Market Environment Variable

Question: assume you have decided to become your own boss and plan on opening a hardware store in a major town in South Africa (in your assignment choose a specific town). Identify and discuss with the aid of practical examples, how the variables in the market environment can impact on your business.

Introduction

In the dynamic marketing environment for a business to sustain it is necessary to link the business with all the variables in the marketing environment. The variables could have a negative or appositive impact on the operations and the life span of the business. The marketing environment has elements that influence one another, so the environment must be constantly monitored.

The marketing environment in which the company functions can be divided into 3 important systems. I will briefly discuss each system / variable, and I will explain how they can have an impact on my Bucebo Hardware store that will be opened in Durban at Umhlanga rocks, directly opposite the gateway shopping mall.

The variables

Internal environment / Micro environment The micro environment consist of controllable variables which exist within the company. It refers to all the activities that are performed by the different section managers in order to attain the business short and long term goals. The business must have a mission statement which will define the purpose of the company and makes the business objectives clear and realistic. It is of vital importance that management structures works together in achieving our mission. We have the general management, purchasing, human recourses, financial, public, operations and the management. The marketing management is the most important for it is responsible for the decisions related to marketing function, marketing plan, marketing mix decisions. The marketing management of Bucebo hardware store will have the mission statement: Our mission is to efficiently provide and distribute all...