The market environment is also referred to as the business environment. The examination of the market environment explains external factors that alter the business performance and processes. Every business organization considers the market environment before formulating business plans and deciding the execution strategies. The internal environment of the business is a network of functionaries who create, communicate, and deliver the products of a business to the market. The external micro-environment includes small factors, while the macro-environment includes larger societal factors that alter the business operations and performance in the market. The examination and analysis of the market environment help in the effective and efficient functioning of the corporations.
The internal environment of a business comprises the social and physical components within the premises of the business. It includes the departments of production, finance, R&D, and marketing management. When all departments of the business work in synchronization, they can analyze the external market trend and accordingly respond. For example, the R & D department discovers that the customer prefers a large soap size to a small size. Then all the departments should work together to find out the need for raw material, per unit cost of large soaps, how much finance is required, and how would the marketing be done.
A business can manage the internal factors to make the overall production and marketing process seamless. Effective and efficient management can fulfill the demands of the customers by comprehending the demand and supply network.
The micro-environment in a business includes the suppliers, marketing intermediaries, competitors, customers, and the public. It is also called the task environment that includes external factors related to the business. Suppliers provide raw materials and other components that are used by the business for producing final goods. Market intermediaries distribute goods or services. Partners to a business are separate entities, such as, advertising agencies, banks, insurance companies, and transport agencies participating in the overall business process. Customers are the target group for whom the goods and services are produced. Competitors are the rivals who offer similar goods or services to the customers. The public is the prospective customer of the company that could be the potential customer for the business.
The external market factors can be identified and examined through the approach of PESTEL analysis. It stands for political, economic, social, technological, environmental, and legal factors influencing the market.
Political factors – Business policies of a company must be aligned with the land law, and no business rules or policies should defy the legal obligations. Political stability supports the growth of the market and minimizes the risks of uncertainty. It should prioritize the laws related to trade, taxation, labor, and other guidelines before finalizing any business policy and strategy.
Economic factors – The purchasing power and spending behavior of consumers depend on their economic status. In the developed countries, consumers are more aware and willing to pay more for good quality products. While in developing countries, consumers’ purchasing power is much lesser compared to developed countries. The inflation rate, market, per-capita income, economic depression, and per-capita consumption influence market demand and supply.
Socio-cultural factors – The demographic characteristics, culture, and social preferences vary from one place to another. For example, lifestyle, values, education, religious beliefs, and customs significantly impact the market environment.
Technology – The advent of new technologies has made the market more competitive and ever-changing. For example, – DVDs and pen drives were relevant a decade ago, but memory cards have replaced them. E-commerce and social media contribute to the fluctuations of the market. Technology can provide an edge over competitors, analytics of consumption patterns, and forecast the demand.
Environmental factors -The availability of natural resources is very important to produce certain types of goods. Unfortunately, the increase in pollution and urbanization has altered the production of many natural products (edibles). Today, organic foods are being preferred to prevent loss to biodiversity and reduce harmful effects on nature. Thus, companies need to focus on environmental sustainability for long-term growth.
Legal factors -The labor laws, health and safety laws, and other regulations that affect the companies must be considered before finalizing a business plan. In addition, national, and international trade laws, duty exemptions, and subsidy-related issues affect the companies’ sale of products and profit margin to a significant extent.
The macro-environment forms a part of the larger society and influences the businesses’ internal (micro) environment. Therefore, analysis of the macro-environment can help businesses overcome their weaknesses and understand competitors’ strategies and customer demand.
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