Short Answers Essay Example | Topics and Well Written Essays - 2250 words

Short Answers - Essay Example 2009). A marketing audit to evaluate their effectiveness of strategies in accomplishing objectives is essential. The marketing mix components; product, place, promotion and pricing are influenced by environmental factors thus before choosing a strategy, PEST analysis is important. None of these components acts in isolation and therefore a marketer determines the best combination that can lead to marketing success. First, the marketing division establishes the kind of product to sell. Such aspects as; type of product whether it is for consumption or business use, packaging, branding and size, is considered. Political factors such as government regulations on packaging and labelling, environmental regulations and protection are considered to ensure compliance (Stone, 2001). Social factors such as lifestyle, age and income distribution can help in segmenting the market hence provide the right products for the target market. Technological factors determine production methods and new prod uct inventions. For example, advancements in the mobile technology enable use of wide range of services to satisfy the customers. After developing the product, the marketing division determines how well to mix place, price and promotion strategies to achieve success. Depending on where the customers are located, the channel of distribution is selected as the product has to be made available to the customer at the right place and right time (Lamb et al. 2009). The division also promotes the products and sets the right prices depending on the target market. The quality of product, cost of promotion and channel of distribution all play a part in determining price. PEST factors are useful in determining the marketing mix. For example, economic trends such as interest rates, inflation and exchange rates determine the consumption hence pricing of the product. Technology is important in promotion especially use of the internet to promote the organization and brands (Stone, 2001).Social fac tors determine distribution, pricing and promotional activities. Marketing audit is then carried out to assess the effectiveness of the marketing strategies and if not effective, the marketers formulate better strategies (Blythe, 2009). Word Count: 400 References Blythe, Jim (2009) Key Concepts in Marketing. London: Sage. Lamb, C., Hair, J., McDaniel, C (2009). The Essentials of Marketing. 6ed. USA: Cengage Learning. Stone, Phil (2001) Make Marketing Work For You: Boost Your Profits with Proven Marketing Techniques. UK: How to Books Ltd. Marketing Factors The marketing division ensures that effective marketing strategies are in place so as to ensure business success. To achieve this, it needs to carry out market research to determine customer needs and make appropriate decisions. It thus evaluates the internal and external environment by collecting useful information regarding customer satisfaction, quality of products, the behaviour of buyers, the effectiveness of the marketing mix in place (Boone et al. 2010). This information can be obtained from sales reports, published reports, experimentation and marketing information systems. The information is then analysed and used in making marketing decisions. The marketing information systems are more effective as they continuously assess internal and external data and are easy to access. The information gained through market research is useful in segmenting the market and formulating marketing strateg