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The Marketing Mix and Consumer Behaviour
Week 4 - 2
The Product Onion
• The Actual Product• The Extended Product• The Augmented Price
The Marketing Mix
• Price
• All customers have some idea – a perception - about how much a product will cost them to buy
• It may be ridiculous low in which case the promotion needs to clearly demonstrate the value
• It may be perceived as being higher than it actually is / needs to be often when people do not understand the contents of the product – mystery in some technology – Keep the price to give maximum value– Increase the price to maximise value and provide investment in the future.
The Marketing Mix• Place Chapter 17
• After the product selection has taken place the decision of where / how to buy will be made often part of the search
• Consumers will have learned behaviour always go to a shop which has good service and knowledgeable staff
• Many people will have since only 2000 consider the internet as a serious credible option and TRUSTED eg Amazon started in books , cds easy to post have now moved onto other products – higher value often customers expect lower prices but also value the speed of service – delivery
• RETAIL DISTRIBUTION IS AN INTANGIBLE PRODUCT
Creative Aspects
• Humour• Size• Position• Association like the message like the product• Film – Movie style – life style• Music
The Marketing Mix
• Promotion
• D• R• I• P
The Marketing Mix• Promotion
• A• I• D• A• (Strong 1925)
The Marketing Mix
• Promotion
• Hierarchy of Effects
• (Lavidge & Strong 1961)
The Marketing Mix
• Promotion
• Information Processing
• (McGuire 1978)
The Marketing Mix
• Promotion - Sales Promotion• REASON TO BUY
• Operant Conditioning – Rewards Competition• JND – extra product – reduced price - Perception• Exponentiation – free sampling• Loyalty schemes – reward loyalty