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When referring to a businesses marketing mix, the book refers to the “four P’s

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When referring to a businesses marketing mix, the book refers to the “four P’s.” The first of these is the product. This obviously includes the product itself, but also some other intangible aspects. When my wife and I were in the market for a new RV, we visited several different dealerships. The thing that made us purchase from our dealership was the forever warranty. This part of the product swayed our final decision. The second P is place. Continuing off the previous example, another reason we purchased from our dealership was the proximity and travel time. I am sure we may have found a similar product for a similar price, but convenience is key. The third P is the promotion. When we walked into the dealership, we were immediately greeted by a salesman who took the time to get to know us on a personal level. He sat down with us and listened to what we had to say first. The last and most obvious part of the marketing mix is price. Companies must remain competitive on pricing to remain in business (Lamb et al., 2020).

We learned that there are two levels of involvement, each requiring a different marketing strategy. A high level of involvement seems to require more effort in the marketing strategy. The example that comes to my mind is airline companies. Companies must come up with some sort of edge to compete with other airlines. Some of these might include advertising for my legroom or elbow space, and some airlines allow you to pick your seat upon arrival. Even marketing within the same company is required. Between economy, business class, and first class, there are options for a wide customer base. A low level of involvement comes with less of a marketing strategy. We have all seen the example that comes to my mind. Imagine walking into the grocery store and seeing a giant pyramid of soft drinks at the entrance. Stores use this to draw in our attention or possibly sway us to a specific brand. This is simply a way to market their products (Lamb et al., 2020).

The three psychological factors that affect consumer buying decisions are perception, motivation, and learning. There are a few examples what come to mind when thinking of perception, or how the consumer views a product. The first thing that comes to mind is a fast-food menu. We have all been deceived by these before. We pick out the best-looking item on the menu, only to be highly disappointed with what we get. The flip side of perception leads my mind to different car manufacturers. Someone who is a General Motors fan will always perceive their products as superior to the competition. How a customer perceives a product with vary with each person. The second factor is motivation. We have all seen the commercials on tv about the latest and greatest weight loss scheme. Companies use real life success stories to make everyone want to do better for themselves. There is something about seeing someone who “lost 30 pounds in 3 weeks” that just sparks interest in us. The last factor is learning. This factor to me seems a bit implied. If a consumer sees an advertisement that looks helpful, often times they go buy it. Lots of health products advertise a trial basis in which customers can decide if that product works for them. This is one example of a how a business uses the psychological side of learning to target a specific consumer base (Lamb et al., 2020).