Question

Discuss the following:

Product, price, place, and promotion are the underpinnings of all marketing efforts; how do each of them relate to or effect the following:

1. Consumer behavior; Price; place ; product; promotion

2. Advertising - Price; place ; product; promotion

3. Logistical planning -Price; place ; product; promotion

4. Online marketing- Price; place ; product; promotion

Answer 1

Consumer behavior-

Price-The price company set has a direct relation to consumer behavior. If the price is low as compared to the competitors or substitute goods and services then sales will directly increase. But if the price set by the company is significantly higher than expected, then sales rate decreases.

Place-Customer has lots of option to purchase the same product at different location like local stores, supermarkets, malls. But one key factor affects the consumer behavior is the place of purchase is near to their home. Some time consumers in a hurry just want to purchase from the nearest place.

Product-The product matters a lot. The quality of the product defines the way of purchasing. If the consumer is loyal to the specific brand and specific product.it means that the quality of the product satisfied the consumer.

Promotion-Sales promotion is a technique mainly used by the marketer in order to influence and encourage the customers' end-users to purchase a certain product in a certain time period. And to stand in the competitive market the company has use promotion strategies.

Advertising-

Product-Advertising help to create the presence of product in the market and help to spread the awareness about the features of the product and aims to build the preference for that product over its competitors.

The Price-Advertising industry has an awkward relationship with price. On the one hand, advertising enhances product differentiation which leads to higher prices.On the other hand, advertisement reduces consumer search costs because it provides more product information, which leads to a lower price.

Place-Place is used as a symbol , can be a vital component in the graphics and next modern advertisements. A large group of place images are depictions and descriptions of specific identified locations or sites. Example hotel, resorts, malls metro, etc.

Promotion - Promotion is part of the advertisement.

Logistical planning-

Place-logistics planning includes controlling and maintaining the inventory and transportation system. The inventory should be located near the market so that products can be transported as per the demand.

Product-Product directly affects logistics planning in many ways such as price of goods directly affects the price of transportation. If the product is heavy and takes lots of space then air mode of transportation is used and which increase the expense of transportation. The high-risk product needs more care and increases the cost of transportation.

Price-logistics also affects the price of the goods as if inventory and transportation cost increases because of fuel cost and which affects the cost of the price of goods. Such high taxes are paid for such a product.

Promotion-Promotion is an important aspect of the logistics planning of the organization. When bringing the product to the market the organization must coordinate the logistics department so as to maintain the flow and supply of products in the market.

Online marketing-

Product-In online marketing products are displayed in a various way and customers can get to know different products specification through online marketing. Such as goods are sold on Amazon, where customers can get the reviews and features of the product, and plus they can return the product if they are not satisfied.

Place-The fact is maybe some places on earth do not have water but they do have smartphones and the internet . Every citizen owns a smartphone and through free internet service, they can browse online products.

Promotion-Online marketing has different platforms to promote and advertise the product such as Facebook, Youtube, TikTok, Instagram. Influencer marketing comes from online marketing. Where bloggers and influencers uploads the videos and photographs on the internet and which directly influence the purchasing behavior of the consumers.

Price-The price of online marketing is very low or nil as compared to offline marketing. Internet marketing can affect price elasticity in a number of ways. It can help consumers to find more options on the internet when price increase becomes prohibitive.

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