c. Ralph buys a house for $104,000, the maximum amount that he would be willing to pay for it. d. Sue purchases a book for $20 and uses a credit card to pay for it. 4. “I like ice cream, but after eating homemade ice cream last night, I want to have something else for dessert today.” This statement most clearly reflects a. the budget constraint. b. consumer irrationality.
We should care about our environment by ordering smaller amounts of food when in restaurants. Many people in the restaurants order too much food especially in buffets but when they finish their dinner, we can see there are still have some food left on the dishes. I was one of them who always wasted food when I was done with my meal. I didn’t realize that the food I tossed in the trash could impact our environment and lead to pollution concerns. In the book, Bloom said “it’s easier for today’s children to waste food because they are so removed from its origins.” The reason why we waste food easily is we don’t have the chance to plant, water, or nurse the plants by ourselves, so we don’t know how hard it is to plant and grow the food.
Obtaining a company’s desired results often takes experimentation, research, and analysis. The combination and coordination of all of the elements is significantly more effective than just using one. With the implementation of both long and short-term strategies, a business can focus on immediate sales goals and still build a solid business reputation. A company must be conscious of all aspects of the marketing mix to avoid sending mixed message to consumers and causing confusion. The object of the paper will explore the four-P’s of the marketing mix and how each of the four different elements directs marketing strategy and tactics.
The success of strategies depends on ability of an organization to satisfy customer needs better than its competitors in market. Krishna & Vasant (2006). Therefore it can be said that marketing mix strategies in retail are highly influenced by the customer’s needs and requirements and strategies adopted by competitors. That aim of marketing mix strategies in retail sector is to satisfy specific customer needs with price strategy that can make some profit for the organization (Kurtz et al,2009) Blankson(2010) explain that retail marketing mix strategies should aim to create distinct image in the mind of consumer while mix can vary on the basis type of specific market requirements. Many elements can be placed to form marketing mix of any organization but most significant elements are given as follows (i) Store location (ii) Merchandise and Category Management (iii) Pricing (iv) Inshore marketing (v) Customer Relationship Management These retail marketing mix strategies at Argos are discussed here in detail (i) Store Location:- The selection of store location is most significant and important decision and success of business heavily relies on this decision.
"Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4 Ps is one way of defining the marketing mix. The 4Ps model is just one of many marketing mix lists that have been developed over the years. Product is one of the four components of the marketing mix. The product is importance of a high-quality product that delivers value to the intended end user is critical.
Inflation, describe as a continuous increase in prices, is arguably one of the main causes of unemployment. It is simply said that, when inflation is high, unemployment is low and when inflation is low, unemployment is high. What causes inflation is a hard nut to crack for many economists but to the common man, changes in money supply throughout the world may be a possible answer. Basically, when inflation occurs, prices of common items shoot up demanding higher wages to employees. Most companies are usually not able to cope with these demands and eventually lay off workers so as to maintain steady
Competitive Advantage Porsha Jones BUS201 Tia Robinson May 12, 2014 There are four building blocks when it comes to competitive advantage. Those four building blocks are efficiency, quality, innovation, and customer responsiveness. Your business's competitive advantage is what makes your business stand out from your competitors. It is the reason why customers will purchase your products and services over those offered by your competitors. When describing your competitive advantage, look for questions such as the ones below: How will your products and services meet the needs of your target customers?
Globalization implies an international division of work. Many firms in developed countries have outsourced work to the third world countries. This has led to a loss of jobs in those developed countries as well as a rise in unemployment. Firms which outsource work have a reduced contribution to the improvement of the economic situation of their countries and force the local workforce to accept tougher conditions of work (lower salary, more constraining schedule…). As a result, the social welfare of those developed nations decreases.
Pricing includes not only the list price, but also discounts. Place Distribution(placement) is about getting the products to the customer. Some examples of distribution decisions include: Distribution channels ,Transportation, Specific channel members Promotion The target group needs to be made aware of the existence and availability of the product through promotion. Successful promotion helps a firm to spread costs over a larger output. Summary of Marketing Mix Decisions |Product |Price |Place |Promotion | |Functionality |List price |Channel members |Advertising | |Appearance |Discounts |Channel motivation |Personal selling | |Quality |Allowances |Market coverage |Public relations | |Packaging |Financing |Locations |Message | |Brand |Leasing options |Logistics |Media | |Warranty | |Service levels |Budget |
This is known as aggregate demand externalities. The staggering of prices Since prices are set by different people in the economy and at different times, adjusting of prices by firms in the economy is staggered. Staggering makes it difficult for firms to set prices since firms care about their prices relative to prices of other firms. If a firm sets a higher price relative to its competitors, it may lose some of its customers so the firms is forced to consider the competitor’s prices before it sets a new price. Staggering makes the overall level of prices to adjust slowly even when individual prices change frequently.