ECONOMIC: The performance of the economy is a major factor in a successful marketing strategy in an economic sense, the key market influence is consumer income, along with this buying power. Management needs accurate predictions of society’s future economic behavior to help them formulate strategies in accordance with that behavior.
ï† POLITICAL AND LEGAL: to some extent, a company is being influenced by the political – legal frame work and processes in our society. This is simply the impact of government agencies legislation of federal. State and local Government level exercise more influence on the marketing activities of a firm than on any other major area of its operation e.g. regulatory measures affecting pricing of essential commodities.
ï† Competition environment: An important step on the part of management is to consider the number, power and strategies of rivals in forming and revising a company’s marketing strategy. Business survival and profit are in no way guaranteed in our economic system.
ï† Technology environment: This is the way things are done; the methods and materials used to achieve commercial and industrial objectives. It is usually the out growth of scientific discoveries; it’s a major environmental influence on marketing because it has such an effect on consumers life styles and consumption patterns changes in inventions in other may over power or make serious in road on the degree of control enjoyed by certain companies.
ï† Cultural environment: The cultural background of an environment must be properly understand by the manufacturer before embarking on production of any goods.
Although, the factors are numerous numbers, their level of influence depends on the nature of the business activities engaged in by the company.
CONTROLLABLE ENVIRONMENT
Keeping the marketing concept in mind, management seeks to develop a system of marketing activities which will maximize both the response of potential customers and the profitability of the firm. To reach these goals management has at his disposal, the controllable forces. It also the starting points of all marketing activities it entails identifications of customers needs and wants and providing handle of activities to satisfy them. The tasks of marketers include products assortment design, quality control, brand, packaging product addition modifications and deletions.
Price: This is the means whereby it obtain after return for its labour, replenishes and increases it wealth etc. includes setting base prices, middlemen margin, allowances discount freight payment etc.
Place: These prelude company’s activities that makes the product available to the target consumers it activities include selecting and maintaining middlemen through whom the product will reach, the right, at the right time. It also includes physical handling transfers and channel management.
Promotion: These mean all activities that communicate the product or service and its merits of target customers and persuade them to buy. It following the (AIDA) process which is an acronym for awareness, interest desire and action, it so achieve it objectives. Some of activities are as follows advertising, personal selling, publicity, sales promotion, public relations.
Product: This is the starting points of all marketing activities, it entails identification of customers needs and wants and providing handle of activities to satisfy them. The task of marketers includes product assortments design, quality control, branding, packaging product addition modifications and deletions.
The ability of the marketing manager to effectively blend the activities of its organization to synchronies and harmonize the 4pm used by Mccarty will place the company in a good stead over its competitors and help in determine the best promotional to be adopted it a particular time.