W4 Marketing Mix

Anonymous
timer Asked: Dec 22nd, 2018
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Question Description

Role of Marketing for Organizations

During this week’s lecture, we will discuss the role of marketing in business organizations.

I think that it makes sense for our starting point to understand what marketing is should be to start with the basics and move on from there. So, let’s begin by defining what marketing is. I know there are several definitions and I do not feel that there is one best way to define marketing. However, it’s important that you understand that whatever definition we choose needs to have a focus on the key to marketing success which is the customer. For purposes of this lecture we will define marketing as the strategies and tactics that businesses use to get the word out about their products and/or services as well as to create value for the consumer. In other words, having the right product in the right place at the right time.

Businesses often use something known as the marketing mix to help them. The marketing mix is also referred to as the 4 Ps, meaning product design, price, place, and promotion. For a business to meet its consumers' needs it needs to develop products that will please them, charge an appropriate price, distribute the products to the right place, and promote its products.

I think it will be more helpful to everyone for us to briefly discuss each aspect in a little more detail:

Product

  • Should satisfy consumers wants and/or needs
  • Needs to do what they claim it will do
  • Needs to look good and clearly display benefits on the package

Price

  • Needs to be appropriate to the product/service to attract the segment of the market they want
  • Should reflect the product’s advertised image
  • Should be within range of already established price points of competitors if any

Place

  • Need to have a reliable way to transport and store products to ensure they are available for the consumer
  • Right product needs to be at the right place at the right time
  • Increases the odds for the product to be purchased by consumers

Promotion

  • Need to communicate with consumers to create value
  • Provides information that will help them make an informed decision to purchase a product or not

Marketing Mix

Please complete the following assignment, incorporating ideas and concepts from the week’s lecture and/or articles. Please feel free to incorporate outside resources as well. When completing your assignment, please make sure to double space your paper.

Traditional Paper

Research, identify, and discuss what the marketing mix is as well as why it is important to a business.

The requirements below must be met for your paper to be accepted and graded:

  • Write between 500 – 750 words (approximately 2 – 3 pages) using Microsoft Word.
  • Attempt APA style, see example below.
  • Double space the assignment. Use font size 12 and 1” margins.
  • Include cover page and reference page.
  • At least 80% of your paper must be original content/writing.
  • No more than 20% of your content/information may come from references.
  • Use at least two references from outside the course material, preferably from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the two reference requirement.

Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must be identified in the paper and listed on a reference page.Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must come from sources such as, scholarly journals found in EBSCOhost, online newspapers such as The Wall Street Journal, government websites, etc. Sources such as Wikis, Yahoo Answers, eHow, etc. are not acceptable.

A detailed explanation of how to cite a source using APA can be found here (link).

Download an example here


Grading Criteria Assignments Maximum Points
Meets or exceeds established assignment criteria 40
Demonstrates an understanding of lesson concepts 20
Clearly present well-reasoned ideas and concepts 30
Mechanics, punctuation, sentence structure, spelling that affects clarity, and citation of sources as needed 10
Total 100

Tutor Answer

ProfLillie
School: University of Virginia

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Anonymous
awesome work thanks

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