Marketing Mix & Marketing Process
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1) Describe the marketing process and the basic elements of the marketing mix. Use examples to support your answer.
2) Explain the differences between goods and services. Give an example of a good and a service in the hospitality industry.
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Solution Summary
The answer to this problem explains the marketing process, marketing mix, and goods/service differences. The references related to the answer are also included.
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Step 1
The organization must find a way to uncover unfulfilled needs of the customer and bring to market products that satisfies those needs. The marketing process begins with analyzing the business situation to identify opportunities, formulating strategies to develop value for the customer, making tactical decisions, implementing the marketing plan, and monitoring the results. For example, Apple uncovers unfulfilled needs of the smart phone customers and launches new models of iPhones to satisfy their needs.
The marketing mix is a combination of factors that can be controlled by an organization to influence consumers to purchase its products. Specifically the elements of ...
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