Factors Affecting Marketing Mix Elements

  1. Finance – the business should consider how much money is to be spent on marketing.
  2. Needs of the market – the business should continue to carry out market research as the business grows, as the needs of customers change over time.
  3. Competitors – marketing mix can be used as a response of competitors actions in the market
  4. Technology – the business may change where goods are bought and sold according to changes in technology e.g. internet.
  5. Demand of products – affected by price element as they are inversely related.
  6. Nature of the product – affected by the form or physical evidence.

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