Marketing Mix

Topics: Marketing, Marketing plan, Strategic management Pages: 17 (4697 words) Published: April 17, 2011
1.Short notes

A)Marketing Mix variables (The 4 P's of Marketing)

The major marketing management decisions can be classified in one of the following four categories: * Product
* Price
* Place (distribution)
* Promotion
These variables are known as the marketing mix or the 4 P's of marketing. They are the variables that marketing managers can control in order to best satisfy customers in the target market. The marketing mix is portrayed in the following diagram:

The Marketing Mix

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The firm attempts to generate a positive response in the target market by blending these four marketing mix variables in an optimal manner.

The product is the physical product or service offered to the consumer. In the case of physical products, it also refers to any services or conveniences that are part of the offering.Product decisions include aspects such as function, appearance, packaging, service, warranty, etc. Price

Pricing decisions should take into account profit margins and the probable pricing response of competitors. Pricing includes not only the list price, but also discounts, financing, and other options such as leasing. Place

Place (or placement) decisions are those associated with channels of distribution that serve as the means for getting the product to the target customers. The distribution system performs transactional, logistical, and facilitating functions.Distribution decisions include market coverage, channel member selection, logistics, and levels of service. Promotion

Promotion decisions are those related to communicating and selling to potential consumers. Since these costs can be large in proportion to the product price, a break-even analysis should be performed when making promotion decisions. It is useful to know the value of a customer in order to determine whether additional customers are worth the cost of acquiring them. Promotion decisions involve advertising, public relations, media types, etc.

B)consumer buying roles

The five main buying roles.
in many cases more than one person will be involved in the process of purchasing the product you are trying to sell. In some cases one person may embody all five of these roles, but in others you may have to deal with 2, 3, or maybe even all 5 different people.

The five main buying roles are as follows:
1. The Initiator – the person who decides to start the buying process. 2. The Influencer – the person who tries to convince others they need the product. 3. The Decider – the person who makes the final decision to purchase. 4. The Buyer – the person who is going to write you the check. 5. The User – the person who ends up using your product, whether he had a say in the buying process or not.

c)Cognitive dissonance

Cognitive dissonance is an uncomfortable feeling caused by holding conflicting ideas simultaneously. The theory of cognitive dissonance proposes that people have a motivational drive to reduce dissonance. They do this by changing their attitudes, beliefs, and actions.[2] Dissonance is also reduced by justifying, blaming, and denying. It is one of the most influential and extensively studied theories in social psychology. Experience can clash with expectations, as, for example, with buyer's remorse following the purchase of an expensive item. In a state of dissonance, people may feel surprise,[2] dread, guilt, anger, or embarrassment. People are biased to think of their choices as correct, despite any contrary evidence. A classical example of this idea (and the origin of the expression "sour grapes") is expressed in the fable The Fox and the Grapes by Aesop (ca. 620–564 BCE). In the story, a fox sees some high-hanging grapes and wishes to eat them. When the fox is unable to think of a way to reach them, he surmises that the...
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