The marketing environment is a confluence of internal and external factors that influence a company's or organization's ability to establish a relationship with its customers and provide them with services. Internal factors affecting the organization are under the firm's control, while external factors are beyond the firm's management. The existence of many elements and situations is one of the defining characteristics of a marketing environment. It also contains Special Forces and available troops from the environment. There's also the issue of uncertainty, which stems from the reality that market forces are unpredictable. Controllable variables are those that a business owner or corporation may quickly change to satisfy the needs of the business. Price, promotion, position, distribution, and supply are all variables that can be manipulated in the marketing mix. Marketers can influence buyer decisions or responses in various ways after showing them a product (Pogorelova et al., 2016).
The service or good that the firm or organization provides to its clients is the product. A company's marketing can affect a buyer's decision in a variety of ways. An organization is said to have complete control over the product it is developing since it can make specific changes to fulfill the needs of its customers. To satisfy the demand, the company or marketer may decide to increase the output of the product. The marketer might add a feature to the product. The marketer might also change the shape or size of the product (Thabit, & Raewf,2018).
Another area that the marketer has control over is the product's price. When it comes to pricing, the marketer may choose to make significant modifications, such as offering discounts or lowering the cost. Customers may be attracted to buy a product only because they would receive one free if the marketer employs the "buy one, get one free" phrase.
Another feature that may be managed is promotion, which allows a marketer to promote their product through various channels. As a result, the marketer chooses promotional media based on the cost and terms and conditions. At multiple times, the market may employ different advertising slogans. As a result, the flexibility to select which media or advertising channel to use gives the organization a competitive advantage (Thabit & Raewf 2018).
Another aspect under the corporation's control is location or distribution, which allows it to choose the appropriate marketing channels for its needs. The marketer has several distribution choices for the goods. The marketer has the option of distributing to kiosks, supermarkets, or several stores—and, more significantly, to customers in such a way that their things arrive on time. The marketer may also have authority over suppliers. A company's procurement department chooses which providers to deal with, (Iorait, 2016).
To summarize, the marketing mix includes pricing, product, place, distribution, and suppliers. An organization is said to have complete control over the product it is developing since it can make specific changes to fulfill the needs of its customers. The marketer selects promotional media depending on the cost and the terms and conditions attached to it. When it comes to pricing, the marketer can make significant changes. To reduce the price, the marketer can give goods discounts.
Išoraitė, M. (2016). Marketing mixes theoretical aspects. International Journal of Research-Granthaalayah, 4(6), 25-37.
Thabit, T., & Raewf, M. (2018). The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies, 4(4).
Pogorelova, E., Yakhneeva, I., Agafonova, A., & Prokubovskaya, A. (2016). Marketing Mix for E-commerce. International journal of environmental & science education, 11(14), 6744-6759.