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OC BMGMT 180 - Lecture Notes 1.8

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The Five Ps of Marketing:1. PRODUCT: Being specific about the products or services you provide. Explain the features of your products and services and how they specifically benefit your market. It’s very important to identify how your products differ from what your competitors offer.2. PRICE: What exactly are you charging for your product or service? It has to be enough to cover any expenses and make a profit. It’s important to do research to see what your competitors are charging.3. PLACE: Where will your products or services be sold or distributed? How you will you get them to customers/clients? And will you use a third-party such as Amazon’s fulfillment program?4. PROMOTION: What kind of methods are you going to use to let potential customers and clients know about your products/services?5. PEOPLE: Who is helping you in your business? The people you use can help impact your success in the business. If the people you hire are rude to customers, you will lose that clientele. Happy customers will become repeat customers. By using these Marketing strategies, it will help you focus on what you need to in marketing and give you clues when things aren’t working. Like other aspects of your business and marketing plan the five Ps will change and evolve with market needs. Technological advancements may require you to change howto promote your business. We’ve seen this growth within social media as a promotion method. The product/service that you chose is “Airbnb”. Airbnb is a community marketplace for people to list and book accommodations around the world. This company has been around since 2008 but it recently grew tremendously and what helped it drastically grow was the help of social media. Airbnb is an app that you can download on your phone, and it helps you find great places to stay at while you are on vacation. you have been using this app for a couple of years now and it’s so simple to use. One thing youlove about it is that you can filter your searches so if you have a budget, you can make sure that it only shows listings within your budget. This company is definitely a competitor with hotels. With Airbnb you can rent chose to either rent apartments or even houses to help fit a whole group if needed. So, if you are planning to go on vacation in a pretty large group you feel that Airbnb really targets that kind of audience because normally in hotels you can’t fit large groups in one room for a good price.First, product, this is the subject, task, or protection one is attempting to acquire money form. Second is price, this is the measurement of value two people agree upon to secure a trade. Promotion is the third P in marketing, and it is the process of spreading the word that one item or service is now on the market. Fourth, is the place or where your product can be bought. The final P stands for people, or the person who is selling the product as well as buying the product. All five P are necessary because without one of the P, the others P do not complete a chain. For example, you created a dog training business. The product you were selling was your skill and time. However, due to life's necessities, you could nottrade your time for nothing, so you came up with a price. Then you had to find your customers, so you used Facebook and local advertisements to promote your service. Finally, it is difficult to train a dog on the internet, you would travel to your customer's place of resident to preform your service. Consequently, you had to use all five Ps to develop a successful business.The Five Ps of the marketing mix: 1. Product: This is what is being offered as a whole.2. Place: How the product/service is delivered.3. Price: This is the overall price for the product or service.4. Promotion: This is what promotes and advertises the product or service.5. People: This includes customers and the staff that takes care of the customer service. By using the five P’s companies are able to organize their products to be successful and useful. This marketing strategy clearly lets companies indicate what is working and what needs to be changed withinthe company. The product/service you chose is Spotify. you have been using Spotify to listen to your music for about six years and you love the application. The service that is delivered is allowing listeners to listen to musicand podcasts through the app two different ways. Either for free with advertisements or for a paid subscription of no ads. The place the service is accessible is on a mobile device, laptop/computer, or even smart television anywhere around the world as long as there is some type of service or if your connection. With a paid subscription though, users are able to download to their phone and access the music or podcasts without an internet connection. The price varies from free to $14.99/month depending on the subscription. Spotify uses a few different promotion methods rather being through social media or radio. There is customer service provided incase customers are unsatisfied with the subscription or technical difficulties. The Five Ps of Marketing, Product, Place, Price, Promotion, and People are a strategic way to help businesses grow and successfully market their product. Every business should have these 5 categories figured out before they do anything else, because it will set the foundation for a sense of direction throughout the marketing process. It is always good to be aware of where you are going with a business,since there is so much at risk. Any of these 5 P's could be the difference of a businesses' success or failure. Product is the actual item that is being sold or service being provided. The product needs to serve a purpose, meaning it should be desired amongst people or a necessity. The function, appearance, packaging, name, and branding should all be established when dealing with the product. It is very important because this is the seller and the entire reason a business will be

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