Discuss Why Micro Is More Important Than Macro to Marketers

question 33

Essay

Discuss why micro is more important than macro to marketers. ANS Many authors, notably Porter, have made a distinction between the very broad forces of the macro marketing environment discussed up to now as political, legal, regulatory, societal, technological, economic/competitive and a set of more company-specific forces often termed the micro marketing environment forces. The distinction is that the broad macro forces have an impact on every organization operating in a particular market, from manufacturers to distributors to customers, and such an impact is largely universally felt by such organizations. The micro forces, on the other hand, are still forces external to the organization and not directly controllable, but often have an organization-specific impact subject to the characteristics and status of the individual business. Organisation, buyers, competitors, publics and distribution channels are examples of the micro-marketing environment. PTS: 2 DIF: Moderate REF: The micro marketing environment 8. What factors influence the willingness to spend?

Understand the role and methods for providing constructive feedback in performance management.

Identify and describe the various methods of performance appraisal and their effectiveness.

Understand the significance of 360-degree feedback in appraisal systems.

Identify reasons and strategies for conducting performance appraisals.

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Definitions:

Current Year Financial Statements

Financial reports such as the balance sheet, income statement, and cash flow statement that reflect the company's financial performance and position for the ongoing fiscal year.

Adjusting Entries

Journal entries made at the end of an accounting period to update account balances before preparing financial statements.