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OC BMGMT 180 - Lecture Notes 1.9

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Price deals with how much your product will be worth and it should cover the cost of the overall expenses of your product. Pricing includes the cost of production, transportation, advertisement. etc. Businesses also have to weigh their place in the market, other businesses' prices, and what price range will their product be in. Will people be willing to pay for the product based on what's being sold and what it is worth? Where a business sells their product is the Place. It could be online, a storefront, or distributed in a superstore. The place has to be chosen carefully because it is what connects the product to the people. Where the product is sold will have to coincide with the type of product being sold. For instance, some people may not trust buying items on the internet and feel more comfortable purchasing items in-store. However, some people may like the convenience of ordering their product online, it all just depends on the best way a business decides on locating their product. People are the most important part of a business and will be the key component to a flourishing business. People include employees and customers, and both need to be satisfied to have a well-ran business. Customers have to be provided with the tools they need to help customers, so that relationships can be built, and money will continue to flow into the business. Lastly is promotion- the ways a company will market and advertise their product. It could be sponsorships, word of mouth, TV ads, social media, billboards, and any other way to get the product seen and heard about by as many people as possible. This will interest people and convince them to purchase your product. you really enjoy buying natural hair products, and your go to product is Shea Moisture's Curl Enhancing Smoothie. It is a leave in conditioner for natural hair, that is derived of all-natural products. It leaves your hair feeling soft, fluffy, looking cute and curly, and moisturized. It ranges anywhere from $7.00 to $10.00 online, at Walmart, or any convenience stores. The targeted community are all hair types. To your knowledge, mostly black ladies with kinky/curly hair purchase the product. They use ads on Facebook and Instagram to promote. So many YouTubers have reviewed the product. Their packaging is really nice and the product smells amazing. A little goes a long way and a good amount comes in the containers. It is a high-quality product, which is why it is in the higher price ranges compared to other hair products. The product represents a good or service provided or sold.The place is where the product or service is located such as online for example streaming services or Products from Retail stores or physical stores such as malls or Supermarkets. The price is the price the value of a product or service by the seller or provider.Promotion is How the product is being marketed such as advertisement or word-of-mouth through consumers. Sales bundles and discounts are also considered as promotions.People represent that targeted consumer or demographic that the product or service is being aimed for.Employees are also considered as people in the five P's Because organizations need to think of their employees when it comes to growing a business.The five peas are important for organizations because they represent the process of How who and where a product is being placed. As well as the marketing of a product and the target consumers thatthis product is being aimed for Such as a certain demographic like certain gender or group of people at an age range. For example, Carmen factors target advertisements for adults who can drive and purchasecars. Organizations Can use this information to make the best sound decisions for advertisement and putting their product out in the world. Understanding who are the people for your product allows for better and more efficient marketing.A product that you are enjoying using the regular is protein powder supplements. The product is the protein powder itself. The place is where the product is located which is online retail stores and physical stores such as supplement stores and supermarkets. The price of the product tends to range Around $50for 70 servings. Promotions for protein powder tends to be Promoted through Target online advertisement and bundles in stores. The targeted people of this product tend to be bodybuilders weightlifters and people who Are looking to add more muscle mass to their bodies. Product in terms of marketing refers to the specific products and services provided by a business. Product is significant and required in any marketing strategy because it helps describe the features needed regarding the product. By that you mean the product should have a proper use for the consumer along with being able to do whatever job required without any problems. The product should have appeal as well to it, so it catches the eye of the consumer. The specific product should have good quality because if it’s something that breaks or needs repaired numerous times people won’t want to purchase it. If this product does so happen to break or not work, there should be a warranty included since it didn’t perform as expected. Price refers to the strategic pricing of products and services and how these strategies impact the consumer. Price is significant and required because it is the determining factor on how consumers shop and buy products. For many products the selling price of a product should be suitable and appropriate for the consumer to afford. Or if a product is considered overpriced, there might be a discount for that product if say they buy one, they might another half off or even better, free. Businesses should also haveprice matching because if you’re selling a product at one price, but the customer can go to a different store and get the same product cheaper than in order to not lose business they should price match the rival store's price. Promotion refers to the schemes that make the business more well known to consumers. Promotion is significant and required because without the use of advertising and social media many businesses may get overlooked or even noticed in the first place. With the help of sponsorships, it helps create a comfortability sense for the product and attracts new customers because there’s other businesses that support this product and/or company. It’s also important for the proper message to get across to customers that entice them to buy the


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