BLOG 1 MARKETING 4 P’S
This is a cool video on positioning of social media. It has twitter ahead of Instagram, though Instagram has just inched ahead of Twitter. But the points are clear.
Write a 150 word response. Include in this 150 word response (1) what you found most interesting about the video and (2) include a URL and a brief discussion of why this URL ties to the video. DUE 12pm September 9.
[youtube]https://www.youtube.com/watch?v=Mco8vBAwOmA[/youtube]
September 3rd, 2019 at 11:49 am
I found this video to be very interesting because this is the first Marketing class I have taken, and it explains what goes into marketing and how you can be successful at marketing. I think the main thing that interested me was how to determine your target market and how to adapt your market to the type of people you are selling to. I liked the example of the video that if you are selling to more high class people, you are going to have to charge more because they will want higher class quality and if you are selling to more laid back people, you wont have to charge as much because they wont be too picky about what they receive and they will be more laid back about their order. I included this URL because I liked what they said about businesses that say they “target anyone interested in my services”. I agree that this is very general, and in order to grow your target market, you may need to adapt your target market to specific types of people. In the future your target market may then grow more and you will have to adapt your market to fit the needs of your growing target market.
https://www.inc.com/guides/2010/06/defining-your-target-market.html
September 3rd, 2019 at 8:28 pm
The thing I found most interesting about this video was the breakdown of how the 4 P’s of marketing can affect different target markets. The part I always find most interesting is the drastic change that can happen in price when it is targeted towards the right group. In their example of a burger they showed how the simple addition of a product thought of as “high class” can drastically increase the selling price of a product because of the perceived value increase- whether it is real or fancied. Conversely the price can be decreased by a multitude of factors like using ingredients that are considered more common. The two products which are essentially the same in nature can be sold for drastically different prices simply because of a simple change in ingredients. The article I’m attaching here goes more in depth as to how a business can chose a price point, and the importance of choosing the right price for the product. If the product is underpriced or over-priced, it won’t make money and the whole rest of the business won’t pan out no matter how effective the other P’s of marketing might be. A business could have the best location, optimal promotion and a great product but if the price isn’t right then the business won’t make money and ultimately won’t be able to stay open.
https://www.inc.com/guides/price-your-products.html
September 4th, 2019 at 4:17 pm
I thought it was really cool how the video broke down the 4 P’s of marketing. I always knew that those 4 things were part of marketing, but I never knew there was a layout of each one in 4 categories. I thought it was really cool how each category changes with the different classes of people. With a “high class” person, they expect more quality and they will pay higher prices. On the contrast, a “low class” person will not care about quality as long as they can get it for cheap. This is something that is common knowledge, but I never really thought about how the 4 P’s of marketing changes among the different classes of people. I work in a grocery store, so I am really excited to learn about the different marketing principles used to market certain people and see how this is used in my one job. The article I attached talks about discounts and how to use the right strategies. It is important I believe to note that in the article it talks about there being both pros and cons of having discounts on products. Everyone always assumes that discounts are good for the customer. However, this loosing profit for the company on the other hand. Customers do not always think or care about this. This article then talks about setting goals for discounts. I think this is good because if there is no goals, I do not think it is important to even have discounts. The article also lists out the different strategies a company can use and this can be very helpful when going into the business field. Overall, I think this article is helpful and good use when it comes to thinking about putting products on discount.
https://business.tutsplus.com/tutorials/how-to-use-discount-pricing-strategies–cms-28611
September 4th, 2019 at 6:21 pm
I first found it interesting that one product can have many different target markets by changing a few product features and/or delivery methods. By simply changing a topping, main dish ingredient or discount there can be a big difference on how the customer perceives the product or if it interests them.
Although the video does not explicitly say this, I also found it interesting that all four P’s are affected by one another. With the first hamburger example, the price of the burger had to be higher because of the use of truffles.
