1. Define in full detail the 4 P's of marketing, and give an example of a company (corporation) that has fully mastered the 4 P's ensuring their customer is a repeat customer
2. Define Value Chain, and give an example of a company that utilizes a Value Chain Delivery Network, further cite the success rate of their value chain network.
3. What is MIS (from a marketing point of view) and how does it affect the marketing research process?
4. Why is marketing research so important before launching a new product? Cite companies that failed because lack of market research, additionally, cite companies that great success with a product because of extensive product research.
5. What constitutes a profitable customer? Further, how does a progressive company measure a customers lifetime value?© BrainMass Inc. brainmass.com March 4, 2021, 11:12 pm ad1c9bdddf
I have supplied you with some of the references I used. The fifth question is more involved and I was not sure of the exact needs of the answer so I included the last reference which has some excellent information for you to read and then use.
1. Price, product, promotion, and place. Products are the goods and services that are to be sold by the producer to the consumer. The quality and need of products are part of the company's strategic plan and require the study and knowledge of the marketing department to find and create target audiences and market the product to them.
Price is the amount charged by the producer to buy the product. This price is set dependent on what market the producer wishes to sell. Prices are set based on the market, competition, and other factors such as use and perception of the product. A diamond sold in one store will not always be the same as one sold in another.
Promotion is the act of marketing the product. All the uses of communication by the marketer to inform and educate the consumer about the product is performed under promotion. Promotion can include marketing and advertising, but also public relations.
Placement refers to the actual targets of the product promotion and the product. It can be the subject of which advertising media to use to promote the product. It can address placing of the product in specific media such as the appropriate magazines (athlete's foot promotions using men would not be well placed in a fashion magazine). It can ...
The solution discusses 4 p's, value chain, research and profitable customer.