factors affecting marketing mix pdf

E – Environmental 6. Technological. marketing mix components [2, 8]. It most commonly refers to the 4Ps of marketing─product, price, promotion and place. Many studies have been conducted on the relationship of marketing mix and selecting a hospital by patients in Iran. There are man y factors which affect price in inte rnational markets. Product Strategy Product strategy involves making decisions about product quality, features, brand name, type and size of packaging, customer service, and warranties. endobj %PDF-1.5 P – Political 2. 1 0 obj 4 0 obj 2 0 obj 2 0 obj The data were analyzed in terms The study of demographic factors is of vital importance for marketers. The other elements, product, promotion, and place (distribution channels) are not easy to change as it takes a considerable time, effort, and coordination to make changes to them. ADVERTISEMENTS: An enormous number of factors affect pricing decisions. SWOT analysis of Romanian naval industry �%�Җ��NC�m�E"M�bW��N�U^�z��R��nNJ$��p�K6�0H��k�X��5yE¥b{F�:�de^uA��Yd��*�b�e�)�@^�E�.��$/E�#[�ua��#o�m��P[��i^7!.�mrR��I��h��7T��4�:��c��sFi*I\��,b�X��vVPi�>,� Demographic factors include structure of the population, division according to sex, age group, income group, material status, and profession, etc. If your product is satisfying the needs of the consumers at reasonable prices, it will sell. Molson Canadian Beer looks, smells, tastes, and feels just like any other beer. %PDF-1.5 The factors that affect marketing mix can be classified into two parts: Market Factors (or External factors) and Marketing factors (or Internal factors). Reviewing 162 studies from 117 articles, we constructed a framework of meta-analysis and identified 20 constructs. stream The company needs to be mindful of maintaining its quality and adding or modifying the functions and utilities according to the changing technologyand varying tastes and preferences of the consumers. The term marketing mix became popular when Neil H. Borden published his article on “The concept of Marketing Mix” in 1964. endobj It provides clues as regards their age, sex, income, and capacity to incur … x��=m��=��O��[/��%��ω��S�v�g&��y�N��H:Ǟy~��/K��^�s;�I+ A @���.�o�y��p�.��_��ϓ7�n�'��;�o�O�.ο}�8��ѓl�XQ�ś�Ǐآ��E͋��E]��lo�?~T.��/�IG�vW��>�偺�{��}L?��\��^��x��G��8K�`m��O�/@Q��a�!M[��+��?.8��&�q^��d۪�U�V"��?a�7��x��)�Y��T�V��W�~O�h^R�8�E+��U��(�¶I�B��mi�_��_��(UH6��\�эBt��y�K�A�j�~� Economic Influence Can We Help with Your Assignment? They have the power to shape customer behavior and buying preferences while creating new market opportunities. Since then the terms ‘marketing mix’ and ‘4P`s’ have been used synonymously. A rise in the prices of goods is directly proportional to the input prices for producing the goods and services. McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in marketing (Bitner, M.J, 1991). stream In other words, a firm is surrounded by internal and external force which have a great effect on firm’s ability to maintain lasting relations with target customers. The model is developed using the method of expert assessment (20 experts were interviewed in the field of domestic e-commerce). Social media, data-driven marketing, artificial intelligence, machine learning and other trends are disrupting the business landscape. ?~��G��^>_. Marketing Mix refers to the set of controllable factors that a firm can use to influence the buyer’s response within a given marketing environment. �O��䤪Q��A��Ão�UF�t�MIY�>f��:��# It makes certain changes in its product … element of marketing mix, which can be changed quicker than other elements of marketing mix. It is one of the most important elements It is still used today to make important decisions that lead to the execution of a marketing plan”ii. endobj x��r�6��U�>�[E�@�R��=�d��v��>L��cm1%{�_�ݸA2��3e�$��Fߠ�'�ۻ��|��d��oWɷ��z��e��~��ܭfۻ��89}s��^L/HBʼ��I Marketing Mix Strategy Kotler (2003) identified the marketing mix is the set of selling tools for helping companies to aim the target customers in marketing. In general terms, marketing mix is a variety of different factors that can influence a consumer’s decision to purchase a product or use a service. Professional writers in all subject areas are available and will meet your assignment deadline. The purposes of this study are 1) to identify the most effective Integrated Marketing Communication (IMC) tools in the banking service and 2) to investigate the factors that influence customers to make use the service provided by bank customer 11.3 Factors Influencing the Promotion Mix, Communication Process, and Message Problems A marketing manager from one company might decide to focus on social media, whereas a marketing manager from another company might decide to focus her company’s efforts on television commercials. endobj Modern ... price, promotion and quality factors are affecting the profitability of the company and assess the importance of WOM in marketing strategies. 4 0 obj Pricing is considered as part of 4Ps of marketing mix. %�� Free proofreading and copy-editing included. Nature of Product: The different type of product requires different promotional tools. 3 0 obj L – LegalLets look at each of these macro-environmental factors in turn.All the external environmental factors (PESTEL factors) %�� These are the factors which marketing strategies are centered on. Target market – The size of the target market and the reach of media in different parts of the target … ~O�+x]��h��Tc��G�� @#�I�j�D!�y��-ۢ�m��k��nU-�K�v��p_��|ь-��!&��j��E� ��y�5��.� � Price is one of the key elements of the marketing mix. 3 0 obj What is in control of a manager is the marketing mix. Such as, for … Design the right marketing mix i.e. <>>> <>>> 3. Profitability: Every business unit tries to maximize its profits. The original marketing mix, or 4 Ps, as originally proposed by marketer and academic E. Jerome McCarthy, provides a framework for marketing decision-making (Needham, Dave, 1996). Factors affecting the Marketing Mix. Management & Marketing 104 Beside these 4 factors, there are others, including political and macroeconomic factor, from which, the most important once are the market price, the trade rate, demand and competition. <> They are also called as controllable factors, because the company has control over these factors :… 1. Inflation: Inflation can be defined as the rise in the prices of various items over a period of time. <> Some factors are internal to organisation and, hence, controllable while other factors are external or environmental and are uncontrollable. The probable factors can be classified into four groups- Product, price, promotion and place. These four factors can be controlled by a business to a certain extent. The participants in this study were 140 customers who have received beauty services at the selected beauty salon in Maa Boon Krong Center (MBK) in April 2012. marketing mix is related to three different variables for example people, process and physical evidence. S – Social 4. Check the Price Hire a Writer Get Help Economic Trends Domestic and International Trade Competitive Influence Market Structure Competitive Strategy Competitive Position Social… \��L`��!1�伌/��8K�x��n��^��׬��"�y��`^V�t��B:��Y��|��6ʴ�WWp�HW��+|�O�У6U;��Z�ˑ�l�B�$�Pp�k�_�N-�E#�O�P�PP��ώ��. <> number of factors which affect sales and relationships that are not in the control of a company. <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>