Ch 11 Content:
This is all about marketing! You are surrounded by this every day as you are a target for many marketing campaigns and product pitches.
Research the term marketing mix which consists of the 4 Ps: (Product, price, place, promotion). Besides the eText, there are many of videos, and documents out there to help in addition to the one below.
- Explain/define what the marketing mix is, and why there are many different marketing mixes based on different types of products.
- Then describe how each P can lead a potential prospect (customer) to have a certain perception of a product. (A perception is the image (or branding picture) they get in their head when they hear the product's name). As an example, when you hear Rolex, d o you think high or low quality, status, expensive/cheap... and why?) How does each P support that general perception the compa ny is hoping to build through the specific marketing mix?
- Select a product you use and discuss each of the 4 Ps of that particular product (what perception the company is really going for in your mind) and how they use each of the 4 P's to try and accomplish that.