In the article linked below, it discusses how the competition between retailers and product companies is increasing. The article discusses that this is primarily due to technology and the ability to compare deals, discounts and value of service/products faster and better than ever before. All this technology also increases the exposure to the promotion of companies and products too.
https://www.bizcommunity.com/Article/196/458/195177.html
September 6th, 2019 at 10:03 am
Since this is my first marketing class, I think this video did a great job simplifying the 4 P’s of marketing. Determining your target market is very important and certain types of people are looking for different things in their products. The company creates value from the product, price, place and promotion. The video showed different types of people and what they are looking for in a particular product. The price includes more than just the actual retail price of the product. Considering discounts and payment plans are an important aspect to the price.
The article I found talks about the importance of knowing your target audience. This is the first step to knowing who you are selling your product to. The article states that it is easier to capture someone’s attention because their needs and goals are shown. From the online lecture, marketing is coming up with a way to satisfy the needs by creating the want.
https://www.forbes.com/sites/markevans/2013/03/20/the-importance-of-really-knowing-your-target-audiences/#650400b54dd7
September 6th, 2019 at 6:07 pm
I do not know much, if anything about Marketing, but what I found most interesting about the 4Ps of Marketing Video was the examples that were provided. It makes the concept not only relatable, but easy to remember. The video easily shows us how to adapt to customers, like the pricey high end burger vs the veggie option.
I found the page, “The 4 P’s of Marketing Mix and how to master it in today’s world (https://www.angle180.com/insights/4-ps-marketing-mix) to be relatable, specifically the section on how the 4Ps apply to online marketing. I found it refreshing that the article first mentions that the focus should remain on people- because often times when I am purchasing items in person I feel that the sellers are not focused on me as the buyer and what help or needs that I have vs when I shop online I am able to conduct research and price comparison to find the best product for my needs. The article mentions that there should be “user centric customer support” and when I stop and think about it, most if not all, of the websites that I make purchases on have an online help chat- and it typically pops up relatively quick when visiting a page.
September 6th, 2019 at 7:46 pm
Marketing and understanding the 4 P’s is an interesting concept. I have no prior knowledge in marketing. At least no formal knowledge or training that is. I wasn’t even aware there were four distinct categories, like the P’s, that play a role within marketing. Yes, I am a consumer, and I am sometimes aware of how a product may be targeted for me. From the makeup I use to the clothes I wear; this video makes it clearer of how I have come to continuously purchase those products. It is fascinating to understand the 4 P’s and how each P is unique in targeting a certain consumer. The video gave a great example like the lemonade in the park and how you may get more consumers if you choose the right place to sell or you may earn more money if you target the right classification of people.
Speaking of people, in The Four Ps in Marketing Strategy, it references people as the fifth silent P. I like this concept specifically when it states: “You could have the best strategy in the world, but if your people are unable to execute the strategy or the closing sale, you will not have a successful marketing campaign.” Without a good understanding of those that are doing the marketing, as well as those you are targeting, you may not be successful. While important to remember the people you are marketing toward, it is equally important to know I certainly wouldn’t be the best person to sell computer software if I have no knowledge of it.
https://smallbusiness.chron.com/four-ps-marketing-strategy-61482.html
September 7th, 2019 at 10:26 am
As someone who just switched over to a business major, I am still learning a lot day by day and this video was super helpful for me. I had never heard of the four P’s and I find videos like these to be super helpful to watch and learn from. As a consumer, I have never sat down and really started to think, yet, exactly what goes into selling an item. I loved that the video gave different scenarios of selling a hamburger and how much a company has to think about.
In an article I found titled “The 4 P’s of Marketing – Are They Still Relevant Today?” (https://www.singlegrain.com/marketing/the-4-ps-of-marketing-are-they-still-relevant-today-price-product-promotion-place/), this article gives a modern approach to the four P’s. And although some people tend to question, saying that the four P’s will not work forever because we have an ever changing market, this article explains that we don’t have to change the four P’s but just look at them from a different perspective.
