Summary MNM2602 Essentials of Marketing - Study Notes

MNM 2602
Study Unit 2 - The Marketing Environment

In this study unit pay particular attention to the following:
1. The marketing environment and its influence on the organisation
2. Micro Environmental Variables
3. Market Environmental variables and the influence it has on an organisation
4. The Macro Environmental variables and the influence it has on an organisation

- ALL ORGANISATIONS OPERATES WITHIN AN ENVIRONMENT WHICH INCLUDES INTERNAL AND EXTERNAL FACTORS.
THIS ENVIRONMENT IS DYNAMIC AND CHANGEs ALL THE TIME
- BUSINESS AND SOCIETY INFLUENCE EACH OTHER AND DEPEND ON EACH OTHER FOR THEIR EXISTENCE
- ORGANISATIONS SHOULD MONITOR THE ENVIRONMENT IN WHICH THEY OPERATE CONTINUOUSLY

COMPONENTS OF THE MARKETING ENVIRONMENT
MICRO
ENVIRONMENT



MARKET
ENVIRONMENT



MACRO
ENVIRONMENT




MICRO ENVIRONMENT

Variables in Micro Environment (Table 2.1 p 32)
MICRO
ENVIRONMENT
1. Business Aim

2. Target Market

3. Marketing Objectives

4. Resources Skills + Abilities

5. Marketing Instruments



Variables in Micro Environment:
1. Business Aim
 The mission and strategy explain why business exist
 It is the declaration of the business’ “reason for being”
 When formulating the mission statement consider the following questions
a) Who’s is the customer?
b) What does the customer buy?
c) Where is the customer located?
d) How does the customer buy?
e) How can the customer be reached?
f) What does the customer regards as value for money?
A MISSION STATEMENT SHOULD ALWAYS FOCUS ON THE CUSTOMER