1. Factors Affecting Marketing Decisions

2. Marketers aim to discover the needs and wants of the consumer and communicate the benefits of their product or service to them There are many different factors that go into each decision that is made within a marketing department – Some factors are controllable (internal) – Others are environmental (external)

3. Environ- mental Factors: Uncontrollable Marketing Mix: Controllable Factors consumer product promotion placeprice political social competition economic technology

4. Environmental Factors 1)PEST – Political Regulations – Economical Factors – Social Trends – Technological Limitations/Opportunities 2)2 C’s – Consumers – Competition

5. Political Regulations This is the most important influence on the regulation of any business. – How stable is the political environment? – Influence the Government Policy / Law on your business – Government’s policy on the economy – Environmental Protection Law – Controls if any on Marketing Strategies Like Marketing / Advertising of Cigarettes, Tobacco, Alcohol etc.

6. Economic Factors General conditions of the consumers ability to spend money in specific areas – Example: During a recession – more money is spent on necessities rather than luxury – Hamburger rather than Steak The Cost of the Dollar – What is the affect of a high Canadian Dollar on sales?

7. Social Trends Demographic Trends Lifestyle and Preference Trends – Small Cars popular now – Online Availability & Popularity of Media – Are television commercials still relevant? – Do people read internet ads? Trends & Fads – Green trend vs. Interest in Vampires

8. Technological Limitations/Opportunities Technology is increasingly a part of everyone’s life Marketers must know what technology is being used and by who Used for advertising, marketing research, delivery of products, etc. Viral Marketing is becoming absolutely crucial for running a business – Websites – necessary for any business

9. Consumers Consumers were in the middle of our factors of marketing diagram for a reason – Every single decision a marketing team makes should have the consumer in mind – Always ask how it will affect them Some businesses think of their bottom line rather than the consumer – Pizza Pizza/Lowe’s

10. Competition You need to get to understand who your competition is – What do they sell? – Who do they serve? – What do they do well? – Why do people buy from them? – What weakness do they have? This can be where you position your business Every decision your competition makes will impact your business

11. Controllable Factors These factors are internal decisions that affect all decisions that happen within a marketing department Described as the 4 P’s – Price – Product – Place – Promotion

12. Price Marketing is responsible for establishing the price of their service/product Must consider the costs of all the inputs (materials, labour, etc) Like we have mentioned before – The price you set for a product or service directly says something to the consumer

13. Product The marketing team is in control of everything about the product – The look, the feel, the design, the material, the packaging, etc. For a service – the product refers to the experience – What will the customer receive and in what way Can concern complimentary or supplementary products – and even product extensions – Barbie

14. Place Simply refers to how & where you are going to sell the product to the consumer – How is the product or service going to make it from the business to the hands of the consumer For a service : where are you going to locate in order to best reach your target market You want to be in an area that – your target market frequents – Says something about your business Notice how car dealerships are always on the outskirts of town or close to a highway?

15. Promotion Communicating the benefit of your product or service to the market Overall goal is to stimulate the consumer to make a purchasing decision Involves activities such as: – Sales Promotions (Buy 1 get 1 Free) – Contests (Roll up the Rim) – Advertising – Public Relations

16. For the Remainder of the Class Finish your market research assignments! Read the assignment carefully and ensure that everything you need is done. A great example of a project would have what? Non-for-Profit Treasure Hunt

17. Marketing Research Project Title Page Table of Contents Statement of Purpose Questionnaire Example Results (typed or graph) Conclusions Recommendations