a.) Marketing is the promotion of business products or services to a target audience. It is, in short, an action taken to bring attention to a business' offerings; they can be physical goods for sale or services offered. Common examples of marketing at work include television commercials, billboards on the side of the road, and magazine advertisements.
But not all businesses approach the need to market their goods and services the same way. In fact, there are a few different approaches to how marketing can be successful for an organization. These approaches are called marketing concepts, or a philosophy that determines what type of marketing tools are used by a company. Marketing concepts are driven by a clear objective that takes into account cost efficiency, social responsibilities, and effectiveness within a particular market.
b.) The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.
Price: refers to the value that is put for a product.
It depends on costs of production, segment targeted, ability of the
market to pay, supply - demand and a host of other direct and
indirect factors. There can be several types of pricing strategies,
each tied in with an overall business plan. Pricing can also be
used a demarcation, to differentiate and enhance the image of a
product.
Product: refers to the item actually being sold. The
product must deliver a minimum level of performance; otherwise even
the best work on the other elements of the marketing mix won't do
any good.
Place: refers to the point of sale. In every industry,
catching the eye of the consumer and making it easy for her to buy
it is the main aim of a good distribution or 'place' strategy.
Retailers pay a premium for the right location. In fact, the mantra
of a successful retail business is 'location, location,
location'.
Promotion: this refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes.
Question 1 a. Define example. the term with an "Marketing" (5 marks) b. Discuss the 4P...
Question 3: The marketing mix and innovation (40 marks, 500 words) Nike's marketing strategy consists of market segmentation, targeting, positioning and the marketing mix. Nike's marketing strategy enables the company to be a successful player in the global market. Using your B207A course material, evaluate how the innovation in Nike's marketing mix elements is used to position the products within the minds of consumers. Your answer should contain the following: 1- Nike's market segmentation and targeting 2- What is positioning....
ASSIGNMENT: 1. Describe in detail the importance and role of marketing in an organization. 2. What is the marketing mix? What are the four elements of the marketing mix? 3. For each of the four elements (4Ps) of the marketing mix: - State the element. - Define the element. - Discuss how the element is applied in the marketing mix. - Discuss the importance of the element. Requirements: Minimum Page Length – 2 full pages (excluding title/header and reference list);...
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1:30 docs.google.com Please define static demand: (2 Marks) Your answer Please discuss five activities as discussed in class, that may take place during the execution process in a typical manufacturing production plan. (5 Marks) Your answer Please define stock-Keeping Unit SKU's: (2 Marks) Your answer With respect to the Bullwhip effect, please discuss in your own words on what order amplification and is and why purchasers will use it. (5 Marks) Your answer
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