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Mix Price, product, promotion, and place are known as the four As of marketing. The combination of the four As used for the purpose of marketing product is known as the marketing mix. For this paper, you will be creating your own marketing mix. Specifically, you will complete the following: Choose a tangible product with which you are familiar, and describe why this product is of interest to you. Describe, in your own words, the characteristics of each element of the marketing mix (price, product, place, and promotion) as they apply to your elected product.
Discuss why each of the 4 P decisions would be important when marketing your selected product. Your assignment should be 3-4 pages in PAP format. BRAND LOYALTY From a marketing strategy viewpoint, brand loyalty is a very important concept. Particularly in today’s low-growth and highly competitive market- place, retaining brand-loyal customers is critical for survival; and it is often a more efficient strategy than attracting new customers. Indeed, it is estimated that it costs he average company six times more to attract a new customer than to hold a current one.
Brand loyalty is often thought of as an internal commitment to purchase and repurchase a particular brand. As a behavior phenomenon brand loyalty is simply repeat purchase behavior. Both cognitive and behavior approaches to studying brand loyalty have value. We define brand loyalty as repeat purchase intentions and behaviors. While the major focus of our discussion is on brand loyalty as a behavior, e want to emphasize that cognitive processes strongly influence the development and maintenance of this behavior.
Brand loyalty may be the result of extensive cognitive activity and decision marking. Brand-loyal behavior may occur without the consumer ever comparing alternative brands. Decisions have to be made about where and when to purchase the product; some knowledge of the product and its availability must be activated from memory; intentions to purchase Ft and satisfaction influence the purchase behaviors.