The Marketing Mix Stimuli
The Marketing Mix Stimuli is key to finding out the behavior of the consumers. Marketing mix 4Ps will be taken into consideration in the marketing mix stimuli i.e. Price, Promotion, Product, and Place.
The classifications of the 4P’s have been highlighted as follows:
PRODUCT:
Any commodity that the consumer wants to buy to satisfy his needs, either it’s tangible or intangible, is called a product.
The best illustration of intangible products would be referred to as commodities. Which shall satisfy the wants or needs of the consumers would be a hotel, travel agency financial institution, hospital, etc.
Whereas on the other hand, tangible products that can satisfy the wants or needs of the consumers would be referred to as objects with physical existence like milk, vehicles, electronic equipment, etc.
PRICE:
The second marketing stimulus, that can affect the buying behavior of consumers, is price.
- The second-best element that should be kept in mind while purchasing a particular product (tangible or intangible) is price.
- It would also be referred to as one of the crucial elements of the organization.
- This means that price is the factor that determines the profit or loss for a particular organization.
- This is an adjustment in the price of the particular commodity or service in such a manner that could impact the marketing strategy as a whole.
- The price will affect the demand and sales for the commodity. Which will also help to determine the elasticity of demand.
- It shall be kept in mind which kind of customers it deals with, whenever the organization sets a price for a particular product.
- Any of the pricing strategies such as skimming, neutral or penetration pricing shall be followed based on the category of customers.
- The organization shall keep in mind both aspects such as differential value and reference value while setting the pricing.
PROMOTION:
A promotional aspect is the third marketing stimulus. This is a means of communication.
- With the help of several promotional methods, for example (PR) Public Relations, advertisements on Television, Radio, Trade Shows, Magazines, Banners, Road Shows, and Social Media, etc. Will help to maintain business relations.
- Any form of communication to make consumers aware of the availability of any product in the market is referred to as advertising.
- The selection of promotional strategy as well as the tool for communication is based upon the type of product.
- Staff personnel play a crucial role in making the entire successful show.
- Public relationships, face-to-face interactions, word of mouth, etc. Would help to improve the football for a particular commodity (Foxall & Goldsmith, 2004).
PLACE
The last marketing mix stimuli that would affect the buying behavior of the consumer is Place.
It refers to the particular location where the commodity/product would be readily available for sale.
The place is one of the vital elements when deciding upon the purchase of a particular good or not.
The organization shall keep in mind any of the following strategies. For instance, exclusive distribution or selective distribution, franchisee, intensive distribution, etc. (Shiffman & Watson, 2002).
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