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Marketing Management in a Global Economy
Pages 5 (1255 words)
Marketing Management in a Global Economy Name: Institution: MARKETING MANAGEMENT IN A GLOBAL ECONOMY 1. Define in full detail the 4 P’s of marketing, and give an example of a company (corporation) that has fully mastered the 4 P’s ensuring their customer is a repeat customer The 4 Ps of marketing are made up of product, place, price, and promotion (Doole & Robin, 2008).
When dealing with place, the company needs to ask where the buyer will search for the product, how the client will access the correct distribution channels, if they need to use a sales force, and what the competitors do that an individual can learn. For the pricing section of the marketing mix, the company requires to determine what the product’s value is to the client. Whether there is an established price point for services or products in the area, whether the client price is sensitive enough to give one an extra market share with a small price decrease, and how the company’s price compares with the competitors (Doole & Robin, 2008). When it comes to promotion, the company discerns when and where they can get their marketing measures across to their target market, how they can reach their audience via radio, press, or billboards, what time is best to carry their promotion, and whether any environmental issue dictates the marketing launch’s timing. The company also needs to determine how its competitors carry out its promotion. 2. Define Value Chain, and give an example of a company that utilizes a Value Chain Delivery Network, further cite the success rate of their value chain network. ...
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