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OC BMGMT 180 - Lecture Notes 1.3

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The service that you chose is one called reverse shop and it is mainly an app or online store that is for K-pop artist’s merchandise. You are a huge BTS fan and with this app you are able to purchase all merchandise or products that they sell that are official merchandise from the company itself. The place in this instance is not a physical place but what is great about the app is that it has a section for people who only live in the USA, as well as an option to shop in their GLOBAL section. The price is reflected depending on the item itself and how popular it would be. What is also different is that for USA and GLOBAL the prices differ by having a more expensive price on USA but smaller shipping cost while the GLOBAL has cheaper prices but a bigger shipping cost. The promotions vary by having sales on items from time to time, also getting what they call reverse cash to be able to be used for future purchases when purchasing items, and also memberships that have exclusive promotions of items that can only be purchased if you have a membership. Lastly, this app focus on the people aspect when marketing their products because even the tag line or motto for the app is, "All Things for Fans". This is important because the ones who run the app know that it is being used for fans of K-pop groups who wish to purchase official merchandise for their favorite group or groups. Our text defines the marketing mix as "one of the major concepts" in modern marketing and it includes the 4 P’s, product, price, promotion, and place (Kotler & Armstrong, 2018). William J. McEwen adds to this concept the idea that there is a 5th P, people (McEwen, 2001). The product is the item or service that a company may sell. The functions of the item, features, and quality of the product are included in this concept. The features and functions of a product make the consumer feel as if they want or need this product or service. The price of the product or service is the amount charged or the value of an item or service to the consumer. To be profitable, the cost of packaging and advertising should be included in the total price. The price should be attractive to the consumer and make the consumer feel as if he is getting a good value.Promotions are more than just advertising. Promotions make the company name/product name memorable and noteworthy. This can be done by TV ads, social media campaigns like a contest, or billboards. A very effective way of advertising is direct ads. A direct ad is when a person searches for something on the internet and then ads for that product or similar products come up in their social media feeds. This helps the consumer become aware of the company and its products or services. A consumer must know about a product before he realizes that he needs that particular product.Place refers to where you will sell the product or service. This is more than just a physical location. It could be the company’s website, a storefront, or a third-party distributor (2020). The product must be easily accessible to the consumer and available.The fifth P refers to people, according to William J. McEwen. “People” could refer to employees in the human resources department, customer service department, selling agents, or even those employees who make the product or advertisements for the product (McEwen, 2001). Often employees who face the consumer are the “people” because a consumer will remember and respond to a human interaction whether it be positive or negative. However, people could also refer to the advertising executives who create ads to draw consumers' attention.you enjoy drinking soda, usually diet Pepsi. you saw a billboard along the highway for Dr. Pepper cherry vanilla and it said, “You need to try Dr. Pepper cherry vanilla”. We drove the same route a few weeks in a row and each time you saw the billboard you began to feel like you would enjoy Dr. Pepper cherry vanilla. That billboard promoted the product and made me curious about the taste, would it be as refreshing as diet Pepsi? What would it taste like, and did you really need to find out? On a trip to the grocery store, you saw a display of Dr. Pepper cherry vanilla with the familiar advertisement, “You need to try Dr. Pepper cherry vanilla”. you compared the price of Dr. Pepper products to the price of diet Pepsi, and it was the same price, so it had a good value for me. Dr. Pepper added the flavors of cherry vanilla to their product which sounded good, so you decided to buy it. The taste was ok, you bought it a few times for a change in taste but soon went back to diet Pepsi. you must admit that this was a good advertisement campaign. The employees responsible for the slogan successfully enticed me to buy their product instead of your tried-and-true diet Pepsi. This wasn’t a face-to-face interaction with the 5th “P”, but it was a positive one. the Purpose of the Five P’s is positioning a business strategically and is also variables that managers and owners’ control in order to satisfy the customers in their target market, how to add value to their business, and how they keep their business different from their competitors.The item that you have chosen is Marvel Comics.Product: The key Features of Marvel Comics is so diverse characters and stories that it can suit anyone’s interest. But what people needed and wanted was characters that you could relate to.Place: Marvel Products are not only found just in comic bookstores across the world, but can be found inWalmart and other stores, their video games found in GameStop’s, Marvel even has items at Disney now.Price: The range goes from new comics being between 3 and 5 dollars and the older comics collectors want being between 100 and 250 dollars per comic or even higher. Promotion: With all the marvel Movies that have come out recently and the new Marvel game that just came out for PS4 and Xbox 1 helps promote the Marvel brand and gets more people interested in the comics.People: With the passing of the founder Stan Lee, it who designed the characters to have human like qualities and go through similar issues that we do every day. Now it falls to a newer generation with the assistance of Disney to keep the company and Stan Lee's original ideas


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