Defining the 4 P's of the Marketing Mix Essay

700 WordsFeb 11, 20133 Pages
Brandy Cantrell Introduction to Business Week 9 Individual Work December 11, 2012 1. Define the 4P's of the marketing mix: product, pricing, placement, and promotion. Why are these elements so important to marketers? In your opinion is one more important than another? Why or why not? In order for a company to obtain the very first item, which is the product itself, the company or business must have some form of evidence that there is a want and or need for the product. If there is not a current want or need the company then needs to research the idea of the “creation” of a want or need for the item. If there is an opportunity for this “creation,” how will it actually be created, promoted and advertised in a way that creates this want or need for this product. Once the product is designed it should be properly tested before mass production in order to try to work out kinks or other issues that may arise in the testing phase. A package and price must be decided on for the product. The company also has to decide on the distribution system of method in which to use. The item must then be promoted which can be done by advertising, word of mouth, price pointing the product during a special promotional period of time, and having a way of promoting the product even after the promotional period ends. The final step is very important and it must be done on order to stay successful. The company or business must learn how to build positive relationships with the consumers. This is how a lot of new wants are discovered. This communication also helps to promote long term, loyal customers. 2. Now think of three new products that you have purchased recently. Which of the 4P's of marketing seemed to have the biggest influence on what you bought and where? The last three items I bought was 3 Kindle Fires and I bought them from Amazon.com. The reason I

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