May 20th, 2015
Studypool Tutor
West Liberty University
Price: $25 USD

Tutor description

Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably”.

Word Count: 1445
Showing Page: 1/5
INTRODUCTION OF MARKETING MIXMarketing is considered by many these days to be a science. Very general definitions of marketing are as follows:"Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably". - Chartered Institute of Marketing"Marketing is the process of planning, and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives". - American Marketing AssociationThe Marketing MixThe discipline of marketing is split into four umbrella categories which we call the "4ps":Price, Product, Place and Promotion(McCarthy, 1960). Service based organisations sometimes add three other "PS": People, Process and Physical evidenceto the four 4ps.1. Productscan be tangible or intangible. A tangible product is something you can physically touch and feel. An intangible product can be a service for example a haircut. All products have a life cycle; that is from introduction, to growth, to maturity and then decline. However it is important not to forget the gestation period of a product. For example, there might be an opportunity to fill a niche however the gestation period to get to market might be a year, by which time the fad will have past. A company who self-aware of their product's life cycle can adapt and overcome challenges. A product's life cycle can be manipulated by adjusting the price and range

Review from student

Studypool Student
" Excellent job "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1820 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors