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What are the five major environments that can affect the marketing mix? How might each of these factors affect the marketing mix? How would a manager anticipate the impact that these factors might have?

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Solution includes detailed discussion on how five major environments affect the marketing mix and how would a manager anticipate the impact that these factors might have.

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What are the five major environments that can affect the marketing mix? How might each of these factors affect the marketing mix? How would a manager anticipate the impact that these factors might have?
The major marketing decisions fall into 4 controllable categories. These are product, place, promotion and price. These variables are known as marketing mix and it has great impact on marketing decisions made by organizations.
The Marketing managers make decisions in dynamic environment. There are many external as well as internal factors which affect the company's performance, marketing strategies and marketing practices in order to achieve success and competitive advantage in the target market. A marketing manager has little or no control on these external environment factors. Let's discuss the 5 main environment factors which affect the marketing mix and manager's decision. These are as follows...
• Demographic
• Societal
• Physical
• Political
• Economic
Let's discuss in brief that how these factors affect the marketing mix...
Demographic: For marketers it is essential to understand its population, its issues and its trends. It the population becomes older, this will lead to rise in demands of the products designed to cater the needs of older people like medication, health, beauty and financial products. The development of ethnic markets also affects the marketing mix; it changes the demands of the ...

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