Martketing Case

Marketing

There are four factors that make up a marketing mix; product, pricing, placement and promotion, also known as the 4P's. The first factor is product is a good, service or idea which satisfies a want or need and anything to make it look better according to the consumers. Pricing, the second factor, is setting a figure to sell the product that competes with competitors and is affordable to your customers. Next is placement, which is finding the right place to sell the product to reach the customers that will benefit from it. Last of the mix is promotion; coming up with ways to attract customers to notice and purchase your product. All of these factors are important in producing a product and making it a successful one. In my opinion not one factor stands above the other. You will need each factor to gain and keep customers as well as make a profit from the product.

Looking back at some purchases that I have recently made I would say that the factors of the mix that I considered were pricing and placement. If I had to put them into an order of what was more important, I would say that placement was first. I wanted to buy the product from a place that was on the way home and did not take me out of the way. The pricing factor came into play once I found the place. I compared prices of the different brands to see which satisfied not only getting what I came for but also was within budget.

Some influences that affect what my friends and I are buying would be to stay with the trends of what others are buying. Also I think that financially we are affected because we want to buy those things but stay within our limits with how much we are paying for those products. Ways in which global, economic, and social influences are affecting others are the disasters that are happening all over the world. For example, Hurricane Sandy destroyed a lot of people's belongings; such as houses, cars and their lives. With the economy being bad people are losing their jobs and are unable to pay for things and are forced to choose what products are needed versus wanted. And socially people are being influenced with what is being shown on TV or what the media is saying what is "hot" and what is "not". This also goes into keeping up with what others are buying.