Complete 3 Short Marketing Discussions
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The Impact of Pricing
Price is the only element in the marketing mix that produces revenue all other elements represent costs.
How do price decisions affect the other three P’s? Select a product that you regularly buy.
How does price impact your purchase decision for this product?
How does it impact your perception of the brand? Does the company’s pricing strategy help build a long-term relationship with you by creating value?
Why or Why not?
Remember to include the link to your product of choice in your discussion board response for others to review.
To Buy or Not to Buy?
Thomas from Michigan decided to replace the two front tires on his truck because winter was approaching and they were beginning to look worn. He suspected that the tires probably could hold out longer, but wanted to be on the safe side. When he went to shop for tires at a store that had been recommended to him by a good friend, the mechanic of the shop advised him to replace all four tires. Putting faith in the mechanics recommendation, Thomas spent more than he had planned and bought all four tires instead of just replacing the front two. Afterward, because he had spent so much money for the tires that he wasn’t even sure he needed, he experienced cognitive dissonance about the decision. Hoping to dispel his doubts, he compared prices of tires at other places and discussed his decision with his co-workers the next day that had experienced buying tires. The evidence that Thomas collected convinced him that he used good judgment in replacing his old tires, and he also believed that he had gotten a good bargain.
Recall an occasion when you experienced cognitive dissonance about a purchase. Describe the event, and explain what you did about it.
Did anyone such as a family member, friend, or colleague play a role in your cognitive dissonance about your purchase?
What did you learn from this experience overall and the factors and influences that play a part in you the consumer’s decision making process.
Many companies today are concerned with social responsibility. They may pursue philanthropic activities and/or strive to be ethical. Your goal for this assignment is to evaluate the company you currently work for or a company of your choice and find out where the business of your choice stands, along the lines of social responsibility.
How does your company encourage their employees to do volunteer work?
Is there a specific organization such as Habitat for Humanity that your company of choice supports or encourages their employees to volunteer or become involved in.
Are the corporate volunteers paid for their efforts, perhaps through designated volunteer days or hours?
What do the companies receive for their efforts to be good community citizens?
How does the ability to perform volunteer work on company time affect employee perception of the company?
Lastly what are your thoughts on corporate social responsibility?
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