Question

In: Economics

You recently bought a new computer, How does the product type influence what marketing communication mix...

You recently bought a new computer, How does the product type influence what marketing communication mix the company will use?

Solutions

Expert Solution

Buying a computer which satisfies all your needs is important as people don't often change their machines, they are very expensive therefore they need perfect knowledge of what they are buying and they should know the specifications of the computer. And catering to the right market is therefore necessary .

A marketing communication mix consists of the 4 P’s i.e. Place, Promotion, Price and Product. And it is necessary to identify the target customers blindly marketing to everyone is inefficient and costly. So, we must determine what to communicate, how to communicate and where to communicate. Communication of Objectives is a must, there are six stages that every customer goes through before deciding, whether to buy or not the product. These stages are awareness, knowledge, liking, preference, conviction and purchase. Thus, the marketing communication mix must be designed to perfectly fit the requirements and stages of the buyer, and step by step guide them to your favorable stage.

Therefore a product type will tell us what the target audience should be, which advertising methods the company should use, the sales and promotion methods to use.

suppose a laptop computer is to be sold using a marketing communication mix, then we will decide whether the laptop company wants to cater the middle class customers or the rich customers and accordingly our advertising strategies will be formed which will cater to different location, price will be charged accordingly etc.


Related Solutions

How will you alter the marketing mix –intensity & composition ,as a product is entering the...
How will you alter the marketing mix –intensity & composition ,as a product is entering the maturity stage in the lifecycle? How again the marketing mix will have to be modified ,when the same product ,later on, starts showing sales – decline?
What are the elements of a company’s integrated marketing communication (IMC) mix and when is it...
What are the elements of a company’s integrated marketing communication (IMC) mix and when is it appropriate to use each? How would you formulate a budget and strategies for an IMC plan?
Communications is an increasingly important and strategic part of the “Marketing Mix”. What is communication, what...
Communications is an increasingly important and strategic part of the “Marketing Mix”. What is communication, what are the available channels to a company and why must a company ensure that its messages are effective in marketing the product and its position in the market? Why should a company measure its communications effectiveness?
a. You are considering buying insurance for your new laptop computer, which you have recently bought...
a. You are considering buying insurance for your new laptop computer, which you have recently bought for $1,200. The insurance premium for three years is $70. Over the three-year period there is an 10% chance that your laptop computer will require work worth $416, a 2% chance that it will require work worth $840, and a 2% chance that it will completely break down with a scrap value of $170. Should you buy the insurance? (Assume risk neutrality.) b. Consider...
What kind of product is Netflix, and how might that influence ant changes to the marketing...
What kind of product is Netflix, and how might that influence ant changes to the marketing mix that you propose?
1. How does understanding customers influence new product development? 2. What role does the internet play...
1. How does understanding customers influence new product development? 2. What role does the internet play in: a. Researching customers b. Developing prototypes c. Reducing costs d. Mass customization
How does amazon adapt to change? How does information flow in amazon? What type of communication...
How does amazon adapt to change? How does information flow in amazon? What type of communication is common in amazon?
What are the basic elements of the marketing mix for a bank? What does the holistic...
What are the basic elements of the marketing mix for a bank? What does the holistic marketing concept broaden these elements to include?
Do you think new technologies are influencing the Marketing Mix? How has it changed how companies...
Do you think new technologies are influencing the Marketing Mix? How has it changed how companies deal with the classic 4 Ps of marketing? Support your answer with an example.
Define communication. How does it play a crucial role in marketing and business? What is clutter?...
Define communication. How does it play a crucial role in marketing and business? What is clutter? Name some of the forms of clutter in marketing communications. Describe integrated marketing communications (IMC).
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT