Abstract

MICRO ENVIRONMENT

Shivam Dubey*, Devashish Jena, Vishal Agrahari, Sandip Kumar

Abstract

Marketing operates in a dynamic environment that impacts strategic decisions and results. The micro environment, specifically, is the forces close to a firm that have a direct impact on its ability to serve customers. They are the firm itself, suppliers, marketing intermediaries, competitors, customers, and the public. This review talks about the key role played by the micro environment in setting marketing strategies, with a focus on its elements, issues, and implications for contemporary marketers. Micro environment in marketing refers to the forces and factors that directly act and are nearest influencing company to reach its customers and achieve its marketing objectives. These include the internal factors like the company itself, and external groups such as suppliers, marketing intermediaries, customers, competitors, and various publics. Unlike the macro environment, where larger societal forces are operating, the micro environment is closer manageable and has a direct impact on day-to-day operations and strategic planning. It is important to understand the micro environment so that effective marketing strategies can be devised, competitive pressures can be dealt with, customer relationships can be managed, and trends changing in the business world can be interpreted. This article highlights the significance of each component of the micro environment and points to its key role in determining a company's success in marketing.

Keywords: Introduction, Key component, Marketing Strategy, Interplay of Micro Environment, Case Studies.