Professional managers can be good at balancing the four Ps in the marketing mix. They can choose the products to offer the public. Also, they can estimate the best price to charge them for a particular product.
The distribution process is also one of the factors to consider as part of the marketing mix. Additionally, the managers can know how to get to the target audience and make them buy their products.
However, there is always another environmental factor that makes marketers have less control over their products.
1. Technological Environment
The technological world keeps advancing every day. Part of it is social media. It can be hard to keep up with the trends and to get people to follow you. That is why you should gain some SoundCloud likes as one of the third party social media platforms.
Most businesses are moving to use online platforms. Thus, marketers have the challenge to be more competitive in the technological world. Also, there are so many trends that keep coming up.
So now they have to be on their toes to know how to acquire them and use them. The challenge is that sometimes they are too expensive to acquire. But for those who can manage, it is to their advantage as they will get to stand out in the industry.
2. Regulatory and Political Environment
Every state has a set of regulations that needs to be followed. Also, some politicians govern the state. It is essential to follow what the government has stated so you don’t end up being on the wrong side of the law.
How you conduct your business is essential to the nation or state.Some states will ask you to get a license so you can conduct your business operations. These regulations are meant to protect both the business and the citizens of the country.
Marketing has its own rules to follow, especially when it comes to advertising. The information used to promote the product should be honest and not mislead the consumers into buying the products. Don’t forget! Promotion does include gaining attention like what we mentioned with getting SoundCloud likes earlier in the post.
3. Economic Environment
As much as you need to promote your products, the marketing should be budgeted to be safe with the economic environment. Marketing managers can face many economic hiccups because sometimes the environment keeps changing compared to their budget. Thus, they have to keep going back to the plan and drawing board to develop a better plan that will cost less cash or accommodate their planned budget.
4. Competitive Environment
It is challenging to avoid the competitive world. Even marketers have to deal with rival companies. Thus, as a marketer, you have to keep checking what your opponent is doing. It is just like watching a sports game. You have to find your competitors' weaknesses so you can perfect them and be better than them.
5. Social and Cultural Environment
Some social and cultural factors can affect sales. Consumers of your products have their own cultures that need to be followed. For example, if the culture of the people around you is against eating pork, you should avoid marketing products that relate to it.
Also, society keeps changing. What the people prefer buying this year is different from what they will want in the following year. The fashion that was trending five years ago is not the same today. If you market outdated goods, few people will buy them.
Consider checking what type of goods and services people require to buying. Also, consider keeping up with the community’s cultures and upcoming events. You will make more profits when you sell the products that are liked by your surrounding society.
There are so many forces surrounding the marketing environment. Some may favor its activities, and others are against it. That is why you need to study the environment of the market as you conduct your general operations.