Marketing mix and consumer behavior. Relationship between marketing mix and consumer behaviour 2022-10-18
Marketing mix and consumer behavior Rating:
The marketing mix and consumer behavior are closely related concepts that play a significant role in the success of any business. The marketing mix refers to the four key elements that make up a company's marketing strategy: product, price, place, and promotion. On the other hand, consumer behavior refers to the actions and decisions of individuals or groups of people when they are choosing, purchasing, using, and disposing of products and services.
The product element of the marketing mix refers to the goods or services that a company offers to its customers. This includes not only the physical characteristics of the product, but also its branding, packaging, and any additional features or benefits it may offer. When developing a product, businesses must consider the needs and wants of their target market and how the product meets or fulfills those needs.
The price element of the marketing mix refers to the cost of the product or service to the consumer. This includes the list price of the product, as well as any discounts or promotions that may be offered. Setting the right price for a product or service is crucial because it can impact the demand for the product and the profitability of the business. Companies must consider factors such as the cost of production, the competition, and the perceived value of the product to the consumer when determining the price.
The place element of the marketing mix refers to the distribution channels through which a product or service is made available to the consumer. This includes physical locations such as stores or markets, as well as online platforms and distribution networks. The place element also involves deciding how a product will be delivered to the consumer, whether it is through direct or indirect channels.
The promotion element of the marketing mix refers to the various methods a company uses to communicate with and persuade its target market to buy its products or services. This includes advertising, sales promotions, personal selling, and public relations. The promotion element plays a crucial role in building brand awareness and generating demand for a product or service.
Consumer behavior, on the other hand, refers to the actions and decisions of individuals or groups of people when they are choosing, purchasing, using, and disposing of products and services. It involves studying how consumers think, feel, and act in relation to a particular product or service. Understanding consumer behavior is important for businesses because it allows them to tailor their marketing mix to better meet the needs and wants of their target market.
For example, if a company is trying to sell a new brand of sneakers, they might use market research to understand the consumer behavior of their target market. They might find that their target market values comfort, durability, and style when choosing a pair of sneakers. Based on this information, the company could then design their product to meet these needs, set a price that reflects the value of the product, distribute the product through channels that are convenient for their target market, and use promotions that highlight the comfort, durability, and style of the sneakers.
In conclusion, the marketing mix and consumer behavior are closely related concepts that play a significant role in the success of any business. The marketing mix refers to the four key elements that make up a company's marketing strategy, while consumer behavior refers to the actions and decisions of individuals or groups of people when they are choosing, purchasing, using, and disposing of products and services. Understanding and effectively utilizing both the marketing mix and consumer behavior can help businesses effectively reach and satisfy their target market.
MARKETING AND CONSUMER BEHAVIOR (2 SCU)
Usage rate Product or service usage is another common way to segment customers by behavior, based on the frequency at which a customer purchases from or interacts with a product or service. In order to make a profit in such a customer-centric market, a company will need to know the exact preferences of its market in order to increase the possibility of being selected by the discerning buyer. It has been researched that people related to higher status quos are more experimental with the product categories; it is for the reason that they have access to more resources. Consumer behaviors can be used to develop the marketing strategies suitable for the marketing of the product. Commonly people up to 30 years of age. Potential consumers for a product or service can be given a list of questions about the product and asked to respond with a "yes" or "no" answer, or to rate elements of the product on most or least important. Now that personalization and Traditionally, most marketers use six primary types of behavioral segmentation.
What our family members, classmates, immediate relatives, neighbors, and acquaintances think or do can play a significant role in our decisions. Such differences can be in the areas of power, authority, wealth, residence, education, income level, lifestyles etc. The product can be focused on these consumers to ensure that minimum resources are used in marketing and the company is able to achieve its marketing strategies. The consumer, in this stage, face the decision of which is the best solution to the problem. Multimedia strategies that can be used to reach the women and the men on different levels include magazines and the internet. They also become prone to diabetes and obesity. In the internet websites that re gender based can be used to advertise Pepsi Raw and also reach a wider market.
