The marketing environment monitors the present analysis of the business and forecasts the future trends. Most marketing analysts focus on such statistics for better functioning and create such benchmarks for future activity. When focusing on such trends, observation is directed towards such criteria’s
- Controllable and Uncontrollable Variables
- Vision of the marketing structure and monitoring of the different layers.
- Suppliers of products and services
- Competitor Market
- Trade Associations and Unions
The Macro Environment of Marketing include the following:
- Economic environment – (Personal Disposable Income, Inflation Rates, Interest Rates etc)
- Demographic environment- (Population patterns, quantity, age range, ethnicity, concentration of groups and population trends)
- Technological environment- (Key areas of development such as materials electronics, telecommunications and technical reach)
- Political/ Legal environment- (Legislation, governance and political situations in a country)
- Cultural environment- (Values and beliefs held by population or society within scope of demographic)
- Climatic environment- (Scanning events, weather patterns and or climatic factors that can effect the marketing success).
Once all the different macros are considered an environmental analysis is implemented. This analysis is the process of evaluating, interpreting, and sharing of information, statistics across the company channels.