September 7th, 2019 at 1:40 pm
What I found most interesting about the video (and which I’m sure we will dive further along in the course), is the fragile dance marketer’s must employ to maximize the 4P’s for their business and products.
The article I chose emphasis how important the 4P’s are in being used effectively and efficiently. “Marketers waste 21% of their marketing budgets with bad data.” Everything and everyone is trying to get our attention these days. Amazon stays at the top of the business heap because of their “data collection from loyalty programs, virtual assistants and other internet connected devices,” allowing Amazon in almost real-time and with scary accuracy, promote a product or discount a consumer might have just been visiting, reading, or searching for.
Price is not always the most important factor when consumers are making a buying decision. How a product is packaged matters, the place matters, and how a product is promoted matters. That said, without accurate data it’s like throwing darts at a dartboard blindfolded. Which is why companies, government organizations, and non-profits are trying to collect our data at every single turn they can. Data makes implanting the 4P’s much easier.
https://www.digitalcommerce360.com/2019/09/06/marketers-waste-21-of-their-marketing-budgets-because-of-bad-data/
September 7th, 2019 at 1:58 pm
This video really helped simplify and explain the four P’s of marketing. I found it very interesting. By comparing the different target markets, it really helped me connect the idea of how to evaluate product, price, promotion, and place with more depth and variability. I didn’t realize that the general theory of marketing could be simplified into just four parts. When I think of price, I typically think of retail price and discounts, but it was an aha moment when the video also included payment plans and credit terms. Including payment plans and credit terms makes complete sense though when you consider that not everything that will be marketed will be paid in full at the time of purchase. I feel that this was silly of me to overlook initially because so many products and services are not all paid up front. The main example that comes to mind is cars. Having payment plans allows the product to be stretched to a larger target market and allows for people to buy more than they can afford compared to being forced to pay in full up front.
Business Insider write an article titled ”Amazon has a payment method that lets you split up the costs of all its gadgets” (https://www.businessinsider.com/amazon-kindle-fire-echo-installments-payment-method-2017-3) in it, it discusses being able to buy some of the latest technology devices and split the cost into five separate payments. This relates to the video because this ability affects the p of price. This allows marketers to target a specific market of people who would want to buy a product that is not typically known to be financed and be able to finance it without any finance charges. Spreading smaller payments allows the target market to expand on these products.
September 8th, 2019 at 6:47 pm
I think what I found most interesting in the video is the focus on the target market which are the consumers. The video explains in detail the 4Ps of the marketing mix, and how we need to adjust product, price, promotion and place around the consumer wants and needs. As mentioned in Chapter 1, marketing is satisfying consumers’ needs and wants. In order to apply the 4Ps, it is important to know our consumers. I decided to share the URL at the bottom of this discussion because when I first saw the advertainment from the bank in an email, I instantly thought about the 4Ps from the video. Many homeowners like me who are in need of extra money for home repairs, or consolidating debt into small payments could take advantage of this product which is a home equity loan. The price is the low monthly payments the homeowner could start doing by obtaining the equity loan. The promotion is the introductory low variable rate of 1.99% for 12 months. The place is a convenient UW Credit Union branch, or contacting the bank by email, or phone.
Please do not think I work for UW Credit Union; I am only a member from that bank. Furthermore, I enjoyed looking around anything related to finance and accounting.
https://www.uwcu.org/loans/helocs-and-home-equity-loans/offers/reduced-rates-no-closing/?utm_source=Email&utm_medium=Email&utm_campaign=HL_CONL190111_HELOC
September 8th, 2019 at 10:10 pm
What I found most interesting about this video was how it explained the fundamental foundations for marketing and how you can apply the four P’s into finding your target market. This video taught me that one P can’t be an outlier when considering your target market because if one P is not accounted for you can lose your entire market. For instance if you meet the need of your markets promotion, place, and product , but not the price, then consumers won’t buy the product or service.
