How the marketing mix changes in response to market factors
Over time, a business may adapt its A description of marketing–product, price, promotion, place. to suit the The general current state of businesses in a country, closely linked to the economy. , changes in trends relating to customers’ wants and needs, changes in the size and scale of the business, changes in the business’ A business aim is the overall target or goal of the business, whereas business objectives are the steps a business needs to take to meet its overall aims., or changes in demand for a product or service.
Changes to products
As technology changes, products may need to have their design updated, be released in a new version or have a The programs, applications and data in a computer system. Any parts of a computer system that aren't physical. update. Additionally, trends such as veganism and healthier lifestyles can lead to an increased focus on sports products or environmentally friendly products. Businesses need to develop new products to suit changing customer wants and needs.
Changes to prices
Many businesses regularly change their prices. One reason is that prices may change to reflect demand. For example, if demand increases, prices may increase, whereas if demand decreases, prices may also decrease.
The business and economic climate may also affect prices. For example, many businesses are affected by A general average price increase in the price of goods and services., which can cause a yearly rise in the prices of goods and services.
Changes to place
Place may change to reflect the scale of a business or its increased use of technology. Many businesses that traditionally had high street stores are now setting up websites and changing their The journey a product takes from manufacture to the end customer. to adopt a more modern and streamlined approach. Many customers now use the internet to purchase and research prices.
Changes to promotion
Promotion and the types of promotion that businesses use also change over time. As technology has progressed, so have the methods available to promote a product. Businesses may switch from using traditional methods of promotion, eg billboards, newspapers and television, to advertising on social media, using banner and video adverts, offering online promotional codes and advertising via email. Businesses may implement these changes either to save money or to increase interest in their business.
