How are the elements of the marketing mix related to each other? - badz.info Specialties
marketing mix is a particular combination of the product its price the methods to promote a company develops its marketing mix of product, price, place and promotion. and to know the relation between the elements of the Marketing Mix we. Depending on the price and promotion of a product you can use one of four although a danger with this occurs where the product falls between the two. What Is the Importance of the Marketing Mix in the Development of a Marketing Strategy & Tactics? How Does Marketing Strategy Relate to the Marketing Mix? The relationship between product, place, price and promotion is known as the marketing mix.
As such, brand awareness is an important factor to determine purchase intention [ 28 ]. Brand association Brand associations are a critical component of brand success, brand image and brand knowledge [ 17 ], since they convey the attitude developed toward a given brand by consumers [ 8 ].
Brand association is said to be anything linked in memory to the brand and represents a basis for purchase decisions and for brand loyalty.
Relationship Between a Firm's Pricing Strategy & Its Product Distribution & Promotional Strategies
Strong associations are helpful in many ways. Perceived quality Perceived quality is consumer judgment on added value of a product [ 30 ]. Brand loyalty Brand loyalty is the attitudes of consumer toward a brand preference of a product [ 34 ]. Aaker [ 8 ] states that brand loyalty is: Relationship between elements of marketing mix and brand equity Many researchers have investigated the concept and meaning of brand equity, yet the sources of brand equity and the effect of marketing mix elements were rarely studied or investigated.
This research is exploring selective marketing mix elements such as the product quality, perceived value, geographical presence, along with joint venture and co-branding as antecedents of building brand equity. Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return [ 36 ]. Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders. The Marketing Concept is a philosophy.
It makes the customer, and the satisfaction of his or her needs, the focal point of all business activities.
Explanation of the Relationship Between Product, Price, Place and Promotion | Your Business
In other words Marketing is getting the right product or service to the right people target marketat the right time, at the right place, at the right price, with the right communications and promotion. At this time the marketing mix persisted out of 12 different categories [ 37 ]. McCarthy [ 38 ] than reduced the original 12 categories to come to a total of four categories, which seem to make sense without the remaining instruments, he comes to the following categories [ 39 ]: Every instrument has to be adjusted to the adoption of the other categories.
Product can be defined in many different ways.
In marketing, product means the physical products and service offered, and the ideological actions of the company. Often product is defined as the benefitting factors that a customer gets when purchasing the product.
Price is defined as the price of the products and services provided.
It includes all of the pricing related matters such as the retail prices, volume discounts, and terms of payment, seasonal discounts, and credit terms. Examining and evaluating prices regularly is a key to success. Companies should not be afraid to revise their prices and to recognize that the current pricing structure may not be ideal for the current market [ 40 ].
Place means the availability of the product and service sold. Value Customers seek value when they purchase products.
- Price-Promotion Strategies
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- Explanation of the Relationship Between Product, Price, Place and Promotion
For your product marketing to succeed, customers must view the value of your products favorably compared to competitors. This means the comparison between your product and price, which essentially equals value, must come through as superior to others. Quality product factors like high quality materials, durability, reliability and distinct attributes help distinguish your brand.
A price that fairly matches your product is important as well. More Than a Place The original idea behind the place component was that businesses offer products and services through locations. Part of marketing is letting customers know where they can find you and your products.
Distribution is also a key ingredient in conveying value, though. Movie rental company Redbox developed a successful business model based on distributing its products through self-service rental boxes.
How are the elements of the marketing mix related to each other?
Widespread availability of boxes is an important convenience factor, and low price points help attract customers away from in-store and mail-order providers. Promoting Value Any product-related factor that enhances the value proposition for a customer is useful in value.
Low- to-moderately priced brands are often provided as either low price or high value. However, higher-priced product promotion normally centers more on product benefits or other aspects that increase the customer's experience.
Outdoor recreation retailer Cabela's has destination stores strategically placed throughout the United States.