Essay
What is the most important factor to consider when determining the elements of the marketing mix?
In order to determine the elements of the marketing mix, one should consider those special relationships, which exist between the needs of a customer and the need-satisfying potential of the product. Here we are to speak about the product utility or in other words about the potential of the product to meet the need and the wants of the customer from the point of its functional, psychological and aesthetic characteristics.
It is quite a well-known fact that wherever the organization applies for marketing its products and services, it needs to start with determining whether the customer really needs it and will be able to satisfy his or her needs. At this point, it is essential to keep in mind that the range of problem to be solved with the help of your product or service is huge and largely depends on the specific customer auditory needs.
What factors influence the price of a product?
Among the factors, which influence the price of the product and its fluctuations are as follows:
Demographics of customers
Economic trends
Market demand for the product
Perceived value of the product
Product development cost or cost of production and distribution
The level of competition
Corporate objectives, etc.
Thus, in other words, the price depends on the market demand for the product or service and the amount of resources used to manufacture it and to make it available for customers. In case if the demand for the product or the service increases, the price is likely to rise. In the situation when the available supply is larger than the demand, the price falls. If the production expenses and the cost of distribution grows, the price usually tends to increase. The price may go down in case if the level of competition make the decrease of the price (even if it of temporary character) inevitable.
What product characteristics encourage heavy advertising? Little advertising? Why?
Sometimes product characteristics encourage heavy and little advertising. Serving to encourage customers to make a purchase, advertising should be effective enough to inform, persuade and make the customer to purchase some item. Heavy advertising takes place in case if:
The chance to demonstrate significant product differentiation is now high enough.
The seller is willing to make customer make a purchase with the help of the emotional appeal.
There hidden characteristics of the product, which are important though now known to the customer.
However, if we speak of the undifferentiated products (for example, such as salt or sugar), little advertising may become a perfect choice. It is so because in this case the price becomes the primary influence.
How does research help advertisers meet the challenge of the Rs of marketing?
Marketing research is usually implemented in order
Which kind of research data is more expensive to collect, primary or secondary? Why?
Both the primary and secondary data research serve to obtain the necessary data. The data previously gathered by someone else is known as the secondary data. It is more expensive to collect primary data because it requires a lot of time and effort. Secondary data research, in its turn, is less expensive because of its availability. Primary data research in more valuable because it helps to find the answer to some specific question or problem. It basically collects the information for some specific purpose. Direct collection of the data or direct observation involves the researcher in the process.
Which of the major surveying methods is mostly costly? Why?
According to Tadajewski and Hewer (2012), many scholars and practitioners recognize the importance of the method of data collection (p.1015-1017). If compared with some other surveying methods, the most costly surveying method is personal interviews, which are known for their being expensive and time-consuming. It is true that they require a lot of time because it is not an easy task to define whom to survey, how to select the candidate, and how to compare and analyze the results.
References
Tadajewski, M., Hewer, P. (2012). Global Contributions to Marketing Management. Journal of Marketing Management. 28: 9-10, 1015-1020, DOI: 10/1080/0267257X.2012.708149. Retrieved from http://www.tandfonline.com/doi/abs/10.1080/0267257X.2012.708149
