Essentials of Marketing

4 The Marketing Environment

DOI: 10.4324/9781003170891-6

LEARNING OBJECTIVES

• ‣ To understand the importance of the marketing environment and the relevance of environmental scanning in understanding their effects on target markets
• ‣ To understand the role of the micro environment in an environmental scan and each element associated with the micro environment
• ‣ To know how to conduct an external environmental scan (PESTEL analysis) and each element associated with the macro environment
• ‣ To know how marketers respond to changes in the micro and macro environment

Introduction

The marketing environment consists of factors that are both internal and external to an organisation that impact its ability to build relationships with its customers ...