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 â€“ 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 â€“ 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, consumersâ€™ 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 â€“ 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 â€“ The advent of new technologies has made the market more competitive and ever-changing. For example, â€“ 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 companiesâ€™ sale of products and profit margin to a significant extent.
The macro-environment forms a part of the larger society and influences the businessesâ€™ internal (micro) environment. Therefore, analysis of the macro-environment can help businesses overcome their weaknesses and understand competitorsâ€™ strategies and customer demand.
Get Professional Assignment Help Cheaply
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Why Choose Our Academic Writing Service?
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
Online Academic Help With Different Subjects
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
What discipline/subjects do you deal in?
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Are your writers competent enough to handle my paper?
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
What if I don’t like the paper?
There is a very low likelihood that you won’t like the paper.
- When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
- We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.
In the event that you don’t like your paper:
- The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
- We will have a different writer write the paper from scratch.
- Last resort, if the above does not work, we will refund your money.
Will the professor find out I didn’t write the paper myself?
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
What if the paper is plagiarized?
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
When will I get my paper?
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
Will anyone find out that I used your services?
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
How our Assignment Help Service Works
1. Place an order
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!