UofP - MBA570 - DQs - Week One - 07-17-06

UofP - MBA570 - DQs - Week One - 07-17-06 - Discussion...

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Unformatted text preview: Discussion Question 1.1 Due Episode I, Due Day 3 Marketing Overview “What does marketing mean for you? Define what the four Ps of marketing are and what tasks, activities and methods are classified into each. Be sure to provide specific examples to illustrate each?” Marketing means a promotion of products, including advertising. However, in the business environment, marketing is customer centered. Meaning—products are often developed to meet the desires of groups of customers or specific customers. Professor E. Jerome McCarthy divided marketing into four general sets of activities. His typology has become universally recognized as the “Four Ps” (Answers.Com, 2006). These four elements are also called the marketing mix or the controllable variables because they are under the general control of the marketing department. Furthermore, environmental factors—also called uncontrollable variables—and include social, economic, technological, competitive, and regulatory forces (Kerin, 2006). The “Four Ps: are: • Product —product management and product marketing aspects of marketing deal with the specifications of actual goods or services and the relation to the consumer’s needs and desires (Kerin, 2006). • Pricing —refers to the process of setting a price for a product, including discounts. • Promotion —includes advertising, sales promotion, publicity, and personal selling, and refers to the various methods of promoting the product, brand, or company. • Placement (or Place )—simply, distribution (how the product gets to the customer) such as point-of-sale placement or retailing (Answers.Com, 2006). The “Four Ps” model is highly useful when marketing low-value consumer products; however, industrial products, services, and high-value consumer products will require adjustments to the model. Even though the “Four Ps” model is largely recognized and used, G. Morgan, author of “Riding the waves of change” adds “…perhaps the most significant criticism of the 4 Ps approach…is that it unconsciously emphasizes the inside-out view (looking from the company outwards), whereas the essence of marketing should be the outside-in approach” (Morgan, 1988). References Answers.Com. (2006). Marketing . Electronically retrieved July 17, 2006, from http://www.answers.com/topic/marketing Kerin, R., Hartley, S., et al. (2006). Marketing (8 th ed.). New York: McGraw-Hill. Morgan, G. (1988). Riding the waves of change . San Francisco: Jossey-Bass. Robert (Robb) Sikes 520.245.0662 [email protected] Discussion Question 1.2 Due Episode I, Due Day 5 Marketing Application Describe some of the marketing methods used by your organization, or an organization you know well, and explain why these methods are either effective or ineffective....
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UofP - MBA570 - DQs - Week One - 07-17-06 - Discussion...

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