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Importance Of Macro Environment In Marketing

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1. Why is Marketing important?

Let me define first Marketing. According to the father of modern Marketing, Mr. Philip Kotler, Marketing is the “science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies size of the identified market and the profit potential. It pinpoints which segments the company is capable and serving best and it designs and promotes the appropriate product and services.”

Basically, Marketing is important in every business. Marketing comes with promotion, researches, and selling of good/products or services to your costumers, or we call them the “target market.”

The ultimate …show more content…

Discuss the role of Analyzing Macro environment in formulating marketing strategies and cite examples of significant trends in today’s macro environment for the service industry.

I think Macro Environment Analysis is all about forecasting possible trends base on current situation in the environment. It also talks about the opportunities and threats that may affect industries.

4. What are customer value, satisfaction and loyalty and how can companies in the retail industry deliver …show more content…

For example, giving a low price in a certain product, but a good quality and receiving in what is desire. Or receiving on what you pay, and expecting on what you will get.

Customer satisfaction, means the customer feels happy in receiving the item or service he/she wanted. For example, a girl really wanted an ice cream that tasted not very sweet, and he found it out in a specific ice cream parlor. And because of the good service and good product, the customer keeps on coming back. That what customer satisfaction means.

Customer loyalty means, aside from the customer keeps on coming back. The customer still want in a certain product of a company even there are lots of entrant products.

5. Explain the differences between the consumer and business (industrial) market in terms of buying behavior. Cite specific example.

In the customer market, the customer buy on what he or she needs and want for themselves. Not engage in selling and has no intention of gaining profits. He or she buys for his or her personal use.

While in Business market, it has the intention in gaining profit. He or she buys products not because for his or her personal use. Like from the other business, to gain

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