microenvironment

Dictionary of Marketing Terms for: microenvironment
microenvironment

elements close to a company that impact the company’s ability to serve its customers. There are six components of the microenvironment: the company’s internal environment, composed of the management personnel and including the finance, purchasing, manufacturing, research and development, and marketing departments; the company’s suppliers, who provide the goods and services necessary for the production of the company’s products; the marketing intermediaries, composed of all the individuals or companies who help in the promotion, selling, and distribution of the company’s products; the customers, consisting of the five types of markets in which the company may sell its products (consumer, industrial, reseller, government, and international markets); the company’s competitors; and the company’s various publics, which can be any individual or group that can affect the company’s ability to achieve its objectives, such as citizen action groups, the media, or the government.

Copyright (c) by Barron's Educational Series. Reprinted by arrangement with the publisher of this site.