1. Describe the elements that make up the marketing mix.
For a global organization like adidas its marketing mix is tailored to specific markets. 1) Price: What is the value of the product or service to the buyer? Pricing decisions should take into account profit margins and the probable pricing response of competitors. Pricing includes not only the list price, but also discounts, financing, and other options such as leasing.
2) Place: Where do buyers look for your product or service? Place (or placement) decisions are those associated with channels of distribution that serve as the means for getting the product to the target customers. The distribution system performs transactional, logistical, and facilitating functions. Distribution decisions include market coverage, channel member selection, logistics, and levels of service.
3) Promotion: Where and when can you get across your marketing messages to your target market? Promotion decisions are those related to communicating and selling to potential consumers. Since these costs can be large in proportion to the product price, a break-even analysis should be performed when making promotion decisions. It is useful to know the value of a customer in order to determine whether additional customers are worth the cost of acquiring them. Promotion decisions involve advertising, public relations, media types, etc.
4) Product: What does the customer want from the product/service? What needs does it satisfy? The product is the physical product or service offered to the consumer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc. The elements include:
The right product
Sold at the right price
In the right place
Using the most suitable form of promotion
2. Explain the term sponsorship. Name a sponsorship deal that you think was...
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