...When applying the four p’s to a service, I would first identify what the customer’s needs are and then provide my products and services to the market that is targeted. Next I would have to promote my service which would include focusing on the quality, customer value and satisfaction of the customer. The four p’s of marketing is found in a formula called the marketing mix, which includes Products, Place, Price and Promotion. Our test states “Under the umbrella term marketing mix, the four p's of product, place, price, and promotion represent the elements of a strategy that marketers control” (White, 2012). Applying the four p’s to a service will determine how effectively you can market your service. You first need a product or service that will satisfy the needs of your target customers. You have to offer this product or service at a competitive price to other retailers who offer the same service. The service needs to be made available to the customers in a manner that is easily obtained. Finally, you need to promote your service, its price, and where it can be obtained. I use the internet on a daily basis, for several purposes. I use it for school, shopping, and socializing, just to name a few. Having an internet service that is reliable, available to my area, and at a reasonable price, are what I looked for when choosing my service. Being that I live in the country, there weren’t many options available. Unless I wanted to go with satellite, I only had one option for cable...
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...Marketing mix The Marketing mix is generally accepted as the use and specification of the "four P's" describing the strategic position of a product in the marketplace. One version of the marketing mix originated in 1948 when James Culliton said that a marketing decision should be a result of something similar to a recipe. This version was used in 1953 when Neil Borden, in his American Marketing Association presidential address, took the recipe idea one step further and coined the term "Marketing-Mix". A prominent marketer, E. Jerome McCarthy, proposed a 4 P classification in 1960, which has seen wide use. The four Ps concept is explained in most marketing textbooks and classes. Definition A"Marketing Mix" is the set of controllable, tactical marketing tools that work together to achieve company's objectives, they are: product, price, promotion and place: o Product - A tangible object or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products are often service based like the tourism industry & the hotel industry. Typical examples of a mass produced tangible object are the motor car and the disposable razor. A less obvious but ubiquitous mass produced service is a computer operating system. o Price – The price is the amount a customer pays for the product. It is determined by a number of factors including market share, competition, material costs, product identity and the customer's...
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...The four P's are part of what is known as "The Marketing Mix". The four P's represent the rules of what makes for a successful product. The Four P’s are: Product, Place, Price, and Promotion. In terms of a retail product, these principles are fairly straight forward and are self-explanatory. But in terms of a service, where there is no traditional tangible product but rather a result of services rendered, you have to ask how you would apply these principles. A specific service that I use for a good example is Netflix. There is no tangible product, since the entire service is data streaming in the form of shows and movies. Netflix is a marketing genius. They have been able to put Blockbuster out of business, and have expanded into nearly all markets of electronic delivery available! They are available on several gaming platforms, on demand applications built in to hardware, computers, tablets, and even mobile phones. All while they maintain a non-physical presence. In the beginning, Netflix offered DVD's by mail for a cheap monthly price, as many movies as you could watch, one at a time...and the price was less than 2 movies rented ONE time...for only 24 hours at Blockbuster. Blockbuster failed to change and move on with the times, and they got greedy...Netflix capitalized on the opportunity, bridging the gap, and with low overhead. Blockbuster could not compete. Netflix had excellent product base. The products were already developed! They simply have to become...
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...The Marketing Mix (The 4 P's of Marketing) Marketing decisions generally fall into the following four controllable categories: • Product • Price • Place (distribution) • Promotion The term "marketing mix" became popularized after Neil H. Borden published his 1964 article, The Concept of the Marketing Mix. Borden began using the term in his teaching in the late 1940's after James Culliton had described the marketing manager as a "mixer of ingredients". The ingredients in Borden's marketing mix included product planning, pricing, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. E. Jerome McCarthy later grouped these ingredients into the four categories that today are known as the 4 P's of marketing, depicted below: The Marketing Mix These four P's are the parameters that the marketing manager can control, subject to the internal and external constraints of the marketing environment. The goal is to make decisions that center the four P's on the customers in the target market in order to create perceived value and generate a positive response. Product Decisions The term "product" refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made: • Brand name • Functionality • Styling • Quality • Safety • Packaging • Repairs and Support • Warranty • Accessories and services Price Decisions Some examples...
