BU101 Grantham University Marketing Mix Discussion | assignmentcollections.com
BU101 Grantham University Marketing Mix Discussion | assignmentcollections.com
Business Finance
Research, identify, and discuss what the marketing mix is as well as why it is important to a business.
The requirements below must be met for your paper to be accepted and graded:
- Write between 500 – 750 words (approximately 2 – 3 pages) using Microsoft Word.
- Attempt APA style.
- Use font size 12 and 1” margins.
- Include cover page and reference page.
- Use at least two references from outside the course material, preferably from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the two reference requirement.
Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must be identified in the paper and listed on a reference page. Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must come from sources such as, scholarly journals found in EBSCOhost, online newspapers such as The Wall Street Journal, government websites, etc. Sources such as Wikis, Yahoo Answers, eHow, etc. are not acceptable.
Marketing Mix:
I think that it makes sense for our starting point to understand what marketing is should be to start with the basics and move on from there. So, let’s begin by defining what marketing is. I know there are several definitions and I do not feel that there is one best way to define marketing. However, it’s important that you understand that whatever definition we choose needs to have a focus on the key to marketing success which is the customer. For purposes of this lecture we will define marketing as the strategies and tactics that businesses use to get the word out about their products and/or services as well as to create value for the consumer. In other words, having the right product in the right place at the right time.
Businesses often use something known as the marketing mix to help them. The marketing mix is also referred to as the 4 Ps, meaning product design, price, place, and promotion. For a business to meet its consumers’ needs it needs to develop products that will please them, charge an appropriate price, distribute the products to the right place, and promote its products.
I think it will be more helpful to everyone for us to briefly discuss each aspect in a little more detail:
Product
·Should satisfy consumers wants and/or needs
·Needs to do what they claim it will do
·Needs to look good and clearly display benefits on the package
Price
·Needs to be appropriate to the product/service to attract the segment of the market they want
·Should reflect the product’s advertised image
·Should be within range of already established price points of competitors if any
Place
·Need to have a reliable way to transport and store products to ensure they are available for the consumer
·Right product needs to be at the right place at the right time
·Increases the odds for the product to be purchased by consumers
Promotion
·Need to communicate with consumers to create value
·Provides information that will help them make an informed decision to purchase a product or not
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