The term marketing itself refers to a company's activities that devote attention to buying, selling and advertising the product or service; basically, marketing is used to create, keep and satisfy the customers. The CIM defines this term emphasising the importance of marketing environment as follows: “the management process which identifies, anticipates and supplies customer requirements efficiently and profitably” (Online 1).
What exactly is marketing environment and why is it important?
According to P. Kotler, marketing environment includes ‘actors and forces outside of marketing that affect marketing management ability to build and maintain successful relationships with target customers’ (Online 2). Marketing environment consists of different trading forces that are operating in a marketplace. Even though a business has no direct control over a marketplace, it is definitely able to shape the manner in which the business is functioning in order to satisfy i...
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