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...4PS OF MARKETING Introduction In the early 1960s, the concept of 4Ps was first suggested by E. Jerome McCarthy. He suggested that these four P’s as Product, Pricing, Place, and Promotion. The main reasons the marketing mix is a powerful concept are it makes marketing seem easy to handle, allows the separation of marketing from other activities of the firm and the delegation of marketing tasks to specialists. The marketing mix concept also has two important benefits. First, it is an important tool used to enable one to see that the marketing manager’s job is, in a large part, a matter of trading off the benefits of one’s competitive strengths in the marketing mix against the benefits of others. The second benefit of the marketing mix is that it helps to reveal another dimension of the marketing manager’s job. All managers have to allocate available resources among various demands, and the marketing manager will in turn allocate these available resources among the various competitive devices of the marketing mix. These 4Ps are: 1. THE PRODUCT: Exactly what product or service are you going to sell to this market? Define it in terms of what it does for your customer. How does it help your customer to achieve, avoid or preserve something? You must be clear about the benefit you offer and how the customer’s life or work will be improved if he or she buys what you sell. 2. THE PRICE: Exactly how much are you going to charge for your product or service, and on what...
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...marketing mix. The marketing mix has four different elements, product, place, price, and promotion. For every business knowing what each of these” four P’s” represents is crucial to the marketing of the product. Before going into depth about the four “P’s” it is important to understand what marketing mix is. According to Perreault, Ph.D., Cannon, Ph.D., and McCarthy, Ph.D. (2011), marketing mix is the controllable variables the company puts together to satisfy this target group (Chapter 2).The target group is the audience that the product will be sold too. The controllable variables are the “four P’s” product, place, price, and promotion. Netflix is a company that was found in 1997 and was one of the first of its kind to stream movies and TV shows on your television and or mobile device. Netflix currently has over 40 million streaming members domestically as well as internationally ("Netflix", 2013). Netflix is also consider to be one of the strongest competitors in their market, the market of live stream movies television and DVD’s that is. This company has been constantly successful because of their marketing mix. P is for Product Netflix is very aware of the product they are offering, they also know their target audience. Netflix does not necessarily have a target audience, they have what is a called a mass audience; because the product that they are selling can be appealing to just about anyone. Product is one of the “four P’s”, Netflix understand why their product...
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...The Marketing mix tool helps with structure when coming up with a product. The marketing mix consist of four important elements to plan and execute a product: Product, price, place and promotion. Products are goods, services or ideas that represent the needs or wants a consumer. The price of a product comes from how much the consumer is willing to pay for goods, services or ideas. The Placing is where you want to sell the product that reaches the right consumers. Promotion is how you are going to advertise your product. The 4 P’s of the marketing mix support each other. For creating a Product you have to make all decisions regarding your product like variety, quality, design, features, brand name, packaging, services etc. The tangible product I choose is cars. The product is interesting to me because where I live it really aims for the needs of consumers. In many places it aims for both needs and wants. According to CNN Toyota won the global sales for 2015. Toyotas market not only concentrates on one consumer but various. It is very diverse like the Welcab series automobile is design for people with disabilities and the elderly. The welcab series is wheelchair accessible and they can be driven by people who have no legs. Toyota reduces market-based risk because it reaches a wider market. When Toyota was founded in 1937 it was a local business and then it became a global company in the auto motive industry. The price is when the product is ready for sell, including discounts...
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...relationships with your customers. By pricing effectively you will also avoid the serious financial consequences that can occur if you price too low (not enough profit) or too high (not enough sales). Your overall pricing strategy will depend on your marketing, business and lifestyle objectives. Before you start researching, define your income (and net profit) aspirations. Use our Get your pricing strategy right page for more help. 3. Your position (place) in the marketplace Whether it's a retail store, online shop or on social media 'place' refers to the channels and locations for distributing your product, related information and support services. This is how you will position your product or service in the marketplace. Place represents the location where a product can be purchased. It is often referred to as the distribution channel. This may...
