English : Gender : Female Household Income

In addition, select an organization with which you are familiar and describe how each one of the four elements of the marketing mix affects the development of the organization’s marketing strategy and tactics.

In this assignment I will be looking at how product and services are marketed and look at how a marketing mix is developed using the four P 's: Product, Price, Place, and Promotion.

Imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed product. The marketing director has asked your team to do a competitive market analysis to determine the product’s potential success. The analysis will focus on your primary competitor in the product’s market.

Pricing is one of the most important elements of the marketing mix for the MARC. It is the only one of the components that generates revenue, while promotion, place, and product generate cost. Producing, designing, distributing, and promoting products come with expenses.

The marketing mix is a desirable place to begin when you are thoroughly considering creating a new product or service, and it offers you some

An understanding of a competitor’s position can be a key for a business to determine where funding and resources should be allotted to create new products or services.

The participants were all asked a series of demographic questions; age, race, gender, living arrangement and income. When the participants were asked age the results showed that nearly all of the participants were in the 18-24 range at 95% of the sample then leaving 5% between 25-30, the study also had the exhaustive bracket of 30 or older but no participants identified in this category. Race, my results revealed that ¾ or 75% of individuals identified as White, while 15% identified as other and 10% identified as Black. I also had a category for Asian, but the study had no participants within the sample. Gender, found that 70% of participants identified with being female while, only 30% male. Participants were given income brackets to choose from which results revealed that large majority of participants were of an income range of 0- $14,999 at 80% and the other 20% were of an income of 25,000-50,000. Last demographic question on the questionnaire was living arrangement, out of the 20 participants 19 of the individuals were Single, and 1 noted that they had a partner, neither married or other were chosen. The only result that confirms a portion of my research hypothesis is that the study had an elevated amount of female participants, that was more women volunteer than men, using the idea that’s one must volunteer to participate in research.

As is known, pricing is one of the most important steps for business plan which needs good research, calculations and formulations. There are different pricing strategies to put into effect due to the market and product conditions, such as premium pricing, penetration pricing, economy pricing, price skimming(Voice Marketing, 2012). These four pricing strategies are main pricing policies. They form the bases for the exercise. However there are other important approaches to pricing. These pricing strategies are: Psychological pricing, product line

When marketers talk about what they do as part of their responsibilities for marketing products, the tasks associated with setting price are often not at the top of the list. Marketers are much more likely to discuss their activities related to promotion, product development, market research and other tasks that are viewed as the more interesting and exciting parts of the job.

Different organization looks at the level of technology that competitors used in production of their services. Another crucial thing is the evaluation of what the competitor’s customer are complaining about and takes it as an advantage of attract customers to the organization (Matthew, 2010).

I am going to look at how a business successfully applies the marketing mix when launching a product. I am also going to compare and contrast traditional and digital methods of communication. I am also going to look at how Sony, when launching their Playstation 4, have applied the marketing mix, identified their target market and give recommendations on how they could have launched this product better.

Briefly describe the pricing structure that is used with this product and explain the benefits of this method.

Price, which is one of the most important elements of the marketing mix, can be difficult to get right. Pricing too high, or low, can negatively impact on customer satisfaction and revenue. Adopting a pricing strategy is necessary to achieve desired sales objectives (Chan & Wong 2005).

Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives. You can use this knowledge to create marketing strategies that take advantage of your competitors ' weaknesses, and improve your own business performance. You can also assess any threats posed by both new entrants to your market and current competitors. This knowledge will help you to be realistic about how successful you can be.

By getting feedback and suggestion from the customer organization should work on their strengths and weakness. Its also important to get the target customers.