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Marketing Mix Paper

1306 words - 5 pages

IntroductionMarketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Basically marketing is a necessary part of our daily life. Not only are products and services marketed but we market ourselves as part of everyday business. Earlier this week I spoke with a friend of mine who works for H and R Block, I asked how the 4-Ps are used in her organization. After our discussion I realized that the 4 - Ps has definitely helped H and R Block in boosting their ability to attract customers. It was very remarkable to see how different business market their products and services. It seems as thought immediate gratification is a promotion marketing tool that many companies are now using. After briefly describing the 4 - P's of marketing we will review how H and R Block makes good use of all the steps in their marketing mix.Definitions of the 4 - P'sProduct:Product is the goods or services that a business offer and they are distinctive and different, better in quality and easier to use. In my own view, the product or service is one the most important facets of a thriving business. If a business has an item that a customer truly wants they will drive out of their way to buy it. They will be willing to pay a higher price for the item if the quality justifies it. A product is the need satisfying offering of a firm including physical goods or services. The product also includes the features and benefits, quality level, accessories, installation, instructions, warranty, product line extensions, packaging, and branding of the product.Place:Place deals with the location on ones business or distribution place for the products. I would have to argue that a business can overcome a bad location if they are marketing the right location. The place is the making of goods and services available in the right quantities at the right locations. It determining the place a business must consider things such as objectives, channel type, middlemen, and kinds or locations of stores, transportation, storage, and managing channels.Price:Price is how much the product is selling for or it is the amount of money that is charged for something of value. This is based on your cost and product value to potential customers. Personally I think that price is very important and will definitely attract customers with the attraction of cheap prices, especially around the holiday time. Many people will wake-up in the early mornings just to get in line for several hours so they could get a great deal and save a few dollars. Price is a tool used to motivate some customers. In determining price a firm must consider things such as cost to produce the product, objectives, flexibility, competitive pressures, return on investment, market pressures level over product life, geographic terms, discounts, and allowances.Promotion:Promotion is the communicating of...

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