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...to participate in the insurance exchange program and other features of the healthcare law that is supposed to make it easier and cheaper to purchase healthcare (Benson, 2013). This paper discusses how healthcare organization develops a marketing plan that allows them to be competitive and see growth. The four P’s of marketing (product, price, place, promotion) will be discussed along with the hospital relationship between marketing and partnerships. It will discuss the target market and why it is important to understand that the target market is key to a comprehensive and successful plan. The Four Ps In order for any hospital marketing strategy to be successful, it must first incorporate the four P’s. The hospital must assess the market, analyze the data and then identify or develop their product, determine a price point, what place the customers will purchase the product, and how they are going to market the product so customers know it’s available (Burkowitz, 2006). When choosing their product, the organization must choose carefully after analyzing the data collected from their marketing assessment. They need to use current market research and decision making that represents a need in the community. Once a product is chosen or selected, the organization must establish a price point; what price will the community pay for this product?...
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...The description and evaluation on the Working Memory Model Developed by Baddeley and Hitch (74’), the working memory model represents our short term memory; it is a dynamic processor of different types of information. The working memory model is categorised into four components which take on different roles when in the process of either storing or manipulating information. At the top of the model we have the central executive which is seen at the most important part of the model, its role is to co-ordinate and monitor the other three “slave systems” in the model. Below we have the other three components: The visuo-spatial sketchpad which stores data made up of visuals and spatial awareness within the two components of the visual cache and the inner scribe, the Phonological loop which deals with auditory information again consisting of two sections where one stores words we hear and the other allows maintenance rehearsal by repeating over and over (the phonological store and the articulatory process) and the final component added in 2000 by Baddeley; the Episodic buffer which links the working memory to long term memory and is used as extra storage for the VSS and the PL as these have limited capacity like the CE which places a timestamp on data. In 1997 Braver carried out a study where participants were given tasks designed to work the CE whilst having a brain scan. Researchers found most activity took place in the prefrontal cortex; front of the brain. As the task difficulty...
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...Marketing Mix Of Reliance Communications Marketing Mix Reliance communications 7 P’s of marketing for Reliance Communications Product Reliance mobile always faced the problem of weak network. So to correct the major have invested over Rs 300 crore to upgrade to NGIP (Next Generation IP) network. Product has to sell itself. Now they are launching about more than 1100 network towers to provide more coverage to its customers. Price There are many ways to price a product. The pricing policy/ strategy vary in various situations. In case of Reliance mobiles they have priced their product at a very low price & they also come up with new plans. Place Another element of Marketing Mix is Place. Place is also known as channel, distribution, or intermediary. It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer. Reliance Mobiles do not find it very difficult to find the distribution channel because they are the old players and distribute their product in India. Promotion Another one of the 4P’s is promotion. This includes all of the tools available to the marketer for ‘marketing communication’. Reliance has recently started doing heavy promotions. Physical Evidence Physical Evidence is the material part of a service. Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues. As Reliance mobile provide various rental plans. People ...
