The Four Ps Of Marketing

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Question # 1: Four Ps of Marketing
a. List and explain the Four Ps of marketing (Short explanations – in your own words.)
Price - What a consumer is willing to give up to obtain your product. If a supplier sets a price higher than what a consumer is willing to pay, then the consumer is unlikely to complete the transaction.
Product - The good or service a supplier provides for a consumer.
Promotion - How a company communicates their product or service to the public and specifically to their desired customer. Without effective promotion and advertising, customers are unlikely to hear about and understand what’s being sold.
Place - How and where a product is presented to a consumer. It involved the location and placement of the product.
b.
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Place relates to Major League Soccer in terms of location of each teams stadium. This is key in all sports, teams must locate themselves in places where they will be able to attract fans to attend their matches at high rates. Teams like Atlanta United F.C. and the Seattle Sounders have placed themselves in prime locations to succeed. They both have done a great job with perfecting where they play to help increase attendance to their games. While the MLS average attendance per match is a mere 21,823, Seattle have averaged 42,892 and Atlanta have averaged 46,721 per match. These two teams aren’t even in first place in their conference, but they were able to place themselves in locations that are effective for them to record these much higher averages of attendance.
c. Rank the four in order of importance to your product. Explain your rankings.
Promotion- Promotion is going to be the most important aspect of our product since there is currently not enough marketing of MLS. You can find an advertisement for the NFL on almost any channel but you will rarely see a commercial or promotion for major league soccer.
Product- The MLS has recently been lacking competition. There tends to be a handful of teams that compete for the top spots and then the rest of the league, who battle for the bottom ranks. These top teams garner the most attention and fan base while the other teams struggle to keep fans interested.
Place- We ranked place as the third most important factor
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