How can bigbazar use the 4 p's of its markting mix to enhance customers perception of value of its total offer
Answers: You have to provide more information for people to help you answer this. What is the specific marketing mix for bigbazar? And, what is bigbazar?
The marketing mix consists of the blending of the 4 Ps of marketing: product, place, price, and promotion. All efforts in these four areas are combined to satisfy customers in a way that will make a profit for the business. Does this help you get started with this situation?
my answer would be like this:-
Product=> a large variety of products are offered in the shop, so customers get so many different kind of items under one roof. Thus it acts as a 1 stop family shop due to its varieties.
Price=> The price of all the items are less compared to the market. Customers of all class comes to BigBazaar and get satisfied.
Place=> The shop is usually located in the downtown areas in cities. so it is very convenient for customers to visit the same.
Promotion=> sufficient promotion in local newspapers and TV channels and also the road shows certainly will enhance the customers perception of value.
As I wrote in the answer to your previous question also about value, Perception of value of an offering in the minds of customers depends on two factors, Benefits and Costs.
V=B/C
This means that more the benefits customers receive at a given cost more will be the value in their minds.
Here, benefit means all the benefits like functional, social and emotional (as I had already explained in the previous answer).
And costs does not mean only monetary costs rather it is the sum of Time (like waiting time of a shop) customers have to spend to get the product, Effort they have to put in order to get those (e.g. traveling up to the shop, searching in the shop etc.) and finally, Money, i.e. monetary price of the product.
So, if you want to enhance the perceived value by using 4 P’s then you have to tune your 4 P’s in order to increase the perceived benefits or decrease the perceived costs.
(Here note that every factor i.e. value, benefit and cost is as perceived by customers and nothing is absolute. So, if your customer thinks a product is not beneficial, it’s not beneficial.)
Product : If Big Bazar does not want that it’s customers see it just as a cheap store then they will have to give some more space to branded items in their stores. Additionally, they will have to ensure the highest possible reliability of all the non-branded (or lesser known brand) items they sell. Branded items will enhance the social and emotional benefit for those who think brand is quality, so enhancing the value of Big Bazar in their minds. And people who purchase non-branded items from big bazaar for them reliability of non-branded items will increase the functional benefit of product, so again increasing the value because of increased benefit at a given cost.
Price : Big bazar has created a unique positioning in the minds of customers of being cheap in price. I think they should not change it because it is their USP now. So, they should still try to give products at least possible price but only fact is that the product should be of good quality and should not try to store market garbage just to make the store cheap.
Promotion : The theme of their existing promotion program (sabse achha, sabse sasta)is quite good because it tells both of things i.e. it is cheapest but at the same time quality best. So, I think they should go with it again but this time emphasizing more on good quality part without leaving the cheapest claim. I mean to say that do not change your pricing policy and continue to claim to be cheapest but by promotion try to convince customer that you are having the best quality in the market and instead of a cheap store, you are a value store (i.e. giving back exactly what the customer is paying for).
Place : Now, the distribution part. As I said above that for a customer cost of a product also include the efforts he has to put to get those. So, by increasing the number of stores or placing stores at more strategic locations where it may be easier for the customers to arrive, will increase the value perceived by them because as per our formula V=B/C it is basically decreasing C(cost) by decreasing effort, so, increasing V(i.e. Value).
This was all I wanted to say. Thanks.
Does marketing shape consumer needs and wants or does marketing merely reflect consumer needs or wants?Justify
Answers: Are you doing all your homework with runeye.com today? lol
As for your question, it depends on how you are looking at it. The short answer is no, marketing does not create consumer needs, it simply responds to needs of consumers. Companies following the marketing concept will identify a need (opportunity) in the market and they will seek to satisfy the need in a way that is profitable. The consumer and his or her needs will remain the focus of all their efforts and companies will respond to these needs as they are perceived and noticed.
However, marketing may lead consumers to realize a need that might have previously gone unnoticed. Perhaps a need or want was not realized until that product or service came along. For example, nearly everyone feels they need a cell phone now, but this need is a recent trend. Ten years ago many of the same consumers that would now likely feel that they need a cell phone might have claimed that they had no real use for one. Sometimes making people aware of what they are missing can influence a future demand for a product.
How do check out engines similar to G00GLE variety their money?
I always wondered, I know its something to do beside hits and advertising, but that can't be adjectives of it...Answers: G00GLE makes money contained by many ways, as a rule through charging companies/websites to have their results/links shown first.
My company pays around $100 a month for "sponsered search" or Adwords.
When someone go to G00GLE and searches on my product, my flier shows up along the right side or the very top (results state "sponsered search"). Then when someone clicks on my commercial to go to my website, I am charged a allowance.
I have to read out G00GLE knows how to rip you sour and I have to stay resting on it all the time as they run my advert even for words I don't want it to come up with. But hey, when you are the king, you set your own rules I guess.
Hope that help.
The more hits the site gets the better occasion the advertising get to a broader audience.even some popular blogs and other sites get poster revenue because their sites get ample hits to justify paying for space.
So if you start to have a markedly popular website or blog..you too can seek some commercial revenues.
They make their money through Sponsered Ads, Banner Ads, Radio Ads, Newspaper Ads etc.