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...Hunter Boot Ltd. Case Study Report INDEX 1 Introduction 3 1.1 History of Hunter Boot Ltd. 3 1.2 Hunter Boot Ltd. today 4 2 Comparative and competitive advantage 4 2.1 Comparative advantage 4 2.2 Competitive advantage 5 2.3 Hunter Boot Ltd. and competitive advantage 5 3. Market screening 6 3.1 Asian market 7 3.2 Screening criteria for Hunter Boot Ltd.’s selection of new markets in Asia 7 4. Market Entry Mode 7 4.1 Hunter Boot Ltd. and entry mode 8 5. The 4 P’s of Marketing 9 5.1 Hunter Boot Ltd.’s two most important P’s 10 5.1.1 Product 10 5.1.2 Pricing strategy to differentiate Hunter products 11 6. Conclusion 11 References 12 1 Introduction This paper looks into different aspects of Hunter Boot Ltd. and its possible expansion to the Asian market. The paper’s content is based on a case study prepared for a Webinar April 12th 2013. The report goes through Hunter Boot Ltd.’s history, theories of comparative and competitive advantages, market screening criteria, Asian market, entry modes and how Hunter Boot Ltd. could apply these theories in order to enter Asian market. Lastly, the report is finished with a short summary of the subject. In recent years, an increasing number of key industries such as automobile and motorcycle production, agricultural equipment, aerospace, military hardware, telecommunication, electronics and luxury consumer goods have become global in scope. Firms in these industries originate,...
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...the late 1940's after James Culliton had described the marketing manager as a "mixer of ingredients". The ingredients in Borden's marketing mix included product planning, pricing, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. E. Jerome McCarthy later grouped these ingredients into the four categories that today are known as the 4 P's of marketing. The marketing mix model can be used to help you decide how to take a new offer to market. It can also be used to test your existing marketing strategy. Whether you are considering a new or existing offer, the steps below help you define and improve your marketing mix. Marketing decisions generally fall into the following four controllable categories: * Product * Price * Place (distribution) * Promotion These four P's are the parameters that the marketing manager can control, subject to the internal and external constraints of the marketing environment. . The goal is to make decisions that center the four P's on the customers in the target market in order to create perceived value and generate a positive response. Every company is seeking to provide consumers with goods or services that meet their needs in a quality, price...
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...4 p's of marketing The Four P's of Marketing The four P's of marketing are: Product Price Place Promotion Product is what you are selling. Not just the physical product or the actual service, but all the customer benefits and values that the product represents. It is usually not important to have the best possible product. Cutting edge and feature packed products cost more. The key is to have the most valuable product in its price range. Price is the amount that the customer must pay. This is the acid test of whether the features you added to the product were really valuable, or whether you might have been better to cut a few low-value features out and so be able to offer a lower price. Place is sometimes thought unimportant to online business. However, many deals still go best with a handshake. Services can only be cost-effectively provided within a fixed travel-radius. Shipping costs matter. Place is still a vital concern. With the internet, all online shops are on the super-highway and equidistant to any customer, and yet people still look for local and regional suppliers. Financial and legal issues are still mostly set by place too. Where will you place your distribution centers? Would better placement of your business let you ship faster or more cost-efficiently? Promotion is the P that everyone knows Marketing is about. Of course, we are not only talking about advertising in promotions, but also sponsorships, public relations, special offers, viral marketing, and...
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...Global Environment of Business Practice Exam (A) Question Difficulty: Average to Basic ------------------------------------------------- ------------------------------------------------- Disclaimer ------------------------------------------------- ------------------------------------------------- The following practice exam, designed by the undersigned, is to be used solely for educational purposes. It is required that any use of this exam (whether upon receipt from the undersigned, or by receipt from a third party) be in strict accordance with the ANY and ALL codes of Honor and/or Academic Integrity that are prescribed by TCU and the Neeley School of Business. In accordance with the Honor Code of the Neeley School of Business, you are agreeing to contribute work to each question of this exam before asking to see a sample response. By continuing, you agree to use this practice exam both legally and ethically. ------------------------------------------------- ------------------------------------------------- Signed: Bryan W. Redd (11/29/13) User Disclosures 1. IT IS UNDERSTOOD THAT THE QUESTIONS ON THIS EXAM HAVE BEEN COMPILED BY ONE OF YOUR CLASSMATES AND AS SUCH ARE NOT QUESTIONS THAT: a. Were used by the Professor in past-courses; NOR b. That one should necessarily expect to see included on the final exam 2. IN ORDER TO RECEIVE THE SAMPLE RESPONSES TO THIS EXAM, YOU MUST: c. Contribute work (either individually or as a member...
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