Free Essay: Factors Affecting Marketing Functions
The process of marketing management entails helping every business unit of an organization to achieve it strategic goals, with regards to value creation for customers while also ensuring that the objectives of the company are met. There are quite a number of factors that can impact the marketing functions of any business. Marketing is an important segment in every organization and one of the ways through which a business can be able to survive even in environments that are quite volatile.
The economic force is one of the factors that can affect the marketing function of an organization. This is an external environment factor that is directly impacted by the state of the economy. It is always important that when writing a marketing plan, you should always have a better understanding of the economic factors of the strategy that you intend to pursue. Besides, you also need to look into how those economic factors will affect your plan. This is because; buyer behavior is always varied depending on the economy. During economic growth, buyers tend to spend more compared to when they are experiencing a depression. Marketers should try to sharpen their marketing techniques through different economic conditions of their products’ life cycles.
Suppliers also fall under the factors that can affect the marketing functions of a company. The suppliers of a firm’s raw materials or finished product have the ability to alter its competitiveness and marketing functions. No matter what they supply, suppliers and the company always epitomize a power balance. The bottom line is that if the suppliers do not provide what is needed by the company at the right time and in the desired form, the marketing functions of the company will be paralyzed. Suppliers and the organization need to work in co-ordination with each other.
Market intermediaries can also affect the marketing functions of a company. Intermediaries exist in almost all stages that products have to go through like promotion, distribution, sales among others. The activities of these intermediaries have to be linked to the way in which the organization conducts its roles too. For instance, if the intermediaries involved in the promotional stage take a different twist from that pursued by the company’s marketing strategy, there will be problems. The marketing function of the company will not be carried out as planned.
Another factor that can also affect the marketing functions of an organization is demographic forces. It is always very important for marketers to conduct close monitoring of the population since it is the people who make up a market. Thus, focus should be placed on the size of the population, its growth rate in various regions among other aspects in order to carve out an ideal marketing strategy.
Social and cultural forces are also among the factors that can impact marketing functions. These forces have the ability to dictate the marketing strategies to be used by a given company. For example, businesses will only be able to promote products that are accepted in a given region based on their social and cultural beliefs and practices.
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