Define the 4P's of the marketing mix: product, pricing, placement, and promotion. Why are these elements so important to marketers? In your opinion is one more important than another? Why or why not?
Product is the physical good, service, or idea that satisfies a want or a need. Also anything that would enhance the product in the consumer’s eyes. Pricing is the amount of money for which anything is bought, sold, or offered for sale. Pricing could be close to other business pricing to stay competitive or less amount to attract business. Placement is the location in which your business is located. Promotion is the techniques used to inform people about your products and services. These elements are important to marketers because they find information and determine opportunities and challenges to make good decisions. In my opinion I believe pricing is most important. I believe this because people like to get more for their money and if your prices are high they will look around to find a lower price.
Now think of three new products that you have purchased recently. Which of the 4P's of marketing seemed to have the biggest influence on what you bought and where?
I recently purchased pull ups for my kids, as well as shampoo and food. Pricing seemed to be the most important to me. This is because I like getting more for my money. Therefore, I look for the cheaper pull ups; they are just as good as the expensive ones. I also go to the dollar stores for shampoo because I get the same amount of shampoo cheaper than at Wal-Mart. As for food, I check for deals because that saves me money as well and I use coupons to help me save money.
What environmental influences seem to be affecting what you and your friends are buying today? What signs do you see that others are being affected by global, economic, and social influences?
The environmental influences that seem to affect what my friends and I buy today are the internet, prices, and what we like. Social...