Principles of Marketing
Some of the factors affecting the market trends include, the products quality, products pricing, and the locality the product is going to be availed at and the method that is used to advertise the product (Kotler and Armstrong, 2012).
The quality of the product plays a crucial role in influencing what the customers want to purchase. This is because low-quality products tend to attract low prices whereas high-quality products attract higher prices. The manufacturer should put into consideration the quality of such other products as theirs in the market already so as to determine the pricing methods to use. This will also help the manufacturers understand what product is purchased more than the others, and what they should introduce to the market so as to create a niche in the target market. Consumers on the hand will tend to buy products that have a high quality, and also expensive. This is because the more expensive a product is then the higher the quality of the product. Thus, pricing is heavily dependent on the quality (Smith, 2013).
Another factor heavily affecting the marketing trends is the locality at which the product is sold. Different locations have different types of consumers in terms of their financial status. For example, products sold in a low-level area will tend to be sold at lower prices and be of lower quality than those in a high rise area. This is because of the matter of the affordability due to the difference in pricing methods (Smith, 2013).
Another factor affecting the marketing trends is the advertising method employed by the manufacturers. Formal advertising methods like TV adverts and billboards tend to attract a larger customer base than distributing fliers to a concentrated population (Smith, 2013). The mode of advertising used also reflects products quality. In my opinion, the quality of the product heavily influences the pricing methods used, the advertising method and the locality in which the product is sold.