Understanding Business
Understanding Business
11th Edition
ISBN: 9780078023163
Author: William G Nickels, James McHugh, Susan McHugh
Publisher: McGraw-Hill Education
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Chapter 13, Problem 1DWS
Summary Introduction

To discuss: The effective marketing mix for a new electric car or a brushless car wash for the neighborhood.

Introduction: The factors that go into marketing which are program, product, price, and promotion are termed as marketing mix. These are the basic elements of marketing.

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We are all consumers.  To be effective marketers, we sometimes need to think like consumers.  That is why we do so much research into our customer segments; to ask those important questions “why do you like us.” Now, think of your favorite product/service or brands.   Think about why they are your favorite brands.   What are the reasons why they provide you so much value?   Now, start to think about your definitions of value?  What do you think are the most important? For your reflection assignment, select a product (or service) or your favorite brand.   From a consumer perspective, list the five most important aspects/characteristics/attributes that make it your favorite/preference. Knowing those, become a marketer of your favorite product/service/brand, what are the five important things you can do to continue providing “value” to your customer base? After you list them, compare them.  Provide a short analysis of your findings. Are they reasonable to achieve?  Are they costly to…
Why are the four P's of the marketing mix (product,price,promotion and place) considered to be essential for doing business? Illustrate your answer with relevant examples of your choice
Describe the three important marketing concepts you learned about in this course. Explain why these concepts will be useful to you in your current or future position.
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