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Fighting Eagle’s

Quick Reference Notes Week 4

BA101 Introduction to Business

Product

-Should satisfy consumers wants and/or needs

-Needs to do what they claim it will do

-Needs to look good and clearly display benefits on the package

Price

- Needs to be appropriate to the product/service to attract the segment of the market they want

- Should reflect the product’s advertised image

- Should be within range of already established price points of competitors if any

Place

- Need to have a reliable way to transport and store products to ensure they are available for the consumer

- Right product needs to be at the right place at the right time

- Increases the odds for the product to be purchased by consumers

Promotion

- Need to communicate with consumers to create value

- Provides information that will help them make an informed decision to purchase a product or not

4 P’s

Roles of Marketing for Organizations

• Marketing defined: Marketing is the strategies and tactics that businesses use to get the word out about their products and/or services as well as to create value for the consumer • Marketing Mix, commonly referred to as the 4 P’s refers to businesses ensuring that the development of products will please the consumer, charge an appropriate price for that product, distribute the products to the right place and promote its products to create value.