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Essay / Research Paper Abstract
A 5 page paper discussing the marketing mix – the four Ps – and using those items to define marketing as the process of identifying a target market and then meeting the needs of that market through price, product, distribution and promotion. The goal should be to provide consumers with what they want, where they want to buy it and at a price they want to pay, or at least not object to strongly enough to turn them away from their purchase decisions. Bibliography lists 3 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSmktgDefine.rtf
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Unformatted sample text from the term paper:
millions of dollars in marketing each year. Most ongoing marketing expense is devoted to advertising, but businesses also must give attention to other components of the marketing mix. The
Marketing Mix Price, product, place and promotion - the "4 Ps" - all are integral to the successful marketing of a companys product
or service. In most industries, each "P" needs to be managed well if the company is going to find success in its marketing efforts. Price
The product is seen as being the most critical of all the Ps of the marketing mix. If the product is of poor quality or does
not perform to promised levels, then all the other Ps are superfluous. When the product is sound, however, price will be important as well.
The oldest school of management accounting holds that price should be determined on the basis of cost of production. Other approaches to pricing have been in use
for several years, and of course marketers must never forget the supply-and-demand model that so many economists say is no longer valid. The actual cost of production of the
100th package of Microsoft Word(r) certainly was not the $500 it sold for at retail in the early 1980s, but rather reflected the influence of demand. Word was in
the process of becoming the industry standard, but it certainly had not attained that distinction at the time. If price is not going
to be based on production costs, then the marketer needs to consider several other measurements. These other include: * What do competitors charge for similar products? * What is
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