Marketing Planning
The marketing environment refers to all of the factors that determine a firm’s marketing decision-making and planning. All of the research done by marketing professionals has to do with the marketing environment. A firm’s marketing environment consists of two areas:
Macro Environment
The macro environment holds very little control over the total marketing environment. It focuses on the external factors that may manifest as large-scale issues. One way to assess a firm’s macro environment is via PESTLE. The acronym stands for what we call a Political, Economic, Social, Technological, Legal, Ecological analysis. Macro Environment issues of concern include politics, culture and climate, social trends and attitudes, and the impact of technology on society.
Micro Environment
The firm has a greater degree of control over the micro environment. The micro environment is made up of factors directly related to the firm. A firm’s micro environment usually includes:
- Customers/Consumers
- Employees
- Suppliers
- The Media
Marketing Planning
Marketing planning involves developing a plan for a firm’s marketing activities. This plan can pertain to a specific product, or reflect the overall strategy of the marketing firm. The business strategy usually determines the marketing planning for a particular firm. Most marketing activities are included in the marketing planning process.Marketing Mix
Marketing involves many aspects of promotion. The marketing mix refers to a theory that divides marketing into four parts. The four divisions of the marketing mix are as follows:- Product
- Price
- Place
- Promotion