Marketing of product
With respect to the four P’s or the Four C’s of the marketing mix, this brief analysis will consider the case of India as a potential market of entry for the sale of kitchen appliances. Whereas the economy itself is rapidly developing, key gaps in wealth distribution mean that a borad and overarching strategy of marketing the product to the populace as a whole would be a fundamental oversight. One need look no further than the way that Coke divided the Indian market between rich and poor, city dwellers and countryside dwellers to note the efficacy of seeking to differentiate an approach to selling a good in a rapidly developing nation. As a means of this, the kitchen appliance brand will need to be acutely aware of their target market, what avenues they can advertise in as a means of capturing their attention, and what pricing structure would best be suited to carving out a respectable market share while maintaining a profit margin (Constantinides 419). Similarly, due to the fact that entry into a developing economy provides a high risk scenario, the firm should be acutely aware of any cultural elements that should be paid special attention to or should be factored into the marketing pitch as a means of generating a higher level of eventual sales for the commodity.
Question 2: Examples of how situational factors might affect the purchase decision for an energy drink and tires.
Broadly speaking, situational factors are any of a host of factors that can steer consumer sentiment in any given direction. As stated, these can be any number of factors. however, lifestyle, culture, and economic considerations make up some of the most important of these. With respect to the question at hand, one need only consider a cultural situation in which drinking energy drinks high in sugar, caffeine and other highly processed and/or unnatural ingredients is something that is traditionally deemed unhealthy and/or frowned upon. Such is the case in many Nordic countries where soft drink marketing has faced an uphill battle to gain market share due to a great deal of prior cultural bias with reference to such highly unnatural drinks.
Similarly, with respect to the market for tires, one can of course quickly consider that the economic consideration would factor heavily into the way in which the consumer dealt with the issue of choice. Due to the fact that the consumer approaches the market for tires in a distinctly different way than he/she might approach the market for an energy drink, the utility of price differential becomes a key concern as to the consumer a set of tires is a set of tires. As long as they are more or less comparable, this situational factor is satisfied. To each of these two examples any one of the situational factors that have been listed, as well as a great litany of others might apply. however, for the purposes of clarity, only the two which have been listed have been expounded upon.
Constantinides, E. "The Marketing Mix Revisited: Towards The 21St Century Marketing." Journal Of Marketing Management 22.3/4 (2006): 407-438. Business Source Premier. Web. 15 Dec. 2012.
Marketing of product