The main factors which could influence the marketing mix are:
- Finance:
The business should consider how much money is to be spent on marketing.
- Needs of the market:
The business should continue to carry out market research as the business grows, as the needs of customers change over time.
- Competitors:
The marketing mix can be used as a response the actions of actions of competitors in the market. This may include introducing a rival product or matching new prices.
- Technology:
The business may change where goods are brought and sold, according to changes in technology. An example of this is the major source of business, the Internet.
- Finance:
The business should consider how much money is to be spent on marketing.
- Needs of the market:
The business should continue to carry out market research as the business grows, as the needs of customers change over time.
- Competitors:
The marketing mix can be used as a response the actions of actions of competitors in the market. This may include introducing a rival product or matching new prices.
- Technology:
The business may change where goods are brought and sold, according to changes in technology. An example of this is the major source of business, the Internet.
COMPONENTS
OF MARKETING MIX
PRODUCT:
Ingredients,
Quality, Design, Features, Color,
Size, Variety, Brand,
Packaging
Customer
education, Services, Warranties,
Replacement & Returns
Customer
Relationship Management
PRICE:
List
price, Discounts, Credit
terms, Payment mode
etc.
PHYSICAL
DISTRIBUTION:
Channels,
Assortments, Coverage, Locations,
Inventory,
Transportation,
Warehousing
PROMOTION:
Advertising,
Personal Selling, Direct Marketing,
Publicity, Sales
Promotions,
Public
Relations
