This is an area in which commercial dealings are conducted. A market may also be defined as a sum total of all the buyers and sellers in the area or region under consideration.
Importance of marketing
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Helps in transfer ,exchange and movement of goods
- Increase sales, grow businesses and engage customers
- Improves standard of living after selling to the market
Market environment analysis
- Environmental marketing refers to the actors or forces outside marketing that affect the building of the business success
- Two types of environment include
- Micro-environment: Actors close to business
- Macro environment: Large societal forces that affect microenvironment
- Actors in the micro-environment– There are various forces that affect a business enterprise and they include;
- Economic forces
- Demographic forces
- Natural forces
- Technological forces
- Political forces
- Cultural forces
SWOT Analysis
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Designed to understand companies’/business entities’ strength, weakness, opportunity and threat
- Its goal is to match the business strengths to attractive opportunities in the environment, while eliminating / overcoming the weakness and minimizing threats