8 hours time to complete
Please read the doc and respond
Write 350 words on the main topic and respond to the given article with 250 words.
1) Write 350 words with 3 peer reviewed references in APA format
Discuss how the marketing mix will vary in relationship to the offering of a service and of a product.
Please focus on the following points for main topic and response
· Be familiar with the various approaches to Marketing Strategy
· Be able to create and implement a Strategic Marketing Plan
· Have a working knowledge of Product, Place, Price and Promotion Strategies
· Understand the relationship between Marketing and other functional areas
2) Respond to 1st article with 250 words
Marketing Mix is a mix of strategies used by all product or service based companies to market their brand in the market. There are 4P’s which referrers to the main marketing mix Price, Promotion, Product and Place.
Marketing Mix helps the companies to market their products and services with a strategic manner and helps them accomplish the companies reach their level of advertising campaign.
Product:
Product is one of the four 4P’s and is the important ones, it resembles what the company is selling and Product does mean Product alone it also refers to Service too. Product managers owns this principle of the marketing mix, they literally own the product development, they not only they study the product and train their employees, and whole company about the product and also the salespeople about the product. [1]
Price:
Price is what the company or the individual sets the value to sell the product or service. To come up with final pricing on a product or service usually companies adopt different techniques like developing standard methodologies based on standard market prices of competitors or the willing to pay by the customer. Sometimes companies also conduct surveys in the market if it’s a new product and customers would like to know how much the customer would pay for that. The price usually determines how quickly the product can be reached into the market and different targeted customers.
Place:
Place it another crucial part of marketing mix, since the place of the sale decides the type of marketing needed it is important to identify the place. Sometimes if the product is sold on the internet, marketing the product online would yield in more conversion of sales. For the product sold at the retail stores it helps to display in attractive packaging and tv commercials. Product sold over the phone has good conversions with telemarketing. [2]
Promotion:
Promotion are usually meant to target the audience in getting them to purchase the product, with different types of promotions companies adopt companies reap the benefit of additional sales. The quality of promotions determines the sales of product. Understanding the selling point of the product and promoting it help in generating revenue.
References:
1. What is Marketing Mix? Definition of Marketing Mix, Marketing Mix Meaning. (n.d.). Retrieved September 03, 2020, from https://economictimes.indiatimes.com/definition/marketing-mix
2. https://blog.hubspot.com/marketing/marketing-mix#:~:text=The%20core%20elements%20of%20a,rounded%20approach%20to%20marketing%20strategy.