Marketing Mix Decision Assignment Help | Marketing Mix Decision Homework Help

Marketing-Mix Decision

The marketing-mix decision relates to the following aspects of marketing tasks, namely:

•    Product mix decision
•    Pricing decision
•    Distribution channel mix decision
•    Promotion mix decision

Product-mix decision:

The decision on product mix involves product line policy and product adaptation and presentation to suit the buying and consumption pattern in the chosen market segments. By offering suitable range of product lines and combinations of product attributes mix-sizes, design, formulation, style, packages, brands, etc, the exporting firm can bring about distributive product differentiation and ‘Position’ the product in specific market segments. The content of product adaptation and planning needed for foreign markets depends on a number of considerations including market characteristics, climatic and socio-economic conditions, government regulations, competitive product specialties, distribution and selling outlets, packaging etc. and expected profit contribution to each product adaptation.

Pricing Decision:

Pricing is an important tool of marketing and one of the means of achieving the sales objectives. There are several approaches to the formulation of pricing stratify for a product in a given market segment during a given period taking into consideration the characteristics of selected market segments and existing or potential competition. The pricing decision process should ideally start form the ‘base price’, which the final buyer pays for the product. In a competitive market situation, the exporter is usually obliged to sell his products at a competitive character commanding a premium over other similar products. Such distinctiveness usually results not only from the product specialty but also from the ‘subjective, association’ and image attributed tot eh product by its consumers. Having determined the expected base price, the exporting firm can work back the discount structure and other marketing and producing costs with the objective of maximizing profit realization or achieving other marketing goals. An illustrative range of considerations entering export pricing decision process is given below:

•    What should be the role of price in the overall export marketing strategy and what degree of pricing discretion the firm has in the target market?

•    What the probable life cycle of the product is and what the present stage of the cycle is?

•    How the product should be priced-above, below or at par with competitive products?

•    How competition is likely to react to the price?

•    Should there be the same or differentiated pricing strategy for different markets or market segments.

Distribution Channel-mix Decision:

The distribution channel decision is again dependent on market entry and involvement decision. For an exporter there are several options to move its product into the distribution pipeline of the importing market, which consists of a wide variety of middlemen performing various kinds of buying and selling functions as well as facilitating acuities. The shortest channel of distribution is to establish direct relationship with the final buyer; in case of consumer the final buyer is the retail outlets and for industrial product or raw materials the actual users. The direct exporting to final buyers and indirect exporting through intermediaries have their own merits and limitations, subject to the firm’s export stratify and foreign market and marketing conditions. The guiding principle in channel decision is to come closer to the final buyer and have maximum economy and efficiency in the management of distribution, as well as to have continued feedback on market response to the product. Proper selection and management of distribution is of crucial importance for marketing success of the product both in terms of sales and profit. The firm therefore needs to select them most appropriate and efficient channels and work in close cooperation with the channel members.

Market promotion for export includes basically the elements of marketing communications, either face to face or though other means of attracting customer attention to and creating interest in the product. There are numerous means and techniques of market promotional activities aimed a the trade level in order to put the product into the distributive pipeline and into the customer homes. The importing firm has to carefully select the most effective combination of the promotion of the promotion-mix keeping in mind the customer characteristics, nature of product, information and communication effectiveness of different media, cost and other variables. Advertising, sales promotion, publicity, public relations, exhibitions, trade tapirs, personal selling all individually and collectively contribute towards communication effectiveness.

Marketing-mix Decision:

The marketing-mix decision of an exporting firm is the core of export management task. The export success depends on the efficiency of the firm to formulate the most appropriate blending of the different elements of the marketing mix, i.e. product, price, distribution and promotion and translate into strategic plan of action and break it down into sub-plan in respect of each product and market segment. The marketing mix elements are the ingredients for fulfilling the different  marketing objectives.

For more help in Marketing-Mix Decision click the button below to submit your homework assignment