{"id":319,"date":"2019-06-10T21:36:06","date_gmt":"2019-06-10T21:36:06","guid":{"rendered":"https:\/\/sites.wp.odu.edu\/taryngilbert002\/?p=319"},"modified":"2019-06-25T16:37:48","modified_gmt":"2019-06-25T16:37:48","slug":"marketing","status":"publish","type":"post","link":"https:\/\/sites.wp.odu.edu\/taryngilbert002\/marketing\/","title":{"rendered":"Marketing"},"content":{"rendered":"\n<hr class=\"wp-block-separator is-style-dots\" \/>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"626\" height=\"430\" src=\"https:\/\/sites.wp.odu.edu\/taryngilbert002\/wp-content\/uploads\/sites\/14625\/2019\/06\/marketing-pic.jpg\" alt=\"\" class=\"wp-image-320\" srcset=\"https:\/\/sites.wp.odu.edu\/taryngilbert002\/wp-content\/uploads\/sites\/14625\/2019\/06\/marketing-pic.jpg 626w, https:\/\/sites.wp.odu.edu\/taryngilbert002\/wp-content\/uploads\/sites\/14625\/2019\/06\/marketing-pic-300x206.jpg 300w, https:\/\/sites.wp.odu.edu\/taryngilbert002\/wp-content\/uploads\/sites\/14625\/2019\/06\/marketing-pic-437x300.jpg 437w\" sizes=\"(max-width: 626px) 100vw, 626px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">Keys to a Marketing Mix<\/h4>\n\n\n\n<ul><li>4 P&#8217;s<ol><li>Product<\/li><li>Price <\/li><li>Place<\/li><li>Promotion<\/li><\/ol><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Product (Idea)<\/h4>\n\n\n\n<ul><li>Core <ul><li>Something that is essential (example: what are you buying? An iPhone)<\/li><\/ul><\/li><li>Augmented<ul><li>What supports the core (ex: iTunes that you can out on iPhone)<\/li><\/ul><\/li><li>Value <ul><li>Perception a consumer has on your idea (what value does your innovation has that supports the customer)<\/li><\/ul><\/li><li>Differentiation <ul><li>How is your product unique? What is the unmet need of your customer?<\/li><\/ul><\/li><li>Life Cycle <ul><li>The beginning of the product to its decline (new ideas may come along)<\/li><\/ul><\/li><li>Diffusion strategy (what is the consumer willingness to adopt your idea?)<\/li><li>CVP (Customer Value Proposition ) <ul><li> The perception of the consumer, has to give enough beyond the cost to be worthwile <\/li><\/ul><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Price<\/h4>\n\n\n\n<ul><li>Fixed costs<ul><li>Costs that do not change no matter where the product is going<\/li><\/ul><\/li><li>Variable costs<ul><li>Costs that change and impact the product and how to get it to market (fuel costs)<\/li><\/ul><\/li><li>Skimming<ul><li>Ideas that impact how you set a price; how to make a very high profit with a small market share<\/li><\/ul><\/li><li>Penetration<ul><li>Lower price, higher market share<\/li><\/ul><\/li><li>Price Points<ul><li>Fixed prices, for the participation of idea or product<\/li><\/ul><\/li><li>Price Promotions<ul><li>short term pricing to introduce (discounts to encourage sale)<\/li><\/ul><\/li><li>Price discrimination<ul><li>Pricing things depending on consumer (things are cheaper in Norfolk than in Northern Virginia<\/li><\/ul><\/li><li>Psychology of Value<ul><li>Consumers may value price as higher than what you are selling for, or price is too high for the value of product (need to find the right price)<\/li><\/ul><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Place (Distribution)<\/h4>\n\n\n\n<ul><li>Channels<ul><li>How to get the products out to consumers<\/li><\/ul><\/li><li>Product and payment flows<ul><li>How do we get payment flows to occur, how to activate the adoption curve<\/li><\/ul><\/li><li>Conflict and disintermediation <ul><li>May need wholesales and retailers to get product out or go direct to consumers such as Amazon, may cause conflict with vendors<\/li><\/ul><\/li><li>Multiple channels<ul><li>Relying on middle-man may consider multiple channels to get distribution curve started <\/li><\/ul><\/li><li>The most serious challenge to entrepreneurs<ul><li>Price, not enough discussion about place and distribution <\/li><\/ul><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Promotion<\/h4>\n\n\n\n<ul><li>Communication is backbone to promotion <\/li><li>Push and Pull Technique<ul><li>push is promoting through a personal channel<\/li><li>pull is creating consumer demand and the consumer will pull product through a channel <\/li><\/ul><\/li><li>Data collectio &#8211; how often are consumers receving promotin <\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Keys to a Marketing Mix 4 P&#8217;s Product Price Place Promotion Product (Idea) Core Something that is essential (example: what are you buying? An iPhone) Augmented What supports the core (ex: iTunes that you can out on iPhone) Value Perception a consumer has on your idea (what value does your innovation has that supports the&#8230; <\/p>\n<div class=\"link-more\"><a href=\"https:\/\/sites.wp.odu.edu\/taryngilbert002\/marketing\/\">Read More<\/a><\/div>\n","protected":false},"author":13953,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","wds_primary_category":0},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/sites.wp.odu.edu\/taryngilbert002\/wp-json\/wp\/v2\/posts\/319"}],"collection":[{"href":"https:\/\/sites.wp.odu.edu\/taryngilbert002\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sites.wp.odu.edu\/taryngilbert002\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sites.wp.odu.edu\/taryngilbert002\/wp-json\/wp\/v2\/users\/13953"}],"replies":[{"embeddable":true,"href":"https:\/\/sites.wp.odu.edu\/taryngilbert002\/wp-json\/wp\/v2\/comments?post=319"}],"version-history":[{"count":3,"href":"https:\/\/sites.wp.odu.edu\/taryngilbert002\/wp-json\/wp\/v2\/posts\/319\/revisions"}],"predecessor-version":[{"id":366,"href":"https:\/\/sites.wp.odu.edu\/taryngilbert002\/wp-json\/wp\/v2\/posts\/319\/revisions\/366"}],"wp:attachment":[{"href":"https:\/\/sites.wp.odu.edu\/taryngilbert002\/wp-json\/wp\/v2\/media?parent=319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sites.wp.odu.edu\/taryngilbert002\/wp-json\/wp\/v2\/categories?post=319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sites.wp.odu.edu\/taryngilbert002\/wp-json\/wp\/v2\/tags?post=319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}