Question

discus your expiriance about shopping on black friday, the biggest shooping day of the year for american customares. due to the significance of the day , marketing strategies have been increasingly afmgressive from year to uear.

1. marketing mix (four P's)

2. micro and macro enviroment factors that influenced your decisions

3. did you make the correct decision in your actions? (value&satisfaction)

Answer 1

SOLUTION -

1. The Four P's of marketing Mix are as follows-

• Product – The first of the Four P's of marketing is product. A product can be either a tangible good or an intangible service that fulfills a need or want of consumers. Whether you sell custom pallets and wood products or provide luxury accommodations, it’s imperative that you have a clear grasp of exactly what your product is and what makes it unique before you can successfully market it.
• Price – Once a concrete understanding of the product offering is established we can start making some pricing decisions. Price determinations will impact profit margins, supply, demand and marketing strategy. Similar (in concept) products and brands may need to be positioned differently based on varying price points, while price elasticity considerations may influence our next two P's.
• Place – Often you will hear marketers saying that marketing is about putting the right product, at the right price, at the right place, at the right time. It’s critical then, to evaluate what the ideal locations are to convert potential clients into actual clients. Today, even in situations where the actual transaction doesn’t happen on the web, the initial place potential clients are engaged and converted is online.
• Promotion – We’ve got a product and a price now it’s time to promote it. Promotion looks at the many ways marketing agencies disseminate relevant product information to consumers and differentiate a particular product or service. Promotion includes elements like: advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing and more. Each touch point must be supported by a well positioned brand to truly maximize return on investment.

2. Factors affecting micro and macro environment factors that influenced our decisions are as follows -

• Micro Environment - The micro-environment is basically the environment that has a direct impact on your business. It is related to the particular area where your company operates and can directly affect all of your business processes. Factors are -

1. Customers
2. Suppliers
3. Re-sellers
4. Competitors
5. General Public

• Macro Environment - The macro-environment is more general - it is the environment in the economy itself. It has an effect on how all business groups operate, perform, make decisions, and form strategies simultaneously. Factors are -

1. Economic factors
2. Demographic Forces
3. Technological factors
4. Natural & Physical forces
5. Political & Legal forces
6. Social & Cultural forces

3. Yes, the consumer has taken the correct decision because on the date of black friday marketers have usen the strategy of marketing mix which includes all four P's in selling their goods & services. This helps the consumer in choosing the correct product.