Factors Affecting Marketing Strategies PDF

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Alberto Dimatulak...

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POLYTECHNIC UNIVERSITY OF THE PHILIPPINES QUEZON CITY CAMPUS

FACTORS AFFECTING MARKETING STRATEGIES

SUBMITTED BY GROUP 3: JAIME, JOHNRHEY L. MACASOCOL REY PATRICK PILLE, JHEFFREY RAMOS, AUDRIC KURT

POLYTECHNIC UNIVERSITY OF THE PHILIPPINES QUEZON CITY CAMPUS

Introduction: Marketing is a process in which goods and services move from a manufacturer to the customer. It means thinking about business concerning customer needs and satisfaction. Marketing mainly comprises of identification, selection, and development of a particular product; determining the price of the product; selecting a distribution channel to reach the customer; developing and implementing a promotional strategy. Some factors that affect the marketing of a product are: Social factors: Social factors are the factors that affect one’s lifestyle such as religion, family, and the buying potential, which can change over time. The developers need to be aware of the changes to meet the needs of the consumers. The population is also one of the primary social factors that affect marketing because an increase in the population increases the demand for goods and services in the market. Economic Factors There are various economic factors that affect marketing such as inflation, interest rates, exchange rates, recession and taxes. Inflation: Inflation can be defined as the rise in the prices of various items over a period of time. A rise in the prices of goods is directly proportional to the input prices for producing the goods and services. In case of inflation, the market analysts and the fund managers will consider the total impact on the margin of that particular product.

Interest rates: Less interest rate means more money to spend. When a consumer pays less in terms of interest, it means he is left with more money to spend on, which in turn, creates a ripple effect of high spending throughout the economy.

POLYTECHNIC UNIVERSITY OF THE PHILIPPINES QUEZON CITY CAMPUS

Exchange rates: Exchange rates have a symbolic effect on companies that do business globally. When the business enterprises exchange goods or services across borders involving two or more currencies, variation in exchange rates can result in profit or loss for a particular business.

Recession: Business firms affected by recession spend less cash on advertising and marketing a product; as a result, consumer faith fades away, perpetuating the recession.

Taxes: Taxes mitigate both demand and supply of a product, and prompts the market equilibrium to a price that is higher than without the tax and a quantity that is lower than without the tax.

Income level: The varying income levels in a particular company determines the pricing strategy of the products and services in the market. This will estimate that whether people will purchase your products or not

Regulatory Factors Laws and regulations exist at the federal, state, and local levels. Marketing rules dictate the messages that firms may include while trying to fetch consumers to buy their goods and services. Breach of these regulations can pilot stiff financial penalties that may surpass any actual monetary impairment consumers may suffer.

POLYTECHNIC UNIVERSITY OF THE PHILIPPINES QUEZON CITY CAMPUS

CASE ANALYSIS FACTORS AFFECTING MARKETING STRATEGY Marko and Polo wants to start a business, they used social media platform to help advertise their business. So when Venice-based pizzeria Marko&Polo wanted to open new locations, they partnered with digital consultancy company, OpenKnowledge to harness the power of social media. By using Talkwalker’s image recognition technology, OpenKnowledge analyzed data from usergenerated content created by the exact people Bella&Brava were aiming to serve. Their hip, young target audience. Marko&Polo found the prime cities to open in, partnerships to expand into, and unique cultural differentiations. All this came from identifying quality pizza photos posted all over social media Instagram, Facebook, Twitter - and observing what else was revealed in the images. Questions: 1.If you are Marko and Polo what strategy will you come up with your business? Answer: Same as marko and polo im going to take over the social media to promote and advertise my product or service because most of the people are into it we can also conduct research about our competitors to find out what are the things we lack of and to identify in which area we should improve and develop to deliver smiles and satisfaction to the customers. With these system process you can guarantee an increase of sales to help the company grow even bigger.

2.Do you think social media will be useful in conducting a business? Answer: Yes, because most of the people are using it. Through social media you can observe your possible target customer, identify what type of product or service they love the most collect data and feedbacks so you can analyze which particular area you must improve or work on often, they can also identify and analyze the lifestyle, religion, family, income or buying potential and the population on the area to understand their market even more. With this exercise you can build bond and trust with your customers.

POLYTECHNIC UNIVERSITY OF THE PHILIPPINES QUEZON CITY CAMPUS

There are several types of businesses on the market that trade solely through online means. In establishing an online business, the owner must go through the same procedure as a traditional business, in formulating a business plan, by drafting a mission statement and by handling other administrative issues. However, there are a number of disadvantages of online business in its management operations, which is a worthy point to consider when you are preparing for your online business. PROBLEM: Impersonal One of the debatable weaknesses for the proliferation of the Internet in modern business is that some correspondence between customers and businesses can be impersonal. Before going to the Internet, customers who have complaints can contact the store manager and voice their concerns directly. When this person now voices his concerns via e-mail, he may receive a form letter again, which does not give him satisfaction in dealing with humans. Competition Online retailers have more competition in the Internet retail world. Although there is something that can be said about a credible online company, many consumers are looking for products and not so much with retailers.This means that retailers with an unproven track record will probably take part of your business in the competitive world of Internet retailing to know online food business ideas. Productivity If you operate a physical store, you have hours of operation. You know your business schedule and know when you have to work. However, the Internet is a 24/7 operation, meaning your business is always open. And online businesses don’t run out of physical store locations but leave your home. This can cause disruption and a decrease in productivity if you are not careful in managing the time used for your business. SOLUTION Having a website that offers customers the ability to shop online quickly can help improve a company’s financial bottom line. Many consumers prefer online shopping because it’s easy and convenient.They can shop whenever they want, without lines and don’t visit the store directly. The online store is also ideal for consumers who don’t live far enough from a store. Through the internet, these consumers can still shop at the store. If you try to learn the opening hours of a store without a website, maybe you should call several times and can be transferred to the operator just to get answers to your simple questions.

POLYTECHNIC UNIVERSITY OF THE PHILIPPINES QUEZON CITY CAMPUS

If a business has a website, you can get this information quickly and easily. Business websites can provide a lot of relevant information to customers, including contact information, product descriptions and company history, understand how to start a business from scratch. Through the Internet, business owners and employees can connect with customers and other community members more easily than before. Instead of having to contact or visit a store to get information about a product or service, customers can send an email to the store to get an answer.The growth of social media has given business owners another easy way to connect with customers, who can join a business Twitter page or “Like” a business on Facebook. With an online business, you can market your company on a global scale, reaching potential customers in other countries and continents. You must have a system in place to deliver your goods or services to this remote location. However, while physical businesses can only advertise to customers in the local area, having an online business means you can expose your company to a large number of potential customers....