They, therefore make sure that the campaigns and marketing include a specific intention to pull these customers in. The figure below refers shows the analysis, study and the results of the research conducted. Dettol has been a strong contender in the liquid antiseptic industry. Like when you are trying out new shower gel scents. This automatically leads to greater spending in the event that the product might not do well, thus bringing up the costs of the product. However, the year 2004 was a fantastic attack on the market and shot up numbers in a single year in 2004 to 63000.
The training involves teaching your sales force selling the product and the nuances associated to the product. FMCG sends their sales force all across the country and the world to maximise sales. Copy to Clipboard Reference Copied to Clipboard. The use of the different multimedia approaches allows the marketers to take advantage of the opportunities that are provided by the changing marketing media environment that is constantly changing and essentially reach the targeted audience. Habitual buying behavior Habitual purchases are characterized by the fact that the consumer has very little involvement in the product or brand category. Besides these traditional ways, another type of segmentation is the RFM is a behavioral segmentation model and the three letters come from Recency, Frequency, and Monetary Value. It lacks any preservatives, artificial ingredients or colors.
Marketing mix and consumer behaviour in Avon in the Slovakian market
Letting Out The Fizz — Are Pepsi And Coca-Cola Getting Natural? The users mostly preferred Dettol to other products. There are four main types of consumer behavior: 1. For other companies, technology and creativity have allowed companies to flourish in new ways. A marketing campaign for high-end natural skin care products, for instance, is going to need a much different Glasis March 5, 2014 The sort of focus group taste testing you refer to, Telesyst, is also common in the candy and soft drink industries. The speed at which the marketplace functions requires companies to be fluid and flexible. Marketers must identify the reason for this purchase, the marketer asks why consumers should buy a particular product and of course you ask why he should buy his own Kotler et al. This is the point where all the promotions and pricing bring the customer to the final decision making stage.
Relationship between marketing mix and consumer behaviour
Focus groups are a method of consumer research that involves small groups of people in which a product is discussed. A brief description of each of the aspects of the marketing mix is explained below. So it is vital to understand how to attract consumers' attention and get a complete picture of the situation. With regard to personal factors is indispensable to consider characteristics such as age, job, economic circumstances, life-style and the personality of the buyer. The main objective of studying the behaviors of the consumers is to use the information to develop marketing strategies that will help attract and retain the consumers.
The Soap variant was priced at Rs. The duty involves luring a customer in for the sale and then finally completing the required sale. Fortunately, there is still a large possibility of success for the businessman who only has expertise or experience in a single field. To increase sales force, they have to spend more money on the hiring, training and keeping the sales force. The reach of Dettol moved from homes and hospitals to hotels, theatres, railways, educational institutes, saloons, school events. The attitudes of the consumers can be changed even though this is a difficult thing to do.
Relationship between Marketing Mix and Consumer Behaviour
A study showed that the These are only very simple examples of consumer behaviour. This is an important step because is when the consumer makes the choice about the product to buy LearnMarketing. This is also significant in the planning of the product cost and the type of promotion that would go into the promotion of the products. As people grow they undergo various life changing experiences that make them more concerned about their values and their lifestyle together with what they consume. The type of product also as a major say in the strength of the sales force. Commonly people up to 30 years of age. Incorrect or inadequate market research often leads to poor performance due a poor understanding.
The study revealed that 85% of the respondents knew about Dettol i. To develop a marketing strategy that will relate to the behavior of these consumers an attribute needs to be identified of the drink. It has ruled the roost in the industry for several years and still holds solid ground. The external influences included the gender of the consumers in the market, the different ages of the consumers, the social class of the potential consumers of the drink and the lifestyle that most of the consumers were likely to follow. With promotion, the name of the game is test. Personnel from all parts of the company can provide crucial details and insights into the marketing plans, goals and opportunities.