Define the 4p’s of Marketing Mix: Product, Pricing, Placement and Promotions.

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Jacquelyngiles_man1030-week9.doc Define the 4p’s of marketing mix: Product, Pricing, Placement and promotions. Product- is any physical good, service or idea that satisfies a want or need. Anything that would enhance the product in the eyes of consumers like the brand name. Price- Determine a brand name, design a package and set a price. Placement – Select a distribution system. Promotion- Design a promotional program. Techniques used to inform people about and motivate them to buy. Why are these elements so important to marketers? Marketing research helps identify what products customers have purchased in the past and what changes have occurred to alter what they want now and what they’re likely to want in the future. In your opinion is one more important than another? Why or why not? I do not feel one is more important than the other. It is all equal because each element gives a big importance when marketing. Now think about three new products that you have purchased recently. Which of the 4p’s of marketing seem to have the biggest influence on what you bought and where? I went to my local market store and bought a few things instead of driving to different areas PLACE had a big influence in that because marketers did research and put certain businesses in an area where it will benefit the residents. When visiting subway for lunch I thought about the promotion offer that was on television earlier. This gave me a better lunch deal. What environmental influences seem to be affecting what you and your friends are buying today? Environmental influences that are helping me, family and friends will have to be technology it used to be where if you left your house without setting the alarm you would have to go back or just pray that nothing happens. Now days you can unlock your house or car door from a different state. You can even turn your alarm on from

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