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Individual Work
Lisa Peterson
Introduction to Business
Everest University
Instructor Bryan Oxley
1) Describe the Four P’s of the marketing mix: Product, pricing, placement and promotions.
A Product is any physical good service or idea that satisfies a want or need, plus anything that would enhance the production in the eyes of consumers, such as the brand name. Pricing is a set competitive price. If we price it high and use the right promotion, maybe we can make it work and earn money. We also might price our product lower than its competitors, because we want low-income customers as well. Place is getting the product to the right places and person. The last of the Four P’s of marketing is promotion. Promotion consists of all the techniques sellers use to inform people about and motivate them to buy their products or services.
Why are these elements so important to marketers?
It is very important because, a lot of hard work needs to go into finding out what customers want, and identifying where they do their shopping. Then you need to figure out how to produce the item at a price that represents value to them, and get it all to come together at the critical time. But if you get one element wrong it can spell disaster. The marketing mix is a good place to start when you are thinking through your plans for a product or service, and it helps you avoid these kinds of mistakes.
In your opinion is one important than the other? Why or why not?
Yes, because each of the Four P’s must be broken down by any company and analyzed before the product is placed in the market. Each of the Four P’s is considered just as important as the others. They are interdependent in marking a product or company a success. Each of the Four P’s has unique factors to consider. The main consideration associated with the product variable is the actual commodity or service to be sold in return for money.
2) Now think of three new products that you have purchased recently, which of the
Lisa Peterson
Introduction to Business
Everest University
Instructor Bryan Oxley
1) Describe the Four P’s of the marketing mix: Product, pricing, placement and promotions.
A Product is any physical good service or idea that satisfies a want or need, plus anything that would enhance the production in the eyes of consumers, such as the brand name. Pricing is a set competitive price. If we price it high and use the right promotion, maybe we can make it work and earn money. We also might price our product lower than its competitors, because we want low-income customers as well. Place is getting the product to the right places and person. The last of the Four P’s of marketing is promotion. Promotion consists of all the techniques sellers use to inform people about and motivate them to buy their products or services.
Why are these elements so important to marketers?
It is very important because, a lot of hard work needs to go into finding out what customers want, and identifying where they do their shopping. Then you need to figure out how to produce the item at a price that represents value to them, and get it all to come together at the critical time. But if you get one element wrong it can spell disaster. The marketing mix is a good place to start when you are thinking through your plans for a product or service, and it helps you avoid these kinds of mistakes.
In your opinion is one important than the other? Why or why not?
Yes, because each of the Four P’s must be broken down by any company and analyzed before the product is placed in the market. Each of the Four P’s is considered just as important as the others. They are interdependent in marking a product or company a success. Each of the Four P’s has unique factors to consider. The main consideration associated with the product variable is the actual commodity or service to be sold in return for money.
2) Now think of three new products that you have purchased recently, which of the