Marketing mix stimuli: M&S supermarket - Essay Example

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Marketing mix stimuli - M&S supermarket Table of contents 1. Introduction 3 2. How marketing mix stimuli affects consumer responses 3 2.1 Marketing mix – overview and role 3 2.1.1. Product 4 2.1.2 Price 5 2.1.3 Place 6 2.1.4 Promotion 6 2.2 Interaction between marketing mix stimuli and consumer responses 7 2.2.1 Marketing mix and consumer behaviour 7 2.2.2 Marketing mix and consumer behaviour in practice – the case of M&S supermarket 9 3…
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Marketing mix stimuli: M&S supermarket
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"Marketing mix stimuli: M&S supermarket"

Download file to see previous pages This fact is made clear in the case of Marks & Spencer (M&S) supermarket. M&S is a popular retailer in the global market. In this paper the marketing practices of M&S supermarket are set under examination in order to explore the following issue: is the marketing mix able to affect the cognitive, affective and behavioural responses of consumers and at what level? The review of marketing mix, as used by managers of M&S supermarket, has led to the following assumption: marketing mix has the power to influence various aspects of consumer behaviour. Still, the responses of consumers to a product/ service cannot be precisely identified in advance; only estimations can be made on the basis of the responses of consumers to marketing mix schemes used in markets with similar characteristics. 2. How marketing mix stimuli affects consumer responses 2.1 Marketing mix – overview and role The marketing mix is a framework used in order to secure the success of a product/ service in a new market, known as the target market. Different approaches have been employed for explaining the role of marketing mix. For certain researchers, marketing mix serves as a tool ‘for bringing superior value to a group of consumers’ (Gitman and McDaniel 2008, p.295). For others, marketing mix is mostly a tool for establishing a reliable channel of communication between a firm and its target market (Lamb, Hair and McDaniel 2011). In any case, marketing mix is based on the use of a series of strategies related to specific ‘product, price, place and promotion’, as involved in a firm’s marketing plan (Lamb, Hair and McDaniel 2011). The four aspects of marketing mix, known also as 4Ps (Lamb, Hair and McDaniel 2011) are analyzed below. At this point, the following fact should be made clear: marketing mix can help to improve the positioning of a product/ service in the target market but only under the terms that the strategies incorporating in the marketing mix are carefully monitored (Kotler and Armstrong 2010). This means that even a well structured marketing mix framework cannot produce the expected benefits if it is not combined with an effective control mechanism that would ensure that all parts of the marketing mix are developed according to the terms set by the marketers (Kotler and Armstrong 2010). 2.1.1. Product As part of the marketing mix, the product strategy refers to various aspects of a product/ service, as this product/ service will be promoted within the target market (Gitman and McDaniel 2008). More specifically, the product strategy can refer to issues such as ‘the brand name, the packaging of a product, its accessories and so on’ (Gitman and McDaniel 2008, p.295). In the marketing mix hierarchy, the product strategy is considered as having the most important position. Indeed, without having identified the key characteristics of a product/ service, as this product/ service will be marketed in a particular market, it is not possible for the relevant project to proceed to the next phase (Gitman and McDaniel 2008). As for the other parts of marketing mix also, the choices made in regard to product strategy need to be flexible so that they can be alternated, if necessary, in order to be ...Download file to see next pagesRead More
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