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Dr. C.V. Krishna from Group 9, Mavericks Group, discusses the importance of understanding the marketing environment and law. It is crucial for businesses to analyze internal and external factors, such as strengths, weaknesses, opportunities, and threats, to develop effective marketing strategies. The marketing environment consists of the internal environment (men, money, machine, material, and markets) and the external environment (micro and macro environments). The macro environment includes factors like politics, economics, socio-cultural aspects, technology, and legal considerations. Marketing law, including intellectual property rights and advertising standards, is essential to comply with. Failure to address these environmental and legal issues can lead to company failure. A very good morning, this is from Group 9, Management 1, Mavericks Group, myself Dr. C.V. Krishna. I am going to present about Marketing Environment and Law. It is very important for any business to scan the marketing environment and find out the internal and external strengths, weaknesses, opportunities and threats and then craft strategies for the marketing mix of the company. So the marketing environment comprises of internal environment and external environment. The internal environment consists of the men, money, machine, material and markets and the external environment consists of micro and macro environments. Micro environment is at the firm level and the macro environment is at the country level and the market level like textile environment, political, economical, socio-cultural, technological, legal and economical environments. So the marketing law is very important to understand and abide by and the marketing law mainly consists of intellectual property rights and advertising standards, Council of India, competition acts. So intellectual property rights comprise of trademarks, copyrights, patents, geographical indications, industrial designs and also competition laws like advertising ethics. If the company is not able to identify these environmental issues and legal issues then it will be a big failure for the company. Thank you Igno Strive for the opportunity.
