onsumers then it is the result of successful marketing and in return if the consumers respond, then it gives seller insight into the success or failure of that product or service.
Marketing Mix (4 P's)
The Marketing mix was first introduced by McCarthy in 1960. It is an acronym that is very easy to remember and now this acronym has become very popular as 4 P's of Marketing. According to this the demand of the product can be categorized into 4 groups. The marketing mix is the set of controllable tactical marketing tools that the firm blends to produce the response it wants in the target market. The marketing mix consists of everything the firm can do to influence the demand for its product (Principles of Marketing 2nd edition, pg. 109).
Product - Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need (Principles of Marketing 2nd edition, pg. 110). This area covers everything to do with the creation, development and management of products (Principles of Marketing, 3rd edition, pg. 25). This group also covers the non tangible aspect of the product like after sales service, guarantees etc.
Price - The amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service (Principles of Marketing 2nd edition, pg. 110). Pricing is very important and essential part of marketing mix. The price of the product or service may portray it being a quality item or a desirable one (Principles of Marketing, 3rd edition, p.26). Pricing of the product is used to get competitive advantage in the competitive market.
Place - Place includes company activities that make the product available to target consumers. (Principles of Marketing 2nd edition, pg. 110).Place in the marketing mix is concerned with distribution channels, market intermediaries and consumer service levels. It gives the insight to the approach and availability of product and service to the consumers.
Promotion - Promotion means activities that communicate the merits of the product and persuade target customers to buy it (Principles of Marketing 2nd edition, pg. 110).
Consumer Behavior
Consumer behavior is referred to as the study of when, why, how, where and what people do or do not buy products. It blends elements from psychology, sociology, social, anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics and behavioral variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general. (www.wikipedia.com)
Another definition of consumer behavior is given by Blackwell, Miniard and Engel. Consumer behavior involves the activities people undertake when obtaining, consuming, and disposing of products and services (Consumer Behavior, 9th Edition, pg. 6). So in this section the behavior and the influencing forces can be analyzed.
The basic purpose of this analysis is to find out that how the potential customer behave or respond to the different marketing and
advertising activities. In order to achieve the marketing and advertising goals successfully company need to promot
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