Marketing is sub-field of business management studies. It is focused on the conceptualization and the presentation of a particular product to the customers. It is the method of telling customers what value your product adds to their lives and why they should buy your product.
Marketing is what makes and breaks the chances of success for a product.
Though, marketing is done with the ultimate goal of selling the product but marketing cannot be called as “selling”. Selling is the process of tricking customers into buying a particular company’s products while through marketing the company introduces its product to the customers and explains how it will be useful for them and why it is better than its competitors.
Biggest Factors That Influence The Marketing Strategies
We can call marketing as the science of promoting a specific product keeping in mind the factors that influence the marketing strategy in either directly or indirectly. There are mainly two types of influencing factors: ones which are controllable and others are environmental influences which cannot be controlled. Some of the main influencing factors are discussed here:
Social factors are described as the change in the thinking, lifestyle, and other personal traits of the individuals and the group which are the part of a society. Such alterations influence the marketing strategy hugely.
The economic patterns have a large and direct effect on the marketing world. If the economic trends change, marketing strategies are also re-analyzed and modified if necessary.
Political nature of an environment casts big impact on the marketing phenomena. The marketing strategies depend on the political conditions of the region.
It influences the marketing field by enforcing various types of laws and regulations. Marketing strategists are bound by these terms.
This is the biggest force that marketing strategists have to face. The higher the competition, the harder it becomes to draw attention of the targeted audience to your product.
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