Factors influencing Marketing


Factors influencing Marketing:

There are several factors that have created market of new products and influence marketing in recent times. These are discussed as below.

  1. Population: The boom in populace evidently will increase the demand also. Markets are made from people. Increase in general population causes growing the markets, growing the consumers, who’ve elevated demand for goods, varieties, alternatives etc. Thus the manufacturers should meet the contemporary needs of people.
  2. Increased buying capacity: The people have excess earnings left after meeting the expenditure on essential objects. This extra amount might be spent on non-essential goods or luxurious goods. Such stuffs are selected by people, if they could satisfy their wants and desires.
  3. Nuclear Families: The increase in demand for family commodities is extra than it’s to the entire population at any time. Joint family system has decreased due to many reasons. Due to increase in number of nuclear families demands of products has also been increased.

Example: Television sets, Vehicles, Fridge etc.

  1. Easy Credit: People are purchasing things on credit via hire-buy schemes and installment commonly these days. Credit buy increases sales. This facility can expand the business opportunity in the market.
  2. Media: The boost in mass communication industry or media-Newspapers, magazines, radio, TV etc. enables the customers to find out about the brand new products to be had for sale. The customer receives updates on the brand new goods, quicker and more effectively earlier than the goods come to the market.
  3. Socio-culture changes: The social system and culture is changing now days. It is important for any service or product to maintain speed with change in order to stand in the market. The western fashion has rather affected in developing nations, such as India. The demand for digital products and consumer goods has modified few years back.
  4. Transport Facilities: The fast and less complicated transportation system has facilitated urban-rural interaction and additionally international tourism has become very common. These have helped to change consumer’s mind-set towards marketing activities. The demand of different kinds of products available distinct places is in trend as they can be delivered any place easily at compatible prices.
  5. Technology development: Artificial Intelligence and automation of technology in industries, origins of many new corporations etc. open the opportunities of employment. Thus people have extended their earnings and in turn over intention for greater comfort and greater satisfaction. When the earning keeps increasing, the shopping capacity increases.