Factors that influence marketing

Marketing is a process that involves planning, pricing, promoting and distributing a good, service or idea.

1.- Marketing segmentation

-         Division of a total market into specific groups relating to customers needs and characteristics.

-         Can be divided according to age, gender, income, family status, lifestyle, interest, language, culture…

2.- Demographics

-         Demographics are the characteristics of a population.

-         Try to predict opportunities that exist.

3.-Business cycle

-         Pay attention to current stage.

4.- Competition

-         Direct competition: two or more businesses product the similar goods.

o       McDonalds and Burger King

-         Indirect competition: between other businesses selling goods that may be substituted.

o       McDonalds and Pizza Hut

5.- Social and cultural change

-         Lifestyle, values and beliefs change with needs and wants.

-         You should be flexible and adapt to change.

6.- Technology

-         Can create new businesses. Ex: twitter

-         Can destroy existing businesses.

-         New technology can stimulate demand in unrelated businesses.

o       Cinema and snack food

-         Technology brings new ways of marketing.