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Marketing Influences

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Marketing Influences in Economics

Acquiring a commodity from a particular company relies heavily on the marketing the product has. The marketing determines the chances a product has of being chosen over other products of the same category. The forms of marketing that influence decision-making among consumers are eminent in any field of business. These are the product itself and its demand, the price of the product, the promotions that the product comes with, and the place where the product is obtained from in the market. These elements of marketing vary in their influence on decision-making among consumers with others making companies cash in more than the others.

The choice of products from consumers relies on the four elements of marketing; product influence, price influence, promotion influence, and place influence. The factor of whether a product is a necessity or a luxury factors in the decision-making in a way that makes these elements have variable influence. The fact that a product can be private or for public use makes its marketability vary extensively, thereby varying the preference of the consumers.

Product Influence

The influence of the product on the decision a consumer makes as regards a variety of products at his/ her disposal is extremely significant. The brand name of the product makes it stand out from the rest. The quality of a product is a factor that a brand name gets associated with in the market making its demand rise. The newness of the product can also affect the consumers’ behavior. The labeling and packaging of a product is also a crucial factor in the decision-making process of consumers.

On the hunt for a wristwatch in town, I had the opportunity to compare the various types and designs of watches available in the market. A Mont Blanc watch that was cased in a neat, dark blue, velvet-made case stood out from the rest. The distinct label of the designer of the watch with his trademark symbol was emblazoned onto the case and the watch as well. These features already had me glued to the product. Eventually, these features influenced me to purchase the watch after comparisons with other watches that were on display.

This was an instance where the product influenced me to purchase a product. The use of quality as a factor to market products came into play in this circumstance as societal trends appreciate the brand name for its quality. The packaging and display of the product also gave the product aesthetic value that psychologically trained me towards the product. (Kotler, 2007)

Price Influences

The role of price as a marketing element is crucial, as people tend to acquire quality goods and services for the least price available in the market. The pricing strategies for any given company determine the decision-making of the consumers in both psychological and situational categories of influencing the consumers. The price of a product about its quality has a profound effect on the logistics of its acquisition. The price should not be lowered indiscriminately to favor consumers while hurting the company, but it should be profitable and within reasonable limits as well.

Concerning the dial-up internet services I subscribe to monthly, the pricing of Orange Network was the reason behind my choosing it. In comparison to the other internet service providers (ISPs), Orange had faster speeds of bundles for far less prices than the other ISPs. The periodic subscription (daily, weekly or monthly) to internet services comes at affordable prices without any risk of alteration (especially increase) in cost. This is suitable, as an increase would dictate a switch from one ISP to another. The cost of equipment in such a switch is hefty and other inconveniences are bound to arise.

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The pricing of internet bundles is considerably high. It varies depending on the number of bundles one is purchasing and the speed of the data transfer. The ISP, Orange, and use a pricing strategy that allows it to provide affordable but quality internet services to its consumers. The pricing of their internet services influences a majority of consumers in picking the company as their ISP.

Promotional Influences

Companies utilize various media to convey information about the existence of their products and the edge these products have over their competitors. The use of advertisements, promotions, and publicity operations, and salespersons to market the product to convince consumers to purchase products are extremely popular. This makes the consumer informed about the product in question, and thus increases the chances of the consumer choosing it because of the awareness. With the frequent advertisement of the products in media, the target consumers are most likely to be found in the aim of creating such an influence on consumers.

The purchase of the Sony Ericson Yendo that I did was due to the promotional material the gadget had. The phone was extensively advertised in the media as having some of the best features any phone could have. These included a 5-mega pixel camera, Bluetooth, an extraordinary music player, third-generation internet speeds, and an internal memory of 20 MB. These features were all in advertisements on television and posters. These features make any phone stand out, and the effort the Sony Company put in to make sure consumers know of this product undoubtedly convinced me to choose the phone over others.

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The advertisements that Sony developed showed how the phone could be used in various ways and the prestige associated with buying the phone. This awareness created by promoting the phone made me aware of the phone psychologically making consumers know its benefits. The knowledge of the product increases the likelihood of one choosing it in a store. This is because the promotions give consumers a reason to purchase the goods or services. (Keh, et. al, 2007)

Place Influence

This element of marketing creates place utility for the consumers as well as determines whether the product is of high quality. The purchase of a product is more likely if its location is near to the consumer than if the store is far away. The location of a product in particular places also determines its quality, as certain stores are known to only have quality goods and services. The location of the product also determines its purchase as products that do not require much thought are acquired from the nearest store.

The purchase of life jackets during my trip to the beach of Mombasa was influenced by the location of the jackets right by the beach. These were equipment that I required for use now, and given that either works, I went for those that were located nearby by the beach. The thought of going back to Mombasa Town to buy the life jackets was unwelcoming as it would have been a blatant waste of transport money.

Consumers prefer products and services from the comfort of their surroundings to distant locations. This is where companies provide the consumers with the place and time utility. This influences their decision-making making them purchase products that are nearby. The result of this is an increased market for locally located products and services as they reduce transport costs and save the consumers time.

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