Description
To prepare for this Assignment:
Submit your responses to the following prompts.
Note: For each prompt, be sure to reference at least one scholarly source to support your answer. Use the Walden Undergraduate Paper Template, provided in this week’s Learning Resources, to complete this Assignment.
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Explanation & Answer
Attached.
Running head: MARKETING MIX
1
Marketing Mix
Name
Institutional Affiliation
MARKETING MIX
2
Marketing Mix
Question #1:
Marketing entails putting the right product/service at the right place, price, and time
(Dominici, 2009). The marketing mix is executing through the 4Ps of marketing: product (the
service of good), price (what consumers pay), place (location of marketing the service/good), and
promotion (advertising). Products are either tangible goods or intangible services that meet
consumers’ demand and needs. Khan (2014) posits that products follow a product life cycle and
its important for businesses plan for the stages, as well as learn about their unique challenges.
Product life cycle management is an essential business approach for managing products from
their conception to decline. The PLM process encompasses all features of the product, such as
the stakeholders involved, relevant data, and technical manufacturing processes at all stages of
life cycle (Khan, 2014). From this perspective, the businesses must understand the benefits of
products offered to consumers and their unique selling...