Market Variable is the process of dividing the customers of a company into different groups; this grouping of customers in categories is based on the preferences and needs of these customers (Schullz, et al. 1993). And it’s from this grouping a company will be in a position of identifying and fulfilling the needs of these different customers thus favoring the business strategy of the organization. There are four different types of Market variable that apply in determining the strategy of a company which includes Price, Place, Promotion and Product (Schullz, et al. 1993). It’s from this perception that a business manager will be in a position of monitoring the market and implementing strategically plans that will boost the business.
There are two most important variables that if well implemented in the organization will ensure that the company will succeed in the market and if ignored will result to the organization collapsing, they include the Pricing and the Product (Schullz, et al. 1993). Price is considered as one important aspect in determining as it determines the way the goods and services are purchased by the customers. In this case an individual will be in a point of purchasing products much easily as a result of knowing the price of the product; thus the manufacturer should be in a position of setting the right price for the product that will be more afforded by average customer population (Schullz, et al. 1993). Thus if the products are affordable most customers will purchase these products and vise versa; thus pricing plays an important role in the success or failure of a business strategy.
The second important variable is Product, the product is an important variable, and this is because the product has to be considered depending on the quality of the product; the models and size of the products, the way a product is packaged, the brand name of the product and the type and way in which a service is being offered. Thus the manufacturer should ensure that the products fulfils the above mentioned customers demands, and if not fulfilled this will result to collapse of a company.