In this paper I will be define the 4P's of the marketing mix: product, pricing, placement, and promotion. I will also explain which of the 4P's of marketing seemed to have the biggest influence on what I bought. I will be providing what environmental influences seem to be affecting what me and my friends are buying today.
Marketing is the process by which customers, clients and society as a whole are influenced by creating, communicating, delivering and exchanging offerings that have value to them. There is a process by which marketers use to manage the market to support consumers’ needs and wants. That process is called the marketing mix. Every decision in the marketing process depends on research. That research helps marketers learn from environmental influences what consumers’ needs and wants are.
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?
A product is an item that satisfies what a consumer needs or wants. The price is what a customer pays for the product. Place - refers to a place which is convenient for consumers to access their product/service. Promotion - refers to methods a marketer may use to provide information to different parties about the product. These elements are crucial because they represent the basis of the marketing mix. The marketing mix model can be used to help you take a new offer to the market or to test your existing marketing strategy.
In my opinion price is more important than the other ones. I feel this way because unlike the other elements of the marketing mix pricing decisions affect income rather than costs. Pricing also has an important role to help businesses achieve market opportunities by being a competitive weapon. Setting prices that are too high or too low will limit business growth and it could cause serious problems for sales and cash...