Definition of Marketing
Marketing is essentially comprised of the 4p’s, product, price, promotion, and place, which are crucial tools to help understand what a product can offer, and how to plan for a successful product offering.
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Most companies use the 4p’s when it comes to consumer behaviour, to achieve it's end goal. Use price as an example, which applies to the 4 theories of consumer behaviour. In psychological models, companies would have to know what price is suitable for the type of consumer they are selling their product to, whether if its for someone’s survival needs, or someone’s want, to make themselves look better. For social models, a business would have to price a product everyone has, expensively, so that the consumer would be pressured into buying it to fit into society. Thirdly, in economic models, a business wouldn’t price their products too low, that consumers would think the product has poor quality, or too high, that people would think the product isn’t worth wasting money on, but price the product fairly, so that it focuses on the enjoyment of the consumer’s purchase. Lastly, for stimulus models, a company would price their product based on their customer’s reactions to the product, for example when a consumer is evaluating a product, they would know what’s worth buying, and what’s not.
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