New version page

OC BMGMT 180 - Lecture Notes 1.4

Upgrade to remove ads
Upgrade to remove ads
Unformatted text preview:

The Five Ps are how we break down what makes a successful marketing campaign or promotion. Product: What is it you are selling or offering to the public? do people need it?Place: Where can they get it? How far away do they have to travel?Price: How much? is it reasonably priced? Promotion: Is it on sale? Is anything else included to entice your buyers?People: Who is interacting with your customers? who are your employees, and do they contribute a positive experience to your customers?For your example, you chose McDonald's Mobile Order System. It's easily accessible on your phone and picks the nearest location (place) it's cheaper as opposed to ordering when you get there and you can get more with the same amount of money, you also get notifications on your phone on deals you may like. (Price and promotion) you enjoy their food (product), and you can choose how to pick it up or have it brought to your car (People) Their mobile ordering makes it very hard to not use. especially when large fries are a dollar just for ordering your usual $3 meal. The 5 Ps of marketing mix and why they are significant-PRODUCT is the item you are offering to your customers. They are the actual product being offered and are what you are marketing to the customers specifically, so this is the most important part of the 5 Ps in your opinion. The item itself will dictate the remaining P's. PLACE is the distribution of the product itself. Whether it be online, by mail or in person (store front) this plays an important role in how you get the product in the hands of the people. PRICE is the amount you are charging for your product/service. Making sure to include any discounts or other payment arrangements. This will determine how much you will be making off of your product/service which is the main reason you sell something so this is of importance to your marketing strategy.PROMOTION is the way you promote or spread awareness of your product or service. This is of importance because it will determine if your product/service will be successful. The more you spread awareness the more likely you are to be successful in promoting your product.PEOPLE refer to the demographic of people you are hoping to sell to as well as your employees that you will need to train to help your product/service to be successful. This is another important aspect of your marketing strategy because people ideally will help you to grow your business in general.The product you have chosen to discuss is an chose this product because you feel as though everyone walking around today has one or at least most of your friends/family do. Apple’s products pretty much speak for themselves, and you feel as though they do little marketing to spread the word, but they do use People as their main marketingstrategy. Product- everyone needs a phone and since it has all the bells & whistles it grabs most people’sattention. Place- You can pretty much buy an iPhone almost anywhere you go, all stores that sell iPhone that is as well as online. Price- That’s how they get you, although they are pricey if you get in a contract, you can make payments and sometimes, they offer huge incentives for switching or buying more than one. Promotion- they are promoting through people, social media, and TV. Although you think their main promotion is through cellular carriers who basically do the promoting for them. People- For the most part all people of all walks of life have a cell phone but this specific phone is not targeted towards those who are electronically challenged. you have seen many get one because they wanted the latest and greatest but end up just being frustrated. Product: is the product or services that a business offers to their consumers. This includes functionality, branding, packaging, service, quality, appearance & warranty terms. Customers need to find the benefit in a product or service in order to purchase it.Price:is how you set a value for a product or service. This includes selling price, discounts, payment arrangements, price matching and credit terms. Pricing should reflect the quality of the product or services. Promotion:is how a business becomes known. This includes sponsorships, advertising, PR, direct marketing, sales and social media. It’s important to make sure that promotional efforts are beneficial to the business by conducting an ROI.Place:is where a business distributes its product or service. This includes distribution channels (brick & mortar, online retail etc.), logistics, service levels, location and market coverage. People:are customers/consumers, business owners and staff. A business owner needs to consider both consumers and staff when making business decisions. This includes service provided, customer service, staff training, attitude and employee portrayal. The 5 Ps of Marketing are a significant and required part of integrated marketing strategies because you cannot have a successful business without them. A business needs to be able to rely on its products, set a price point that is desirable to consumers, promote their product to the correct audience, display it in the correct location and have a staff that is ready and willing to sell, while backing the business and promoting the product in order to ensure

View Full Document
Download Lecture Notes 1.4
Our administrator received your request to download this document. We will send you the file to your email shortly.
Loading Unlocking...

Join to view Lecture Notes 1.4 and access 3M+ class-specific study document.

We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view Lecture Notes 1.4 2 2 and access 3M+ class-specific study document.


By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?