The Marketing Mix and How its used in Consumer Behaviour?
- alice
- Feb 8, 2019
- 2 min read
Updated: Mar 18, 2019
In week 3 we learnt about the Marketing Mix and how it fits in with consumer behaviour. If your wondering what the Marketing Mix is then read on!
The Marketing Mix is made up of 4 areas which are Price, Promotion, Place and Product. These are a good relationship tool to help products and services reach out, communicate and understand their consumers well. When customers buy products, they take risks and put their money into products they want to work. Companies therefore have to prove to the consumers and customers that its worth buying. They need to create trust and loyalty and they will therefore think that they are making the right choice.
In terms of Product in the Marketing Mix, it needs to match to consumer needs because a pointless product is going to have no sales. It needs research to create the right messages.
In terms of Price in the Marketing Mix, customers are happy to pay more for more quality products. This therefore means that customers need to be sure before taking the risk of paying out for these. This can be done by Customer Based Pricing Methods. These are Demand Pricing (Used with airlines), Product Line Pricing (Used in retail), Skimming (Higher prices when released), Psychological Pricing (£19.99 etc) and Discounting Pricing (Customers waiting for prices to drop).
In terms of Place in the Marketing Mix, the location needs to be significant in order for the product to sell. This includes all of the staff, the aroma of the store and many more features. This therefore allows a customer experience of its own.
In terms of Promotion in the Marketing Mix, it needs to create an appropriate perception in consumers minds. This could be done through social media and viral marketing.
There is also an Extended Marketing Mix which helps mainly with Intangible goods. These are made up of People, Process and Physical Evidence.
The Integrated Marketing Mix is when all the different features of the Marketing Mix and the Extended Marketing Mix must work together in order for it to compliment each other and then this will therefore make products and services understand their process of consumers better.
What do you think of the Marketing Mix? Can you think of any companies which use this well?
References:
https://marketingmix.co.uk/
Hi! Great post, I love how you explained everything in such a clear way! I would like to know more about what you think about this as well, but overall I love you're way of writing!
This is a great blog and you've really done well to show your understanding of the marketing mix. It's interesting to see how detailed the marketing mix can be and the different elements of it that some people might not have even considered. It would've been great to see an explanations as to how this ties into consumer behaviour slightly more in detail. And perhaps the use of an existing business to put into context the elements of the mix you discussed.
Hi Alice, excellent blog! I think it’s great how you have mentioned the different types of pricing strategies and identified that there is a ‘risk’ when customers make purchases. To make it even better, you could expand upon ‘promotion’ a bit more; perhaps including an example of what one company has done, to help put it into context. A great blog though, especially as you made it clear the difference between the customer and the consumer!