What are the variables of marketing?

The marketing mix is the combination of the four controllable variables–product, place, promotion, and price (the four Ps)–people are sometimes added (but that’s within HR).

What are controllable marketing variables?

product, price, promotion and place (distribution) – that the firm blends to produce the desired market response; also called the Four Ps.

What are the 2 types of marketing variables?

There can be one dependent variable and many independent variables. For example, sale revenue of a product is the dependent variable and price, promotion, and place are independent variables. The change in any of these independent variables will influence the dependent variable that is sales revenue.

What are the marketing environment variables?

The marketing environmental variables include all those factors which are external to a firm and which affect the decision-making process….Socio-cultural environment and so on.

• Demographic environment:
• Economic environment:
• Physical environment:
• Technological environment:
• Political/legal environment:

What are the 7 elements of marketing?

ADVERTISEMENTS: Seven elements used in marketing mix for service are as follows: (1) Product (2) Price (3) Place (4) Promotion (5) People (6) Physical evidence (7) Process. The marketing concept dictates that marketing decisions should be based upon customer needs and wants.

What are the four marketing mix variables?

They are the product, price, place, and promotion of a good or service. Often referred to as the marketing mix, the four Ps are constrained by internal and external factors in the overall business environment, and they interact significantly with one another.

WHO classified the marketing mix variables?

Another set of marketing mix variables were developed by Albert Frey (Frey, A. 1961) who classified the marketing variables into two categories: the offering, and process variables. The “offering” consists of the product, service, packaging, brand, and price.

What are the 6 environmental factors of marketing?

These are: Demographic, Economic, Political, Ecological, Socio-Cultural, and Technological forces. This can easily be remembered: the DESTEP model, also called DEPEST model, helps to consider the different factors of the Macro Environment.

What are the five factors of the marketing environment?

To get a better idea of how they affect a firm’s marketing activities, let’s look at each of the five areas of the external environment.

• The Political and Regulatory Environment.
• The Economic Environment.
• The Competitive Environment.
• The Technological Environment.
• The Social and Cultural Environment.

What are the major controllable variables in marketing?

Marketing Mix – the major controllable variables. product, price, promotion and place (distribution) – that the firm blends to produce the desired market response; also called the Four Ps. Rate this term.

What are uncontrollable factors in marketing your business?

Businesses must be aware of the potential for these uncontrollable factors to influence the financial stability and growth of their company and make adjustments as they encounter each obstacle. In order to successfully market products or services, companies must meet the demands and needs of consumers.

Which is an example of an uncontrollable factor?

The acronym, CERTS, represents the uncontrollable factors: Competition. It is important for marketers to understand their competition’s marketing mix. This involves looking at what they are doing and how they go about doing it. This allows you to see what they could be doing better, and use that information within your marketing strategy.

What does Kotler and Armstrong marketing mix concept mean?

Kotler and Armstrong (2006) define marketing as a social and managerial process by which individuals and groups obtain what they need and want through creating and Marketing Mix Concept: Blending the Variables to Suit the Contemporary Marketers exchanging value with others. From the definition above, it is obvious that marketing creates value.