PowerPoint slide deck with 12-15 slides with notes (100-150 words per slide), excluding cover and references pages.
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Assignment2_Analyzethe4PsandtheirrelationshipwithInnovationInstructionsHM.docx
Lesson2THE4PsandMarketingInnovationReadingHM.html
Lesson 2: The 4P's and Marketing Innovation
Marketing Mix
The marketing mix comprises the 4 Principles, the Product, the Price, the Promotion, and the Place (Gilstein, 2020). Marketers pay close attention to this mix. The product must meet the needs and wants of the target audience, as the marketing mix drives customer purchase decisions (Hanaysha et al., 2021).
Tabs
Select each item to learn more. Product Price Promotion PlaceThe product is the good or service provided to customers (Gomez Albrecht et al., 2025). Marketers need to know what consumers want from a product when considering products or services. For example, when buying a car, consumers consider the color, the trim, the engine, and other amenities before choosing between car brands. It is crucial to consider why your product will appeal to your market and how people will use it to determine how it will fare in the market.
Price is the amount people will pay for the product. Deciding between high or low pricing is a balancing act for the consumer. High pricing may make a product or service unaffordable for intended consumers. It may be perceived as low value if it is priced too low. The quality of the product can also be questioned.
Additionally, the balance of low and high pricing also affects the company. The price must consider all the costs for the product while simultaneously linking pricing to product benefits (Gomez Albrecht et al., 2025). Companies must know how low they can charge and make a profit versus how high they can trust and not lose customers. Ironically, the right price often falls between the highest and lowest possible (Gomez Albrecht et al., 2023).
The product needs to be promoted effectively. Promotion includes strategies including television, the internet, social media, advertising, and public relations to increase product awareness. Consumers need to be made aware of the product's existence. There are many ways in which product information can reach the intended audience. The promotion aims to get the right consumers at the right time and place (Gomez Albrecht et al., 2023). Knowing what promotion tactics or mix of tactics will reach your target consumer is imperative.
The place is also an essential part of the marketing mix. The product needs to be conveniently available to the target audience. If a consumer must drive 100 miles to purchase the product, it is highly likely that, over time, the consumer may choose to do without it or find a substitute. Marketers must ensure that many retailers carry the product to grow and have repeat customers. These days, depending on the product, consumers may have the option to purchase the product online directly from the company’s website or Amazon!
What is most important is that all four dimensions may be necessary for organizational success, especially with innovation. Scholars have found that the more elements of the marketing mix are introduced, the higher the innovation performance (Adams et al., 2019). As you explore new and innovative concepts, services, and products, consider how the 4Ps will make the innovation launch successful.
The 7 P's Model
Although the 4 P’s model is widely accepted, some marketers utilize a 7 P’s model that extends to people, processes, and physical evidence.
Tabs
Select each item to learn more. People Process Physical EvidencePeople refer to how organizations engage with customers, including staff, incentives, and interpersonal behavior (Das et al., 2021). Organizations may engage in personal selling, manage customer relationships, and engage with customers online to keep customers connected with the company and its brand. People are essential, reflecting how affiliated organizations are with their customers.
Processes refer to the company's systems and strategies to develop the customer journey. With the technique, an organization should design systems to be efficiently delivered to the consumer and potentially environmentally sustainable (McInerney, 2021). Parts of the process include using technology and AI and developing the customer journey through the sales life cycle for customers and consumers (Das et al., 2021).
Physical evidence includes proof of the product’s quality (Das et al., 2021), packaging, branding, and how your products or services are perceived in person and digitally (McInerney, 2021). In the service industry, awards won may be a visible quality indicator, whereas a store's ambiance, cleanliness, and organization may drive positive customer perceptions. Physical evidence is also essential on websites, as organizations should have well-organized, easy-to-read sites with meaningful media.
Regardless of which model you believe is the most important, understanding the marketing mix is vital for developing an innovative product and ensuring a sound marketing strategy. The assignment for this section asks you to discuss, at minimum, the 4P’s model and identify which P is the most important to your innovative product’s success.
References
Adams, P., Freitas, I. M. B., & Fontana, R. (2019). Strategic orientation, innovation performance, and the moderating influence of marketing management. Journal of Business Research, 97, 129-140.
