Marketing is best described as the identification, where, how much, and promotion of any good or service. The most widely recognized way to describe this marketing mix is simply the 4 P’s. Some sources would dare to say there is a fifth P, people.
The reference source that I used for this assignment did agree with our text. It goes on to explain what each part of the equation means, along with examples of each. It goes on to give specific questions to ask when trying to decide if all elements were included in the marketing mix. I did use a second reference that was a blog by a former Home Business Guide. In this blog it not only discusses the 4 P’s, but also mentions a fifth component that only recently been added to the balance. Our text says a product is defined as a good, service, or idea that fills a customer’s need or desire. The cited internet source doesn’t define what a product is. The internet reference merely gives a list to ask when utilizing this concept of the marketing mix. Selecting the best price for a product is known as pricing. Two of the most influential factors in determining price are the cost of the merchandise or service and the value of the product to the buyer. Customers won’t purchase the product if it costs too much, and the manufacturer can’t make a profit if it’s sold too low of a cost. There has to be a target audience for this delicate process to be successful.
The internet source does go one to discuss the extended marketing mix, which has 7 P’s. It includes the original four plus people, processes, and physical layout decisions. It also, talks about another marketing process called the 4 C’s. This term was coined by Lauterborn. It includes Communication, Convenience, Cost, and Customer’s needs and wants. Lauterborn looks at the marketing mix from the buyer’s point of view rather than the seller’s. It is pretty
Internet Project 3
November 22, 2010
much the same... [continues]
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