There are various keys of components to marketing. Elizabeth Mcghee Nelson writes about the importance of vision, goal and plan in her article “Why Every Department Needs a Strategic Plan.” In order for a successful business, it all starts with the marketing research process. Analyzing the market history and its trend is critical in predicting the possible future outcome. Without a proper and thorough analyst of the market trend, even a good product may be unsuccessful. Another part of the marketing research is research and development. This is where researches are done for the product and the customer’s need. This process should follow the STP Framework: Segmentation, Targeting, and Positioning (Iacobucci, 2013). Segmentation is segregating
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How well the product is market is how well the marketing plan is designed. By following the 4Ps from Marketing Management by Dawn Iacobucci will help blueprint the marketing process. The 4Ps are Products, Price, Place and Promotion. Products should have been determined in the research process, but with the final outcome, pricing is important. Comparing competitor prices as well the as Fair Market Value and national averages are methods to ensure proper and accurate pricings for the product. Over charging and under charging both harms the business. Ensuring that the price is reasonable for the product is important. Place and promotions are also important as to where the product is going to be sold. Choosing the best location for highest benefits to both customers and profitability is critical in the business success. When choosing a location, advertising is also important. You should not choose a location where only five percent of the population owns a television for television advertisement. There just wouldn’t be any affect. According to the article, “Giving People What They Want before They Know They Want It” by Fred S. Goldberg, explains how advertising a perception that “feeds” people information. And in doing so, molds our society’s …show more content…
Without one or the other, it is likely that the business will eventually fail. All departments are equally important, but I think that the marketing portion is at its highest lead. A lower cost product can be sold at a luxury price if market properly. For example, if I am advertising a regular pen as a BIC pen but asking for a lower price than a BIC but rather higher that the expected price, it is likely that the customer will purchase if they are looking to purchase a pen at a slightly lower cost but is equally functional as a BIC. Another example is the Walmart commercial where guests were ask to taste some meat without knowing that they were Walmart quality products and assuming it was restaurant graded products. But in any case, all departments rely on one another and it is important that all areas do their part in being successful. Without the knowledge of each department and its main purpose, the work will lack
How well the product is market is how well the marketing plan is designed. By following the 4Ps from Marketing Management by Dawn Iacobucci will help blueprint the marketing process. The 4Ps are Products, Price, Place and Promotion. Products should have been determined in the research process, but with the final outcome, pricing is important. Comparing competitor prices as well the as Fair Market Value and national averages are methods to ensure proper and accurate pricings for the product. Over charging and under charging both harms the business. Ensuring that the price is reasonable for the product is important. Place and promotions are also important as to where the product is going to be sold. Choosing the best location for highest benefits to both customers and profitability is critical in the business success. When choosing a location, advertising is also important. You should not choose a location where only five percent of the population owns a television for television advertisement. There just wouldn’t be any affect. According to the article, “Giving People What They Want before They Know They Want It” by Fred S. Goldberg, explains how advertising a perception that “feeds” people information. And in doing so, molds our society’s …show more content…
Without one or the other, it is likely that the business will eventually fail. All departments are equally important, but I think that the marketing portion is at its highest lead. A lower cost product can be sold at a luxury price if market properly. For example, if I am advertising a regular pen as a BIC pen but asking for a lower price than a BIC but rather higher that the expected price, it is likely that the customer will purchase if they are looking to purchase a pen at a slightly lower cost but is equally functional as a BIC. Another example is the Walmart commercial where guests were ask to taste some meat without knowing that they were Walmart quality products and assuming it was restaurant graded products. But in any case, all departments rely on one another and it is important that all areas do their part in being successful. Without the knowledge of each department and its main purpose, the work will lack