MARKETING

Marketing is a widely used term to describe the means of communication between the company and the consumer audience. Marketing is the adaptation of the commercial activities and use of institutions by the organizations with a purpose to induce behavioral change on a short-term or permanent basis.[1] The American Marketing Association most recently defined Marketing as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." [2] The techniques used in marketing include choosing target markets through market analysis and market segmentation, as well as understanding methods of influence on the consumer behavior. The marketing planning creates strategies for the company to place advertising to the dedicated consumer. From a societal point of view, marketing provides the link between a society's material requirements and its economic patterns of response. This way marketing satisfies these needs and wants through the development of exchange processes and the building of long-term relationships. In the case of nonprofit organization marketing, the aim is to increase the deliver an ethos message about the organization's services to the applicable audience. Governments often employ marketing to communicate messages with a social purpose, such as a public health or safety message, to citizens. Factors of influence on marketing strategies In addition to the controllable marketing mix factors, there are uncontrollable factors called environmental forces. The external influences are the forces that affect the characteristics of the marketing strategies to which marketeers adapt. Amongst others they include: regulatory, economic, social, political environmental, competitive and technological.[14] • Regulatory: This refers to laws and legality (governmental policies) that may affect the way marketing can be characterized. For example, government restriction on the importation of a particular product might hinder the marketers playing in that particular field. • Economic. Various trends in the economic business cycle, including inflation, recessions, deficit or income level. Each of these factors can have a direct impact on marketing which may have to be re-evaluated and overhauled as a result. • Social: The social forces refer to the structure and dynamics of individuals and groups and their behaviors, beliefs, thought patterns and lifestyles, friendships, etc. When consumers change their needs and wants, this directly affects marketing strategies. • Political: The socio-economic conditions are closely related to the state of the governmental institutions. Depending on the governmental impact on bureaucracy, corruption, freedom of speech and other limitations (or opportunities), the marketing strategies will adapt to the political conditions. • Competitive: Competition refers to the numbers of similar competitive product brands. A new competitor entering the market will directly affect the marketing strategies of the incumbent companies. Firms offering similar services or products often achieve differentiation through marketing, positioning and branding. • Technology. The marketing strategies often adapt to the pace of development of the consumer demand and exponential technological progression