Marketing Weekly Reflection Week 4

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Weekly Reflection In this previous week, we had the opportunity to learning more in detail about two of the two P’s of the marketing mix. The first P was the Pricing and the second P was promotions, this was a learning opportunity for us all because we were not aware of the reasoning of being flexible in pricing. We learned about that chapter 17 when it gave us different variations of potential consumers and how it can give the competitive edge by learning on how to properly apply pricing discounts in order to gain more potential customers. Although we thought we, had it all figured out but we did not. There was still a part that we managed to overlook which was cost to get the product to the customers. So when creating our prices we need to make sure we include cost into the factor. Next we reviewed the product life cycle and we also realized that we never thought about that before so we actually was able to learn a lot about it and all agreed that everything has a life cycle. However, with discussing the two 4p’s, we also discuss other topics we felt were interesting and comfortable to understand, this were the key concepts in the relationship between differentiation and positioning in a completive business world. We understood that businesses should continuously observe their goods and services to better assist customers. They have to understand what worked and generated earnings last year may not work as well this year. So therefore, product differentiation and positioning are key elements of a company's marketing plan and are fundamental of staying ahead of the game with competitors. Also knowing with including innovative concepts with careful analysis, product differentiation helps to join quality, or price, within a product to push the intended customers to observe it as different and desirable. Then the understanding in the next step is product

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