Marketing Techniques

Topics: Marketing, Video game console, PlayStation 3 Pages: 5 (1268 words) Published: November 16, 2013


Marketing Mix
George Washington
American Intercontinental University
BUS 105- Introduction to Business
November 9, 2013

Abstract
In this case, we will discuss the combination of the four Ps used for the purpose of marketing product is known as the Marketing Mix. For this paper, we will be creating a marketing mix and describing how they apply to a specific product.

Table of Content
Introduction……………………………………………………………………………………...P.4 Tangible Product………………………………………………………………………………...P.4 Product…………………………………………………………………………………………..P.4 Price……………………………………………………………………………………………..P.5 Place………………………………………………………………………………………….....P.5 Promotion……………………………………………………………………………………….P.5 Importance of the P’s…………………………………………………………………………...P.6 Conclusion……………………………………………………………………………………...P.7 References

Introduction
Marketing strategies determine a product’s future sells and success. In this paper we will identify a tangible product of my choice and explain why this product was chosen. Then we will explain the characteristics of each element of marketing as it applies to this product. The four p’s of marketing are product, pricing, place, and promotion. With this being stated, we will lastly discuss why each of the 4-P decisions would be important when marketing this selected product. Tangible Product

The Sony PlayStation is one of the most popular entertainment systems on the market. Sony markets this product to teenagers as well as adults. Its competitor which is the Microsoft Xbox usually releases their product around the same time with every newly introduced product. The two entertainment systems often use similar marketing techniques and both sold in the same department. Sony produces many electronic systems and is well known for supplying consumers with acceptable products. I specifically chose the PlayStation system because I am a consumer of this product, and the company does a great job on promoting, distributing, pricing and designing new products. Product

As we know, product marketing includes the product’s design, branding, packaging, guarantees, and other considerations (Hu, 2011). Sony PlayStation offers a new product every 7 to 10 years, which usually releases around the holiday season. This coming holiday season Sony is releasing its PlayStation 4 which is ultimately an upgrade of the PlayStation 3 that was introduced back in 2006. Since then, Sony has created a few different models of the entertainment system such as the PlayStation 3 Slim and a wide variety of color routines. Being that there are so many games available for the system, Sony also provides consumers with storage options such as how many gigabytes of hard drive space included with each system. Sony labels their product on all of their advertising and packaging which is easily recognized worldwide. Price

Another element of marketing strategy is pricing, which involves the money consumers are willing to pay for the good, service, or idea (Shahhosseini & Ardahaey, 2011). Sony is one of the most popular entertainment producers, and has products in many if not all homes around the world. The company does an acceptable job maximizing profit and satisfying consumers simultaneously for the PlayStation System. Sony seems to always choose a price that consumers are willing to pay and also compete with other gaming units in competition. The PlayStation has always been an enjoyable gaming system and Sony has done a good job with accounting for the product’s primary value. Even though other products compete closely with the PlayStation, their pricing is often consistent. Place

Place, or distribution, involves transportation, storage, and work with the organizations that are dedicated to product distribution (Tian & Borges, 2012). The Sony PlayStation is sold in majority of the electronic retailors such as Best Buy, Target, and Wal-Mart. GameStop is a...

References: Hu, Y. (2011). HOW BRAND EQUITY, MARKETING MIX STRATEGY AND SERVICE QUALITY AFFECT CUSTOMER LOYALTY: THE CASE OF RETAIL CHAIN STORES IN TAIWAN. International Journal of Organizational Innovation (Online), 4(1), 59-73. Retrieved from http://search.proquest.com/docview/905852281?accountid=144790
Kunz, M. B., Hackworth, B., Osborne, P., & High, J. D. (2011). Fans, friends, and followers: Social media in the retailers ' marketing mix. The Journal of Applied Business and Economics, 12(3), 61-68. Retrieved from http://search.proquest.com/docview/885179566?accountid=144790
Shahhosseini, A., & Ardahaey, F. T. (2011). Marketing mix practices in the cultural industry. International Journal of Business and Management, 6(8), 230-234. Retrieved from http://search.proquest.com/docview/884452757?accountid=144790
Tian, G., & Borges, L. (2012). The effectiveness of social marketing mix strategy: Towards an anthropological approach. International Journal of Business Anthropology, 3(1), 102-113. Retrieved from http://search.proquest.com/docview/1018555782?accountid=144790
Words of Wisdom Editorial Board,(2011).Introduction to Business.Shaumburg, IL:Words of Wisdom, LLC.
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