Question

1. Social Factors

2. economic factors

3. competition

4. political factors

determine what marketing strategy can realistically accomplish for a business perspective on the above factors.

Answer 1

Answer-

Social factors - Social factors tells us the view point of the society in which we are operating. As a marketer we have to utilize all the signals which are driven from the social factors like, culture, habits, taboos etc. Social factors can contribute for a marketing strategies by providing insight about what will be enjoyed in the society and what the people will not at all like and etc. As a marketer we can modify our products as per the societ so that our products can attract more and more customers and even in the eyes of the other section of the society it can own a positive image. We can do this by changing or modifying the type of our ingredients, packaging, brand image, taglines, etc.

Economic Factors- Marketers after analysing the economic conditions can formulate strategies which can be beneficial for the organization. For example, suppose the country in which we are operating is going through inflation period and we in order to boost our sale decreases the price of our products.

Competition - For this factor marketing strategies include a very broad range like, a strategy which is capable of competing with the competitor's price, a strategy for getting an edge over the competitor's promotion strategy, a strategy to improve the design of your product to get an improvement over your competitor's product, and many more other strategy.

Political factors- A strategy that is capable to easily dealing and utilizing situations that are being created by political factors. For example, In a country tax rate is suddenly increased so the marketrs decides that they will increase the price of their product but only up to a level which will not cross the perception threshold limit of their customers (so that customers will not get disappoint with the price change).