4 Ps and Advert Essay (1)

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Jan 9, 2024

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1 Week Two – Assignment One (4 Ps and Advertisements) Sebastian Blalock MKTG 201: Fundamentals of Marketing Dr. Susie Pryor September 12, 2023
2 The marketing mix consists of a combination of four Ps, and a marketing plan is a mixture of the different components. The four Ps are product, price, promotion, and place. What is the product that is provided? What price do companies charge for their services and why? How is the company going to promote their goods and services? Where and how will the company get their products into the market? ( Bergstedt, 2010). The four Ps are regarded as the more traditional and conventional marketing strategy; however, the value-based method is a more current and up-to-date method that can be employed by some companies and their teams. The three components of the value approach are creation, communication and delivery. Simply put, it is “The process of collaborating with suppliers and customers to create offerings that have value, Broadly, describing those offerings, as well as learning from customers and Getting those offerings to the consumer in a way that optimizes value.” ( Bergstedt, 2010). The focus of both approaches is between the four Ps and the value approach. While the value approach is primarily concerned with the happiness and satisfaction of the consumer with the good or service. The four Ps are a bit more dated and mostly focus solely on the product. Both give critical data and information regarding the marketing field that the company has sought to enter and base their products in. Nonetheless, with that information about the marketing strategies, it can be seen how different companies and corporations may use these separate strategies in order to influence their customer base. With one being tailored mostly towards optimizing value of the product towards its customers and the other being tailored towards creating consumer satisfaction whether that be with the overall purchasing experience or simply overall customer satisfaction with the product. Any public space that caters to the demands described by Abraham Maslow’s Theory has and places advertisements in highly visible and accessible areas, typically at eyesight or large
3 enough to be seen from almost anywhere within the defined area. The fast-food sector is an ideal example of this. Simply look around when driving through your town or watch T.V. for 30 minutes and you will see an astonishing number of these advertisements. Take McDonald’s, for example, where their advertisements feature the infamous buy one, get one free and other money-saving specials. Physiological needs are the primary identifiable needs, based off Abraham Maslow’s theory, through the discount that they are promoting. This includes food and water, which are the most basic survival needs in which McDonald’s appeals by having a large amount of food easily available and ready to eat for any consumer to purchase. The discounted prices will attract even more people that may have to restrict what they spend their money on, especially as economic hardship is becoming more of a norm. Easily accessible food items appeal to a majority of the population as having a meal in a timely manner benefit those that do not have the time to or are unable to cook, especially as most workdays end at five o’clock when people are most tired and are willing to spend the money on a fast meal. Advertisements of this type are targeting societal norms and behaviors of people that fall into a specific demographic. “Consumers’ ages, income levels, levels of education, and ethnic or cultural backgrounds all affect how consumers respond to the marketing mix.” (Marketing, 2021). By using advertisements, such as the buy one, get one free deals, it can be deduced that the target market and demographic are the people that live within low income areas and must work the typical nine to five in order to survive and by creating these deals will simply encourage that person to spend their money on a fast and ready to eat meal rather than spending another hour, or longer, making food. The next advertisement is the Apple iPhone. It seems like every other year Apple creates interest in their latest and upcoming smartphone by marketing and appealing to a wide array of
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