Reviewing 162 studies from 117 articles, we constructed a framework of meta-analysis and identified 20 constructs. Social media, data-driven marketing, artificial intelligence, machine learning and other trends are disrupting the business landscape. 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. 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. Inflation: Inflation can be defined as the rise in the prices of various items over a period of time. It is one of the most important elements endobj If your product is satisfying the needs of the consumers at reasonable prices, it will sell. Design the right marketing mix i.e. Such as, for … Let us do your homework! T – Technological 5. Among these, 13 are antecedents that can be grouped into … L – LegalLets look at each of these macro-environmental factors in turn.All the external environmental factors (PESTEL factors) There are man y factors which affect price in inte rnational markets. 4 0 obj 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. E – Economic 3. P – Political 2. Pricing is considered as part of 4Ps of marketing mix. E – Environmental 6. Technological advances are a strong economy marketing factor that organizations can't afford to ignore. Marketing mix means product, price, promotion, and place. Nature of Product: The different type of product requires different promotional tools. There are different aims of marketing; to increase awareness of the product or service, to increase market share, to research customer needs, to communicate with different customers and to solve any problems which involves affecting the process of marketing. McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in marketing (Bitner, M.J, 1991). Product Strategy Product strategy involves making decisions about product quality, features, brand name, type and size of packaging, customer service, and warranties. stream Product A rise in the prices of goods is directly proportional to the input prices for producing the goods and services. The probable factors can be classified into four groups- Product, price, promotion and place. marketing communication mix “The term "marketing mix" was first coined by Neil Borden, the president of the American Marketing Association in 1953. Factors affecting the Marketing Mix. The marketing mix allows a marketer to better relate to the identified target market; based on the characteristics of the target market, the marketer will “build” the <> Target market – The size of the target market and the reach of media in different parts of the target … <>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 13 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> <>>> These factors that affect pricing are discussed below- 1) Marketing Mix – Management can easily do variations to the price component of the marketing mix element. Professional writers in all subject areas are available and will meet your assignment deadline. Some factors are internal to organisation and, hence, controllable while other factors are external or environmental and are uncontrollable. Some marketing experts view price is the only dominant factor in the mix because a slight change in price can affect the promotion and distribution of the product at different places. It is still used today to make important decisions that lead to the execution of a marketing plan”ii. Results and Discussions Marketing mix in e-commerce. What is in control of a manager is the marketing mix. Ten factors are distributed over a mix of marketing tools (Table 2). 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. It most commonly refers to the 4Ps of marketing─product, price, promotion and place. They are also called as controllable factors, because the company has control over these factors :… The largest single critical factor determining the company’s sales growth is the product itself. Many studies have been conducted on the relationship of marketing mix and selecting a hospital by patients in Iran. 4 0 obj <> 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 A marketing manager should identify and study the relevant factors affecting the pricing. �%�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�>,� <> <>>> <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Demographic factors include structure of the population, division according to sex, age group, income group, material status, and profession, etc. As in any domestic market, pricing is central in international market. Various factors affecting marketing function. Market Factors (or External factors) These are those factors which are uncontrollable by the marketing management of the business enterprise. However, there has not yet been an integrated empirical study. element of marketing mix, which can be changed quicker than other elements of marketing mix. %PDF-1.5 2 0 obj %���� So the product strategy for 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. �O��䤪Q������A�����Ão�UF�t�MIY�>f���:��# This study attempts to analyze marketing mix factors influencing the purchase decision. %PDF-1.5 This paper examined the basic factors that affect price in any market and the factors that influence channel structures and strategies, as well as the debate over standardisation and localisation of international advertising. ~O�+x]��h��Tc���G�� @#�I�j�D!�y��-ۢ�m���k����nU-�K�v��p_�������|ь-����!&����j������E� ����y�5��.� � The term marketing mix became popular when Neil H. Borden published his article on “The concept of Marketing Mix” in 1964. Factors Affecting Pricing As noted, the main reason for entering different markets is to increase the income and profitability. The objective of this study was to investigate factors in service marketing mix(7Ps) affecting customers’ decisions when choosing a beauty salon. Molson Canadian Beer looks, smells, tastes, and feels just like any other beer. The environmental factors that are affecting marketing function can be classified into : 1) Internal environment and 2) External environment Internal Environment of Marketing : This refers to factors existing within a marketing firm. S – Social 4. SWOT analysis of Romanian naval industry It provides clues as regards their age, sex, income, and capacity to incur … 1 0 obj Marketing mix is the ... are also important factors in influencing the buying decision of the consumer. \�����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��. The social factors that can affect the marketing environment are demographics of a particular area, the age distribution in the area, the lifestyle attitude, the major religion, the form of government. The model is developed using the method of expert assessment (20 experts were interviewed in the field of domestic e-commerce). Profitability: Every business unit tries to maximize its profits. endobj It helps to develop an understanding of prospective consumers and market potential of a product and facilities market segmentation. Modern ... price, promotion and quality factors are affecting the profitability of the company and assess the importance of WOM in marketing strategies. <> Check the Price Hire a Writer Get Help Economic Trends Domestic and International Trade Competitive Influence Market Structure Competitive Strategy Competitive Position Social… These four factors can be controlled by a business to a certain extent. ADVERTISEMENTS: An enormous number of factors affect pricing decisions. 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. marketing mix is related to three different variables for example people, process and physical evidence. 2 0 obj UJ*Y�z"�P��? 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). 1. Economic Influence Can We Help with Your Assignment? key elements of the marketing mix, which is based on the "importance - execution" model. %���� endobj 1 0 obj Technological factors are also macro environment factors. ,���*]óU6i`�J�����ÃsX�6���E�/�-�9��0s(4~�WA�װRr�Mh��� ��K�u7�x�� Gj��&�1�a�G � �d� One of the key elements of a product, which enters in to a new market, is its price. The term marketing mix was first coined by James Culliton and was described as 4P`s by Professor Jerome McCarthy. In its three decades of development, many constructs of cause-related marketing have been tested from different perspectives and in varied contexts. marketing mix components [2, 8]. Free proofreading and copy-editing included. Communication (IMC) is one of the marketing communication tools used to achieve a competitive advantage. 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. Technological. endobj It makes certain changes in its product … There are various economic factors that affect marketing such as inflation, interest rates, exchange rates, recession and taxes. The factors that affect marketing mix can be classified into two parts: Market Factors (or External factors) and Marketing factors (or Internal factors). Since then the terms ‘marketing mix’ and ‘4P`s’ have been used synonymously. x���r�6��U�>�[E�@�R��=�d��v��>L��cm1%{�_�ݸA2��3e�$��Fߠ�'�ۻ��|�����d���oWɷ��z����e��~��ܭfۻ���89}s��^L/HBʼ�����I Thus, the co mpany’s 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. The study of demographic factors is of vital importance for marketers. ?~���G��^>_. Price is one of the key elements of the marketing mix. endobj @inproceedings{2015THEIO, title={THE IMPACT OF CUSTOMER RELATIONSHIP MARKETING ON CUSTOMER SATISFACTION: (The case of Commercial Bank of Ethiopia) BY MEZGEBU SHUME ATRIF}, author={}, year={2015} } figure 1.1 table 3.1 table 3.2 table … The marketing mix is characterised by four … endobj The data were analyzed in terms 3. 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�~� For example, a study in Isfahan, Iran (2001), found the most and the least important factors in selecting a private hos … 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. 3 0 obj 3 0 obj number of factors which affect sales and relationships that are not in the control of a company. stream They have the power to shape customer behavior and buying preferences while creating new market opportunities. 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