Components of Marketing:

Has two sets of factors:

Controllable variables: marketing mix

These are the activities or areas that are under the control of the marketing executive and which he can manipulate to achieve his marketing objectives. They include product, price, promotion and place (distribution) and they are popularly known as the 4p's of marketing or the marketing mix. A marketing programme contains a "mix" of these variables. The way the marketing manager mixes these variables determines the effectiveness of the firm's marketing programmes.

To have an optimum mix of the 4p's the market must have a clear understanding of the target market, e.g. size, composition, ages, incomes, education, lifestyle etc. This information is usually gathered through marketing research.

Note : Services, however, have additional 3ps (people ,physical facilities and process) in addition to the usual 4ps giving a total of 7ps.

Non-Controllable variables

Marketing takes place in an environment that has other factors which can be divided into micro and macro environmental factors.

The micro factors include such factors as buyers, suppliers, competitors, marketing intermediaries and employees. The macro environmental factors include economic factors, political-legal factors, socio-cultural factors, technological factors, the international marketing environmental and physical or geographical factors.