The marketers should manage all the types of marketing decisions by taking into account the environmental aspect as well. The marketing decisions should not only be right but they should also be taken at right time. The marketing decisions are mainly divided into four categories. You may also say these categories the different types of marketing decisions taken by the management at the making marketing plans for the products.
Types of Marketing Decisions
There are four categories or areas, which always kept in mind, while making different sorts of marketing plans for different products and services.
- Place (Distribution)
In the 60s, the term “marketing mix” became familiarize. There are certain activities that are included as the ingredients of marketing mix like branding, distribution channel, product planning, pricing, advertising, packaging, promotions, personal selling, display, physical handling, servicing and fact finding & analysis.
The Marketing Mix
The marketing manager should control the parameters of 4Ps of marketing keeping in view the external & internal constraints of marketing environment. The main objective is to take decisions that focus 4P’s on target market customers in order to develop perceived value & produce favorable response.
- Product Decisions
Product is related to physical, tangible products as well as services. There are certain decisions that are related to the product like
- Brand Name
- Repairs & support
- Accessories & services
- Price Decisions:
Following are some of important Marketing Decisions related to pricing.
- Pricing Strategy (penetration, skim etc)
- Suggested retail price
- Seasonal pricing
- Cash & early payment discounts
- Price discrimination
- Price flexibility
- Volume discounts & wholesale pricing
- Place (Distribution) Decisions
The availability of product to the customers is referred to as distribution. Following are some of the examples of distribution decisions.
- Market coverage (Exclusive, inclusive or selective distribution)
- Distribution channels
- Inventory management
- Specific channel members
- Order processing
- Distribution centers
- Reverse logistics
- Promotion Decisions:
Marketing decisions include promotion decisions which are important content of the marketing mix in which different aspects of marketing communication occurs. The information about the product is communicated with an objective to produce positive customer response. Following are some of the important promotion decisions.
- Promotional strategy (pull, push etc)
- Sales promotion
- Public relations & publicity
- Personal selling & sales force
- Marketing communication budget
Limitations Framework of Marketing Mix
In the early days of the marketing concept the framework of marketing mix was particularly useful when larger portion of economy is represented by physical products. In today’s era marketing is more integrated into the organizations and with various categories of products & markets, there are certain marketers that added further P into the Marketing Mix which may represents Packaging, Process or People element. But mainly marketing mix is composed of only the above mentioned four Ps.
The Product element is the starting point of the marketing mix because it represents the offering that organization made to its target market. It is big fact that the organization always seek to provide solution to the problems of the target market. The organization can market both tangible & intangible offerings.
All types of products include the distribution decisions. The physical goods are influenced greatly by the distribution decisions like truck parts or laundry detergents. Moreover digital goods & services are equally affected by the distribution decisions like downloadable music, television programming, income tax services etc. The product distribution is changed through major role of Internet which provides more opportunities for contacting the customers. But same distribution issues & obstacles are faced by the online marketers as faced by offline marketers.