Global Marketing Environment
Whole marketing revolved around building and sustaining profitable relationships with customers. For the purpose of making profitable marketing relationship it is very essential for marketers and marketing students to understand Global Marketing Environment which actually surrounds all these marketing relationships.
The global marketing environment is changing very rapidly on the face of globe and competition among different companies increasing with every successive day. So, all successful companies know the vital importance of constantly watching changing global business environment. New changes are actually opportunities for marketers but marketers should be updated with them only then they can direct and utilize them according to company’s marketing strategy in company benefit. This is the era of survival of the fittest if a company will not adopt the modern changes of global marketing environment that company will soon loose sales and move towards decline.
Business Week is an international journal related with business and industry. A recent report of Business Week shows that Asian companies are in a strong rivalry (competition) with U.S. and European companies in a range of industries. Toyota will soon beat General Motors as the largest auto manufacturer. And this is also confirmed that market cap of several Indian service companies are now approaching the size of General Motors. In a most recent survey, Business Week explained the ways that most successful companies (market leaders) are adapting and staying ahead of the competition. Now all successful and growing companies need to successful marketing strategy and adapt all changes (new trends) in marketing environment in order for their rapid growth and smooth business activities. The “global business environment” consists of four distinct elements
- National business environments
- The international business environment, and
- International firm management
Definition & Types of Marketing Environment
Global marketing environment can simply be defined as “All the factors and forces inside or outside an organization or company which affects the marketing strategy to build and maintain successful relationships with targeted customers”. Here I would like to further brief you with two types of marketing environmental affecting marketing strategies and overall business decision making.
The microenvironment consists of very close factors of a company that affects company ability to serve customers. These include the company itself, its suppliers, marketing intermediaries, customer markets, competitors and different types of publics which affect a company. So for the purpose of profitable relationships a company needs to build relationship with other company departments, suppliers, marketing intermediaries, customers, competitors and various publics. These all factors combine to make the company’s value delivery network.
Macroenvironment includes all large societal forces that affect the micro-environmental forces like demographic, economic, technological, political and cultural forces. These are also called outside organizational factors affect marketing strategy and have great impact on an organizational ability to serve its potential customers. These forces also have great influences on microenvironment as well.
Summing up all together, every company must focus on both micro and macro environmental forces in order build successful marketing strategy for rapid growth and to achieve predefined organizational goals. This can only be met when an organization have thorough knowledge of global marketing environment.