Marketing Pestle Factor Essay

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HNC Business
Principles of Marketing

Pest Factors Essay

Table of Contents

TitlePage Number
Introduction- 2 -
The Marketing Mix- 3 -
Product- 4 -
Price- 5 -
Promotion- 5 -
Place- 6 -
Over View on the 4 P’s- 6 -
Pest Factor Analysis- 6 -
Political Factors- 8 -
Economic Factors- 9 -
Social Factors- 10 -
Technological Factors- 11 -
Conclusion- 12 -
Appendices- 14 -
Bibliography- 15 -
References- 16 -

Introduction

This article has been produced to outline the analysis’ and strategies used within marketing, which should be adopted within the organisation in order for it to have a successful Marketing strategy.

Throughout this article I am going to look at:

1. The internal environmental factors - The Marketing Mix 2. The external environmental factors – The PEST Analysis 3. Finally finish with a brief overview and conclusion

The Marketing Mix, which is referred to as the four P’s in marketing terms or the extended version as the 7’ps. The marketing mix consists of:

1. Product
2. Promotion
3. Place
4. Price
5. People
6. Process
7. Physical Environment

I am going to look at the implications of how important it is to get the mix right in order for the marketing stagey to be successful.

Following this am going to look at external environmental factors of marketing which is an acronym primarily known as the PEST factors, or extended version PESTAL factors which stands for:

* Political
* Economical
* Social
* Technological
* Environment
* Legal

The Marketing Mix

The Marketing Mix is a term used to describe the combination of tactics used by an organisation to market it’s target audience. Traditionally the marketing mix consists of the 4p’s, Price, Place, Product and Promotion. In order for the marketing campaign to be a success, the marketing mix needs all four elements.

Internal and External constraints of the marketing environment need to be taken into account when looking at each element. See Diagram:

Product

The product is what the organisation produces or services it provides to the consumer or customer. When taking into account details of the product the organisation should consider the following things:

* Branding
* Image
* Quality
* Packaging

Price

I personally feel that price plays an important part in the sales of a product. Nevertheless when looking at the market the organisation should consider such things as:

* Competitors prices
* Introductory/ Special offers
* The Margin
* Distribution, Packing, Advertising etc, Costs

Promotion

The promotion is a very vital to get right when marketing or promoting the product. Sometimes the intensity of the promotion can be due to the funds available. The more funds available the more advertising strategy’s can we used which include things like: * Television

* Radio
* Bill boards
* News Paper, Magazine etc

I also feel that the Push and Pull strategies should also be explored when looking at promotion, as these are the main two types of strategies which are successfully used in business. Place

As well as the place being a contributing factor of the price, the place is also a primarily factor on its own. The place is all to do with the distribution of the product, whether it accessible to the consumer, or if it has good transportation links to the consumer, whether it is one or a kind, a sole trader or a global nation wide organisation. Over View on the 4 P’s

For the organisation to be a success the 4p’s need to be fully researched until all channels have been exhausted. All options must be weighed up, to choose the best plan of action for that individual product at that time, as there are other external factors that contribute to the success of a product called PEST Factors Analysis. Pest Factor Analysis

The PEST factors analysis is a simple system which...
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