The Marketing Scene

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The response addresses the queries posted in 1527 Words with references.

// Marketing strategies are implemented by a company to know their potential customers about the product they are selling and prepare their mindset to buy their product. In order to develop effective marketing plan, the factors affecting the marketing strategies will be discussed below.//

Introduction

Marketing is the most valuable aspect for a company to operate its business. With the introduction of a product in the market, the first and foremost thing that the business starts with is marketing that product. Marketing helps to promote the product in the market, as well as, persuades the sales of the product within the customers. An organization incorporates various marketing strategies to promote or spread the awareness of the product in the market. An effective marketing not only makes customers aware of the availability and usefulness of the product, but also helps in maintaining the reputation of the company along with increasing the revenues and sales of the company. The competition prevailing in the marketplace is the most significant aspect that a company encounters while introducing the product. The company needs to distinguish its product from their competitors in order to survive in the market. This can be done through effective marketing strategies, which will allow the company to create trustworthy customers, confine maximum market share and ensure the brand name.

Factors that affect marketing strategies

Marketing strategies are important for a company to accomplish the objectives of the business. The analyses of these strategies are important as it will help in providing a pathway for a company to deal with the contingencies occurring in the environment. The factors that affect the marketing strategies can be external, as well as, internal. External factors involve demographic, economic, natural, technological, political, and cultural factors.

Demographic factors: The demographic factors are important to analyze as the market is formed by the consumers. The size and the growth rate of the population in different cities, nations and regions along with the factors such as age, gender, education level and ethnicity affect the marketing strategies to a broader extent.

Economic factors: Economic factors utilize the procedures by which the production and distribution of the product affect the business operated by a company. These factors involve government policies, price, recession etc. Government policies are significant factor as they affect the expenditure or spending power of the customers. The spending power of the customers decreases during the recession ...