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Product decision
Individual product decision, product line decision and product mix decision are three ways of product decision.
A.) The Individual Product Decision
Individual product decision include five part about decision making about product. These parts are product attributes, branding, packaging, labeling, product support services.
1.) Product attributes
Product attributes mean specialty to product in terms of different ways such as product quality, design, features. These ways play critical role about product sales and positive feedback from customer. High quality products satisfy to customer. Customers never want to low quality product, they want to more than money’s worth. Product attributes are important for keeping alive in competitive
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Brand give information to customer about product. When customers purchase a product, they compare the product with others that in same category and generally brand name is the most effective factor to choose one of them. Brand tells everything about product in terms of quality , features generally. According to Fabrice Larceneux & Florence Benoit-Moreau & Valérie Renaudin, they said that: “We investigate the marginal value of an organic label that appears in combination with a brand, including whether that value varies for brands with high versus low equity. When a brand enjoys high brand equity, consumers feel confident that they know and can trust its product characteristics, so they may consider the organic label less useful.”(2012, p. 86)
3.)Packaging
Packaging means designing the container or wrapper for a product simply. However packaging is not simply like its definition and playing important role in product decision. Good packaging represent good result for firm. Interesting designing package can create majority with competitors. Firm have to attention safety, environmental concern and concept of product when they designing package.
3.)
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It includes all the products that are sold by a company. Product mix dividend to four ways such as width, length, depth, consistency. Firms can combine own existing resources by this means improve firm’s ability to enter market and profit. Firms should be careful on mix decision because failure mix decision yield to increasing on cost.
Reference
Larceneux, F., Benoit-moreau, F., & Renaudin, V. (2012). Why might organic labels fail to influence consumer choices? marginal labelling and brand equity effects. Journal of Consumer Policy, 35(1), 85-104. doi: http://0-dx.doi.org.divit.library.itu.edu.tr/10.1007/s10603-011-9186-1
Netessine, S., & Taylor, T. A. (2007). Product line design and production technology. Marketing Science, 26(1), 101-117. Retrieved from http://160.75.22.2/docview/212252130?accountid=11638
Krishnan, R. A., Joshi, S., & Krishnan, H. (2004). THE INFLUENCE OF MERGERS ON FIRMS' PRODUCT-MIX STRATEGIES. Strategic Management Journal, 25(6), 587-587+. Retrieved from http://160.75.22.2/docview/225017236?accountid=11638
Lele, M. M., & Karmarkar, U. S. (1983, Nov). Good product support is smart marketing. Harvard Business Review, 61, 124. Retrieved from
The consumer decision process consists of these six steps. First, problem recognition: Awareness of an unmet need. Second, information search: Search for alternatives that will meet your needs. Third, alternative evaluation: Evaluate the alternatives. Forth, purchase decision: Decide on the best alternative for you based on your criteria. Fifth, post-purchase behavior: Determine if you are satisfied with your choice. Sixth, disposal of product: Determine if you will keep it, upgrade it, or get rid of
This paper will describe the four elements of the marketing mix (product, place, price, promotion). In addition, it will describe how each element is implemented within a specific organization and how the four elements relate to that organizations marketing strategy. The company used in this example is both a product and service driven company and is in business for profit.
For instance, Primark 's products offer customers clothing as a base product, of witch actual benefits are being to be cheap and trendy, and they may have some return policy as augmented benefit in case of defects. Each product may be realised following a new product development process to improve its success rate (Harris and Schaefer, 2015, p.43-47).
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand of products in the market. Price, Product, Promotion and Place, are known as the 4Ps that make up a typical marketing mix. As marketing evolves, there are additional Ps that can also be included in the marketing mix, however, focusing on the 4 core Ps of the marketing mix, price, place, promotion and Product, taking an in-depth look at the aspects of Victoria’s Secret in general and in terms of the selected product. All the elements of the marketing mix influence each other. They contribute to the business plan for a company and if managed correctly, can give it a great success. In order to successfully master marketing mix, it needs understanding,
Consumer Decision Process From buying a hamburger to buying a house people use a process in order to make a decision on what to buy. (book cite) describes this as the consumer decision process (pg.175). Utilizing a consumer decision process model, marketers are able to better understand how consumers are purchasing products and services. The five step consumer decision process model includes need recognition, information search, alternative evaluation, purchase, and post purchase.
By quality/value – positioning of the product based on high quality. Also can be claimed that the product have high value.
Product mix is the most essential element of marketing strategies of a company. Interface is well known as the global best provider of commercial carpet tiles. The organization deals with selling and leasing carpet tiles. Due to the recent poor performance by Interface, its product determination should be integrated to form part of its marketing strategy. The marketing department of ESA should mainly focus on the market segmentation as per the department requirements of the potential ...
Prepare an essay comparing and contrasting a 4-P (price, product, place and promotion) approach to marketing versus the value approach (creating, communicating, and delivering value). What would you expect to be the same and what would you expect to be different between two companies who apply one or the other approach?
Kotler, P., & Keller, K. (2012). A Framework for Marketing Management (Fifth ed.). Harlow: Pearson Education Limited.
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‘Horizontal Merger’ is when two companies with similar products join together. ‘Vertical Merger’ is two companies at different stages in the production process. ‘Conglomerate Merger’ is when two different types of companies join together. ‘Market extension merger’ is between two companies who produce the same product but sell in different markets. ‘Product Extension merger’ is between companies with related production but they do not compe...
Consumer Decision Making Process A key factor in successfully marketing new/existing products or implementing a product Extension is a thorough understanding of the motivation, learning, memory, and decision Processes that influence consumers purchasing behavior. Consumer purchasing behavior theories have found their way into managerial decision making to help companies more effectively develop and launch new products, segment the market, determine market entrance and in brand management. Therefore, a better understanding of how consumers decide what to purchase is critical to the success of a product. There are numerous theories and models describing the consumer purchasing decision process.
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Even with commodities, there are quite a few parameters which brands can use to position themselves to capture a place in the consumer’s memory and consequently in their shopping basket. A few of the more widely accepted of them are: Consistency of Product Quality, Customization of the product to the extent possible, Providing a wider range of products, Identifying the most profit generating segments of the market and modifying or adding an offering to cater to their specific needs, Unique packaging, Emotional Branding and even basing branding on building a unique image to the extent of professing to have a brand personality. In fact focusing on getting consumers to build an emotional identification with the brand and its personality has a far longer lasting effect and builds far greater loyalty than focusing on just functional and utility attributes which a competitor would also able to easily match if not surpass.
To be a successful business, the owner of the business should use the marketing mix and the results of market research; having identified its key audience a company has to ensure a marketing mix is created that is targeted specifically to those people. The marketing mix is a term used to describe the four main marketing tools, Price, Product, Promotion and Place (EStartup business blog, 2010). An example of each 4P’s are: which products are well received, what prices consumers are willing to pay, what TV programs, newspapers and advertising consu...