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OC BMGMT 180 - Lecture Notes 1.11

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Place refers to where a product or service is made, seen, distributed and sold. Place is significant and required because it’s important for companies to find the most effective channels of distribution, so they know the most populated regions and places among that region. It’s important that the accessibility of a product/service is known to the customer and in the proper locations where most consumers will walk or drive by and to have the proper amount, so the product doesn’t sell out.People refer to the staff, and others who work for the business. People are significant and required because these are the ones who make sure customers are able to get what they want in reasonable fashion. With the main point of being customer service, people can be a make-or-break part of a business. If the service provided was not up to par or inadequate, consumers will not want to return. If the employee/s appearance and attitude were unwelcoming or rude, it will lead to a poor reputation losing the company valuable business or future business.you are a huge fan of shoes, you bet you have 30+ pairs in your closet spanning from dress shoes, to loafers, to basketball shoes, to athletic/training shoes. you would say though your favorite shoes are Nike. When it comes to the creation, selling, and distribution of these products, the Five Ps of marketing are applied. you think when it comes to figuring out which pair you want, the first P that comes to mind is Promotion. Promotion comes first because this is where you get a firsthand look at the newest pairs orspecific kinds that athletes endorse. Once you get to Nike’s website, they have all different kinds of shoes from gender, to age sizes. If it isn’t for promotion, you would not have the urge to even visit the site and possibly buy shoes. The next P that comes to mind is Place. Place comes next because once you see a shoe in an ad you might like, you will more times than not either go to a Nike store or go to the website. It’s more convenient though to have a store at a close destination because you can try on the shoes myself to make sure you found the right size. The next P that comes to mind is Product. Once I’ve seen the promotion of the brand of shoes, and you found a store you can walk into, you then inspect thedifferent types of shoes and make sure the product is suitable for me. you appreciate it when you walk in though, if an employee will approach me and ask me what I’m looking for and when you tell them they can take me to the exact types I’m looking for. This where the next P, People get involved. If you experience an employee that is rude or unhelpful, it’s a good way for me to not shop at that store anymore and leave an indecent review of the company. The final determining factor on whether or not you buy a product is the final P, Price. you are someone on a certain budget on how much you want to spend on shoes, so if they are obscenely expensive you will not buy them, but you would be willing to spend less as long as they feel comfortable on your feet.At work we have talked about this at our Academy training and in another one of your ethics classes we talked about some very similar to these. They are pretty simple to understand once you think about them.Product- what good or service are you selling to the public? In marketing you are trying to sell a product and if you’re not selling a product or service then what’s the point of being in business and marketing said business.Place- if you’re selling this item in a store or offering this product in the store is it where the customer can find it? Is it in the best place for maximum visibility and outreach? If your intended audience cannotfind or know how to find what you’re selling, then you’ll never grow as a company or product.Price- what is the best price to maximize revenue while maintaining a positive image with your consumer base. You don’t want to product that doesn’t make your money or a part of that your customers won’t buy as neither one of those are efficient or effective.Promotion- how are you letting your consumer base know of your product are you reaching out via social media television ad newspaper radio ad?People-This means your targeted audience could be a certain demographic could be a particular locationof people like Midwest as opposed to the south. It’s important to make sure you’re getting your target audience to buy your product because if you don’t it’s a severe uphill battle.So the product that you picked was the Xbox one. The place they market it all over social media and other news outlets and made it, so it was very accessible to find the product at all major retailers online and brick and mortar stores. Price they made it relatively inexpensive although it was 499 you believe launch. And the people they were targeting were the ones that had the other consoles. Every time they got onto their old console; they were hit with ads of their new one coming out.Product: The product refers to the merchandise you are selling to your customers and its quality. It is important because without the product there is nothing to base the marketing strategy on. Place: The place element refers to how, when, and where the customer receives their product. It is important because the customer needs to know this information in order to purchase the product that is being marketed. Price: Price refers to the amount we charge customers for the product. It is important because price is one of the major determining factors in whether or not a potential customer would purchase the product. Promotion: Promotion refers to how you make customers aware of your product. It is important because it is the primary method of convincing customers to purchase the product by informing them of their attractive qualities. People: The people element refers to everyone involved in the marketing process. This includes you, your customers, and your staff. This is important because you and your staff are the ones involved in the business to help it grow, and your customers are the ones that order the products.The product you choose is PlayStation consoles. Product: PlayStation consoles are quality products that can be used to play exclusive games. Place: PlayStation consoles are available to purchase both online and at numerous retailers. Price: PlayStation offers competitive prices when compared to other gaming consoles. Promotion: PlayStation uses


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