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Marketing Concepts: Four Ps, MultiMedia Corral and Market Price

Please answer the following questions writing between 200 to 300 words to each questions.

1. Of the four "P's" we have studied so far, which do you think might be the most important? Why? Use a personal experience to help illustrate your opinion?

2. Read Case Study # 14 MultiMedia Corral, (see attached document). Evaluate what MultiMedia is doing and what happened with the special promotion. What should Josh do to increase sales and profits?

3. Think about the phrase ..., "what the market will bear" in terms of Price. When is this appropriate, or is it? Is this a "valid" pricing mechanism, or not? Explain.

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Please answer the following questions writing between 200 to 300 words to each questions.

1. Of the four "P's" we have studied so far, which do you think might be the most important? Why? Use a personal experience to help illustrate your opinion?
Of the four P's, the product is the most important. There are several reasons for this opinion. The product has the ability to satisfy the needs of the customer. In case of service, it is the actual service that matters. If the product/service is lacking in quality, no amount of promotion, place or price can sustain the sales of the firm.
The other elements of the 4 P's are price, place and promotion. A change is price will hardly help sell a product/service if it is of indifferent quality. For instance, I had purchased a Sony TV that broke down and subsequently required several repairs. I never bought another Sony product. Moreover, I advised other friends not to purchase a Sony TV. No amount of advertising, price discounts or availability of Sony TV will make any difference.
The most important component of the marketing mix is product/service. The reputation of a company is built on the performance of the product/service. Advertising will influence a potential customer to buy a poor product/service once. But once the purchase of a ...

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This answer provides you an excellent discussion on Marketing

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