Marketing Mix

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1.Short notes

A)Marketing Mix variables (The 4 P 's of Marketing)

The major marketing management decisions can be classified in one of the following four categories: * Product * Price * Place (distribution) * Promotion
These variables are known as the marketing mix or the 4 P 's of marketing. They are the variables that marketing managers can control in order to best satisfy customers in the target market. The marketing mix is portrayed in the following diagram:

The Marketing Mix

Product | | |
Place | | | | | | | | |
Target
Market | | | | | | | | | | Price | | |
Promotion | |

The firm attempts to generate a positive response in the target
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Jon Elster calls this pattern "adaptive preference formation."[1]

d)The Marketing Environment
The market environment is a marketing term and refers to all of the forces outside of marketing that affect marketing management’s ability to build and maintain successful relationships with target customers. The market environment consists of both the macroenvironment and the microenvironment.
The micro-environment
This environment influences the organization directly. It includes suppliers that deal directly or indirectly, consumers and customers, and other local stakeholders. It is a more local relationship, and the firm may exercise a degree of influence.
The macro-environment
This includes all factors that can influence and organization, but that are out of their direct control. A company does not generally influence any laws (although it is accepted that they could lobby or be part of a trade organization). It is continuously changing, and the company needs to be flexible to adapt. There may be aggressive competition and rivalry in a market. Globalization means that there is always the threat of substitute products and new entrants. The wider environment is also ever changing, and the marketer needs to compensate for changes in culture, politics, economics and technology.

e) Variety seeking buying behavior
Some buying situations are characterized

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