Many people think of marketing as only promotion. However, marketing is much more. A common way of understanding the essentials of marketing is using the 4Ps model—product, price, place, and promotion.
Analyze each of the 4Ps and explain how they create value for organizations. Remember, value creation is any type of activity or outcome that will add to the long-term success of the organization. It is more than simply economic value and includes enhancements such as customer good will, employee satisfaction, supplier networks, managerial skills and experience, and ethical or community factors. Creating value can include intangible as well as tangible assets, such as intellectual property and a business plan.
Justify which of the four functions (4Ps) seems to provide the most value to organizations.
Marketing has evolved into a major business function that crosses all areas of an organization. For example, marketing may advise production about how much of the company’s product to make and then may tell logistics when to ship it. Accordingly, marketing influences business practices and it may also have wider influence on society.
Assess the importance of marketing to society.
Evaluate how marketing has changed society.
Analyze how marketing has impacted today’s lifestyle.
A SWOTT analysis helps evaluate current performance and future potential, especially in relation to competitors. Organizations use SWOTT to assess strengths and weaknesses within the organization, threats and opportunities from outside the organization, and trends that might have long-term consequences for the organization and the industry as a whole.
Perform a brief SWOTT analysis on a company of your choice as seen through the eyes of a marketing manager.
Justify some recommendations for overcoming factors that might impede progress of the organization and for taking advantage of factors that could benefit the organization.
