PLEASE POST FEEDBACK ON THE FOLLOWING INFORMATION¦MUST BE 75-100 WORDS! Explai

PLEASE POST FEEDBACK ON THE FOLLOWING INFORMATION¦MUST BE 75-100 WORDS! Explain in detail the concept of a marketing mix and why firms must alter their marketing mix. How does marketing strategy differ based on the level of involvement associated with purchasing a product? This should be a detailed discussion. Provide examples. Identify three psychological factors that affect consumer buying decisions. Explain how these factors influence consumers decisions and how marketers use this information to successfully market their products and/or services to consumers. 1. The textbook states that one of the most important decisions a marketing manager must make relate to the creation of the marketing mix (49). This is true because in the first two chapters we learned that a marketing mix is a combination of different strategies. Those strategies include product place promotion and price (49). I like to refer to them as the four Ps. One reason it is very important for brands to alter their merketing mix is because of different trends that can influence the market such as social trends. By altering their marketing mix to keep up with the times more customers will be attracted to the good or servie the company is trying to market. 2. By definition involvement is the amount of time and effort a buyer invests in the search evaluation and decision processes of consumer behavior (105). From my understanding there are low invovlement products and high involvement products. Low involvement products are things such as sodas sauces mouthwash and dog food. These are considered low involvment because usually buyers are familiar with several different brands in the product category but stick with one brand (105). The high involvement products would be things that people do not really know that much about. So for low involvement products the marketing strategy is forward. Just a commercial or two will do . For high involvement products the marketing strategy has to be altered to provide more information to the customer (107). This is because the high involvment products are less known about and not purchased as much. 3. Psychological factors can heavily influence a persons buying decision; these three factors are perception motivation and learning (119). Perception is how we see things. A marketer may manipulate a persons perception of a product by simply throwing a label on it. For example some people are weary of buying unhealthy things such as chips. A marketing team could put on the bag that the chips are fat free. At the end of the day they are still chips but the consumer thinks that they are making a better decision by buying thes specific chips. Motivation is a reasoning behind doing something. I myself feel like there are prodcuts that I need when really it is just the packaging that convinces me that I need it. A brilliant marketing team could alter their packaging in an effort to fuel the consumers motive. The example above can apply to this factor too. Learning is a factor that is used to influence us consumers most often. For example if a consumer purchases a brand new phone they will learn that the new phone has upgrades that the last one may not have. This will result in the consumer learning new information about the phone. Source: Lamb C.W. Hair J. & McDaniel C. (2020). MKTG: Principles of Marketing (13th ed.). CENGAGE.

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