Das, G., Jain, S. P., Maheswaran, D., Slotegraaf, R. J., & Srinivasan, R. (2021). Pandemics and marketing: Insights, impacts, and research opportunities. Journal of the Academy of Marketing Science, 49(5), 835-854.
Gilstein, J. (2020). Marketing mix. Salem Press Encyclopedia
Hanaysha, J. R., Al Shaikh, M. E., & Alzoubi, H. M. (2021). Importance of marketing mix elements in determining consumer purchase decisions in the retail market. International Journal of Service Science, Management, Engineering, and Technology (IJSSMET), 12(6), 56-72.
Assignment2_Analyzethe4PsandtheirrelationshipwithInnovationInstructionsHM.docx
Assignment 2: Analyze the 4P's and their relationship with Innovation
Instructions
You are a marketing manager tasked with developing training for new hires and interns. In the prior assignment, you learned your CMO believes in linking marketing strategies with innovation to create successful initiatives and wants this information to be aligned throughout the company.
The marketing mix is important to organizational success. Product, price, place, and promotion ensure successful product or service innovations. In this assignment, you will observe the following:
· Discuss the 4P’s;
· Identify the most important “P”; and
· Discuss the relationship between marketing and innovation
Reflect on the readings for this week. Then, develop a PowerPoint presentation in which you will explain the answers to the following questions.
a. What are the four elements of the marketing mix? Describe each aspect in detail.
b. Of the four elements, which is the most important? Why?
c. Can innovation succeed without marketing? Explain.
Requirements
Length: PowerPoint slide deck with 12-15 slides with notes (100-150 words per slide), excluding cover and references pages.
References: Include a minimum of 5 scholarly references
The completed assignment should address all the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards, and adhere to the National University's Academic Integrity Policy.
When applicable, conduct a Turnitin pre-check, upload your completed assignment, and select the Submit to Dropbox button.
RUBRIC BELOW (PLEASE FOLLOW IT)
|
Criteria |
Exceeds All Expectations (94-100%) |
Exceeds Most Expectations (90-93%) |
Meets Expectations (83-89%) |
Below Expectations (73-82%) |
Does Not Meet Expectations (0-72%) |
Criterion Score |
|
Discussed the 4 P's of the marketing mix. |
3 points Student developed a clear discussion with sound support for the choice. |
2.79 points Student developed a discussion with an explanation which needed more substance. |
2.67 points Student developed a discussion with no support for its appropriateness. |
2.46 points Student developed a discussion without accompanying explanations as to why the definition was appropriate. |
2.16 points Student did not provide a discussion. |
Score of Discussed the 4 P's of the marketing mix., / 3 |
|
Identified the most important part of the four elements of the marketing mix. |
3 points Student developed a clear discussion with sound support for the choice. |
2.79 points Student developed a discussion with an explanation which needed more substance. |
2.67 points Student developed a discussion with no support for its appropriateness. |
2.46 points Student developed a discussion without accompanying explanations as to why the definition was appropriate. |
2.16 points Student did not provide a discussion. |
Score of Identified the most important part of the four elements of the marketing mix., / 3 |
|
Identified if innovation can succeed without marketing |
3 points Student developed a clear discussion with sound support for the choice. |
2.79 points Student developed a discussion with an explanation which needed more substance. |
2.67 points Student developed a discussion with no support for its appropriateness. |
2.46 points Student developed a discussion without accompanying explanations as to why the definition was appropriate. |
2.16 points Student did not provide a discussion. |
Score of Identified if innovation can succeed without marketing, / 3 |
|
PowerPoint notes follow APA standards. |
1 point Student used correct grammar, punctuation, and (when applicable) APA formatting, with no more than 1 or 2 errors. |
0.93 points Student used correct grammar, punctuation, and (when applicable) APA formatting with only 3 or 4 errors. |
0.89 points Student used mostly correct grammar, punctuation, and (when applicable) APA formatting, having less than 5 errors. |
0.82 points Student used some correct grammar, punctuation, and (when applicable) APA formatting. |
0.72 points Student needs to refine grammar, punctuation, and (when applicable) APA formatting because many errors were evident. |
Score of PowerPoint notes follow APA standards., / 1 |
Lesson2THE4PsandMarketingInnovationReadingHM.html
Lesson 2: The 4P's and Marketing Innovation
Marketing Mix
The marketing mix comprises the 4 Principles, the Product, the Price, the Promotion, and the Place (Gilstein, 2020). Marketers pay close attention to this mix. The product must meet the needs and wants of the target audience, as the marketing mix drives customer purchase decisions (Hanaysha et al., 2021).
