of products and services can also impact the smooth running of the business and must be considered.
  • Economic factors: The economic environment can impact both the organisation’s production and the consumer’s decision making process.
  • Political and legal forces: Sound marketing decisions should always take into account political and/or legal developments relating to the organisation and its markets.

Micro and macro environments have a significant impact on the success of marketing campaigns, and therefore the factors of these environments should be considered in-depth during the decision making process of a strategic marketer. Considering these factors will improve the success of your organisation’s marketing campaign and the reputation of the brand in the long term.

Impact of macro environment on marketing decisions for Marketing Management Mcom sem 2 Delhi University

Mcom 2nd sem syllabus:- Marketing Management

  1. Introduction : Traditional view of marketing; Evolution of marketing concept; Modern concept of marketing; Marketing functions and role; Marketing management process- a strategic perspective.
  2. Marketing Environment: Significance of scanning marketing environment; Economic, demographic, socio-cultural, technical, political and legal environment of marketing in India.
  3. Buyer behavior– Consumer vs. business buying behaviour; Consumer buying decision process and influences; Industrial buying process.
  4. Market Segmentation, Targeting and Positioning: Bases and procedure for segmenting a consumer market; Criteria for effective market segmentation; Target market selection and strategies; Positioning – concept, bases and process.
  5. Product Decision: Product concept and classification; Major product decisions; New product development; Consumer adoption and innovation diffusion, Product life cycle – concept and appropriate strategies to be adopted at different stages.
  6. Pricing Decisions: Objectives of pricing; Factors affecting price of a product; Procedure for setting price; Pricing policies and strategies.
  7. Distribution Decisions: Channels of distribution – concept and importance; Different types of distributions, middlemen and their functions; Channel management, Selection, motivation and performance appraisal of distribution middlemen; Retailing and wholesaling – Developments and Indian perspective; Distribution logistics – concept, importance and major logistics decisions.
  8. Promotion Decisions: Meaning and importance of promotion; Communication process; Promotion tools- their effectiveness; Determining optimal promotion mix; Developing and implementing a promotional campaign; Promoting through internet; Promotion scene in India.
  9. Marketing Planning, Organizing and Control: Marketing planning process; Different ways of organizing the marketing department; Sales, cost and profit analysis.
  10. Social, Ethical and Legal Aspects of Marketing; Consumer Protection in India; Services marketing, rural marketing, direct marketing, internet marketing and other marketing developments – Issues, salient features and their applications in India.

Impact of macro environment on marketing decisions for Marketing Management Mcom sem 2 Delhi University

Recommended Mcom Notes

M. Com. (Part-I)

M. Com. (Part-II)

Impact of macro environment on marketing decisions for Marketing Management Mcom sem 2 Delhi University

Marketing management is the organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm’s marketing resources and activities.

Structure

Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates. These include Porter’s five forces, analysis of strategic groups of competitors, value chain analysis and others. Depending on the industry, the regulatory context may also be important to examine in detail.

In competitor analysis, marketers build detailed profiles of each competitor in the market, focusing on their relative competitive strengths and weaknesses using SWOT analysis. Marketing managers will examine each competitor’s cost structure, sources of profits, resources and competencies, competitive positioning and product differentiation, degree of vertical integration, historical responses to industry developments, and other factors.

Marketing management often conduct market research and marketing research to perform marketing analysis. Marketers employ a variety of techniques to conduct market research, but some of the more common include:

  • Qualitative marketing research, such as focus groups and various types of interviews
  • Quantitative marketing research, such as statistical surveys
  • Experimental techniques such as test markets
  • Observational techniques such as ethnographic (on-site) observation

Marketing managers may also design and oversee various environmental scanning and competitive intelligence processes to help identify trends and inform the company’s marketing analysis.

  • Microenvironment (business), nearby factors that affect a company’s ability to serve its customers, such as the company itself, suppliers, marketing intermediaries, customer markets and the public

Market environment

The business environment is a marketing term and refers to factors and forces that affect a firm’s ability to build and maintain successful customer relationships. The three levels of the environment are:

  • Micro (internal) environment – small forces within the company that affect its ability to serve its customers.
  • Meso environment – the industry in which a company operates and the industry’s market(s).
  • Macro (national) environment – larger societal forces that affect the micro environment.

Impact of macro environment on marketing decisions for Marketing Management Mcom sem 2 Delhi University

Recommended read:

Part A Firm and Market for Managerial Economics Mcom Delhi University
Unit I Demand and The Firm for Managerial Economics Mcom Delhi University

Impact of macro environment on marketing decisions for Marketing Management MCOM sem 2 Delhi University

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