Explain, in some detail, the economic factors that influence marketing decision making.

In
general marketing lingo, decisions made by companies are based off of what is called a
marketing mix which influence the development of a given marketing program. The most enduring
marketing mix framework was introduced by E. Jerome McCarthy, who developed the mnemonic the
four Ps, which stands for product, price, promotion, and
placement. By manipulating and responding to the various elements
that make up this mix, or, in other words, by making marketing decisions based upon the four Ps,
companies can develop increasingly successful marketing strategies.

The
product can be considered the "good" that satisfies one
or many consumer demands.

The price represents
both the economic cost of producing a product and the
value of a product as perceived by the customer.

Promotion refers to the spectrum of communication
techniques that are used to bring the publics attention to a given product.

Placement is also referred to as "distribution,"
and often refers to where a given product will...