Factors Affecting Marketing Functions
Factors affecting marketing functions are the conditions, situations or aspects that may hinder or enhance the achievement of promotional goals of a business. Marketing is an important activity that every business has to always conduct in order to promote its brand and products to the target market. Marketing functions on the other hand, refer to the roles that help a business in the identification and sourcing of potentially successful products for the market, and promoting them in a way that differentiates them from other similar products.
In order to conduct proper marketing, businesses use various kinds of approaches, which all require vast resources. There is always no guarantee of success and several businesses have lost millions through marketing. However, some have also made significant steps with effective marketing functions. This can be attributed to factors affecting marketing functions.
Key Factors Affecting Marketing Functions
Marketing plays an integral part in every business, although, success is determined by a number of factors. The following are some of the main factors that may have an impact on marketing functions.
Savvy marketers should always be aware of the effects that the external environment might have on the demand for their products and services. Marketing can be effective if the ‘’end’’ is put in mind. For marketing functions to be effectively realized, marketers should put in measures that can counter the changes in the market. The external environment can kill or grow your brand, so marketing functions have to be designed to deal with the current and future threats in the market.
The external environment also involves intermediaries, the general public, competitors, government, re-sellers and international customers. Any changes in the above elements can impact the marketing functions, and should be kept under watch.
Changes in Technology
Technology has paused the greatest challenge to marketers, considering that it keeps changing at a very rapid rate. For instance, many consumers today prefer to get information about products and do their shopping online. However, there are various online platforms that can be used in marketing. This means that if marketers are not up to speed with the changes, they might not be able to appeal to the target market. Marketers should keep an eye on the shifting technology trends for success.
Even if you are doing the promotion from your website, blog, fliers or any other, you will have to use some resources, in terms of finances, time among others. This means that without these, the achievement of marketing functions may not be realized. There should be sufficient resources for marketing of the business’ products and services.
However, it should be noted that having the resources alone is not enough. Those resources have to be put into the intended use for marketing functions to be achieved. When looking into the finances, it would also be advisable that you consider the capital structure, financial position and policies of the business.
The economy plays a key role in determining the sale of products and services. In fact, even a strong economy can have negative impacts on some types of business. For instance, discount stores and fast food stores can thrive quite well in weak economy markets but do poorly in developed economies since many people are opting for high-end foods and products. This means that marketers should always be keen on the health of the economy of the target market in order to come up with a successful strategy.
Legislation by government and relevant authorities are also among the factors affecting marketing functions of a business. For example, if the government introduces higher taxes, the bottom line of the business may be affected forcing the company to cut spending on some activities like marketing. As a result of this, marketing functions would not be effectively realized as intended.
The factors affecting marketing functions explained above can be categorized into either environmental or economic. However, the achievement of marketing functions always relies on the ability of marketers to come up with appropriate and effective promotional options that can triumph over the prevalent market conditions. Besides, marketers should also be able to predict the future atmosphere of the market for preparations.
The sample article above on factors affecting marketing functions is one of the many such articles that you can read on our blog. You can also check out our homepage for more information on how to hire our professional academic paper writing services online.