m8 l1 marketing mix
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NCvPSSmall BusinessTRANSCRIPT
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Factors That Affect the Marketing Mix
External Factors • Elements outside of the business’s
control that affect the marketplace
Internal Factors• Elements within the business that can be
monitored and adjusted by the organization and that affect the marketplace.
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External Factors That Affect the Marketing Mix
1. Customer attitudes
2. Economic conditions
3. Technological advances
4. Political forces
5. Natural forces
6. Competition
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External Factors That Affect the Marketing Mix
• Customer attitudeso Individuals’ feelings or opinions affect everything
from fashion to food, from cars to planes and may change quickly and without warning.
• Economic conditionso Layoffs, unemployment rates, interest rates, and cost
of living affect customer spending.
• Technological advanceso New technology may make a product obsolete or
may help in improving product quality or productivity.
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External Factors That Affect the Marketing Mix
• Political forces o May impact both business decisions and customer
spending.• Government regulations
• National security and international relations
• Consumer trust of the system
• Natural forceso Natural occurrences as simple as a thunderstorm can
impact sales for all different types of businesses.
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External Factors That Affect the Marketing Mix
Competition - Activity among competitors may affect traffic and sales in the business. o For example: Is your biggest competitor currently
implementing a customer appreciation program to motivate customers to shop exclusively at their store?
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Internal Factors That Affect the Marketing Mix
• Company objectives• Company policies• Financial situation
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Internal Factors That Affect the Marketing Mix
• Company Objectiveso Exactly what does the business want to achieve?
o Is the goal to be the market leader or is it to maintain a level of business to assure surviving the first critical years?
o These very different goals will require different marketing mix decisions.
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Internal Factors That Affect the Marketing Mix
• Company policieso Will you offer store credit to your customers?
o Will you provide paid vacation time for employees?
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Internal Factors That Affect the Marketing Mix
• Financial situationo Cash flow patterns should be analyzed
regularly to maintain an organization’s financial stability.
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Marketing Concept
• A business should strive to satisfy customers’ needs and wants while generating a profit.– Customer focused
– Repeat customers = profit
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Marketing ConceptMarketing Concept
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