Tabs
Select each item to learn more. Product Price Promotion PlaceThe product is the good or service provided to customers (Gomez Albrecht et al., 2025). Marketers need to know what consumers want from a product when considering products or services. For example, when buying a car, consumers consider the color, the trim, the engine, and other amenities before choosing between car brands. It is crucial to consider why your product will appeal to your market and how people will use it to determine how it will fare in the market.
Price is the amount people will pay for the product. Deciding between high or low pricing is a balancing act for the consumer. High pricing may make a product or service unaffordable for intended consumers. It may be perceived as low value if it is priced too low. The quality of the product can also be questioned.
Additionally, the balance of low and high pricing also affects the company. The price must consider all the costs for the product while simultaneously linking pricing to product benefits (Gomez Albrecht et al., 2025). Companies must know how low they can charge and make a profit versus how high they can trust and not lose customers. Ironically, the right price often falls between the highest and lowest possible (Gomez Albrecht et al., 2023).
The product needs to be promoted effectively. Promotion includes strategies including television, the internet, social media, advertising, and public relations to increase product awareness. Consumers need to be made aware of the product's existence. There are many ways in which product information can reach the intended audience. The promotion aims to get the right consumers at the right time and place (Gomez Albrecht et al., 2023). Knowing what promotion tactics or mix of tactics will reach your target consumer is imperative.
The place is also an essential part of the marketing mix. The product needs to be conveniently available to the target audience. If a consumer must drive 100 miles to purchase the product, it is highly likely that, over time, the consumer may choose to do without it or find a substitute. Marketers must ensure that many retailers carry the product to grow and have repeat customers. These days, depending on the product, consumers may have the option to purchase the product online directly from the company’s website or Amazon!
What is most important is that all four dimensions may be necessary for organizational success, especially with innovation. Scholars have found that the more elements of the marketing mix are introduced, the higher the innovation performance (Adams et al., 2019). As you explore new and innovative concepts, services, and products, consider how the 4Ps will make the innovation launch successful.
The 7 P's Model
Although the 4 P’s model is widely accepted, some marketers utilize a 7 P’s model that extends to people, processes, and physical evidence.
Tabs
Select each item to learn more. People Process Physical EvidencePeople refer to how organizations engage with customers, including staff, incentives, and interpersonal behavior (Das et al., 2021). Organizations may engage in personal selling, manage customer relationships, and engage with customers online to keep customers connected with the company and its brand. People are essential, reflecting how affiliated organizations are with their customers.
Processes refer to the company's systems and strategies to develop the customer journey. With the technique, an organization should design systems to be efficiently delivered to the consumer and potentially environmentally sustainable (McInerney, 2021). Parts of the process include using technology and AI and developing the customer journey through the sales life cycle for customers and consumers (Das et al., 2021).
Physical evidence includes proof of the product’s quality (Das et al., 2021), packaging, branding, and how your products or services are perceived in person and digitally (McInerney, 2021). In the service industry, awards won may be a visible quality indicator, whereas a store's ambiance, cleanliness, and organization may drive positive customer perceptions. Physical evidence is also essential on websites, as organizations should have well-organized, easy-to-read sites with meaningful media.
Regardless of which model you believe is the most important, understanding the marketing mix is vital for developing an innovative product and ensuring a sound marketing strategy. The assignment for this section asks you to discuss, at minimum, the 4P’s model and identify which P is the most important to your innovative product’s success.
References
Adams, P., Freitas, I. M. B., & Fontana, R. (2019). Strategic orientation, innovation performance, and the moderating influence of marketing management. Journal of Business Research, 97, 129-140.
Das, G., Jain, S. P., Maheswaran, D., Slotegraaf, R. J., & Srinivasan, R. (2021). Pandemics and marketing: Insights, impacts, and research opportunities. Journal of the Academy of Marketing Science, 49(5), 835-854.
Gilstein, J. (2020). Marketing mix. Salem Press Encyclopedia
Hanaysha, J. R., Al Shaikh, M. E., & Alzoubi, H. M. (2021). Importance of marketing mix elements in determining consumer purchase decisions in the retail market. International Journal of Service Science, Management, Engineering, and Technology (IJSSMET), 12(6), 56-72.
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