Define and describe the elements of the marketing mix (product, place, price, and promotion). In addition, select an organization with which you are familiar and describe EITHER how each one of the four elements of the marketing mix is used by that organization to develop and support marketing strategy and tactics (in a 'unique' way) OR demonstrate how ONE of those factors (price, promotion, place or product) is being emphasized to create differentiation. For example, FEDX uses distribution to create an unsurpassed system to guarantee overnight arrival of a package.
Format is 1 page
1. What is the definition and description of each of the four or five Ps in Marketing?
2. Give an example of how a company has used one of the Ps to create differentiation OR how the company has used all the Ps to market a product or service.
Taken from the ABC's of Marketing:
"Products" are the things that you sell to people. You might also have a service that they'll pay for as your product. Products can range all of the way from goods people need every day to live, like milk, tuna or vegetables or they can be very high end dream products, like a private jet. Having the right product for your target market (that's the people or businesses you want to sell to) requires knowing what they need and want.
"Place" refers to how you get your product to your customer. Your product might be something that you produce or it could be something you never see or touch. That's quite possible if you have customers order through you and you arrange to have it directly drop shipped to them from the maker or a fulfillment center. There are a lot of ways to get your product to your customer, so it's important to know if it's something they want to see and touch before they buy it. If so, you'll probably want to order and stock it and sell it directly from your business. If it's something they don't need to see before buying it, you need to make sure that it's delivered promptly to them and is what they expected when they bought it.
"Price" is pretty self-explanatory but it's very important to your success. Price something too high and you may never sell a single item of it. Price it too low and you can lose money on every sale ...
This solution focuses on the four P's of Marketing and how it relates to a particular organization (Wal-Mart). The solution defines and describes the four P's of Marketing (Product, Place, Price and Promotion).