Just like the second half of the video this page goes into how to find your target market. Both the video and this page make you consider who you want to target your product or service to and makes you consider the wants of your audience and how you can compromise the wants of the business and the consumer to market your product or service. The website like the video, make you consider that you need to do market research because if you don’t then you can lose your following and no one will buy your product or service if you don’t consider your audience.
https://www.wikihow.com/Find-Your-Target-Market
September 9th, 2019 at 12:00 pm
The marketing concept that interests me most from this video is the pricing aspect because pricing is crucial for a company to turn a profit. Pricing your product is not an easy thing to get right; If you go too low you will end up losing money while simultaneously devaluing your brand, but go to high and you will price yourself out of the market.
I often have discussions about pricing with the sales department at my company, their default tactic for new customer acquisition is to undercut the competition. This is an easy way to win the bid but we often lose money by following this pricing structure, especially since we are a job shop, meaning that we do a lot of one-off jobs and small run production jobs. We need to get the price right every time so that we can make money on small run jobs with high setup costs. Also, we need to consider the implications that consistently being the lowest bid has on our brand; it may be establishing our company as the budget brand.
The link that I have attached talks about many of the factors that need to be considered when pricing product, and is a good general overview of how to price products.
https://www.entrepreneur.com/encyclopedia/pricing-a-product
September 9th, 2019 at 12:30 pm
In high school, I took a marketing class, and a general business class that touched on marketing. In the last few years here at UWW, I have also taken a few business classes that have all touched a bit on marketing. The one common thing that has been stressed in every class so far, is the Marketing Mix. It is such an important thing to learn and understand!
What I found most interesting about the video and the marketing mix, is how your target market will always affect the 4 P’s. The example of the hamburger was a perfect way to explain it. Another example would be a purse. Depending on demographics of the target market, the product will be made differently, sold in different locations, may vary in price, and would be promoted differently.
The article I included with this week’s blog titled “Target Market Strategy – Finding Your Ideal Client” is kind of reverse from the hamburger example in the video. It talks about how to find the perfect target market, based on the product/service you want to sell. There are many different marketing strategy’s that can be used to attract customers, but the one thing they all have in common is that they are centered around the marketing mix.
https://masterful-marketing.com/target-market-strategy/
September 9th, 2019 at 1:34 pm
This is my first Marketing class; however, I have heard of the 4 Ps. What I found most interesting about the video was how simple the product can be, but how different you must market the product for different target markets. For instance, you can’t offer a simple product to a high-end place or charge high for the product at a simple place. It doesn’t take much to change a product, you just need to know the target market for the consumer. The video describes a burger, it’s interesting on how you can change the quality of the product to market it at more expensive places. Or how the price can change so much by where it is served. The article I chose, “The 4 Ps of Marketing”, develops a marketing process on how to incorporate the 4 Ps. It ties together with the video with the importance of the target market and how to balance the 4 Ps with marketing a certain product in the marketplace.
https://www.purelybranded.com/insights/the-four-ps-of-marketing/
September 9th, 2019 at 4:48 pm
What I found to be interesting about this video was that each P of the 4ps has its own branch in the workforce, like: quality control and warehouses, advertising and public relations, and retail stores. I can see why marketing is such a vast and growing field; it has many different avenues for employment. I also thought it was interesting how your target market basically guides your 4ps. The 4ps are fluid; they are ever adapting to new products and context.
I wonder if the 4ps are comparable in value regards to the end product. Does one of the 4ps have greater importance for achieving overall success? Obviously, product is important because you must have something to provide (product, service, idea), but is it possible to be successful while bypassing one of the 4ps? I looked into this question by searching “selling a product without advertising.” I came across this article that goes against the typical hard-sell model of promotion with the idea of being significantly less aggressive in your approach to advertising. This is promotion in a different form.
https://www.smartpassiveincome.com/how-to-sell-without-selling-the-art-of-no-pitch-promotion/
September 10th, 2019 at 1:39 pm
The four P’s of Marketing is a topic that has been mentioned in my supply chain class frequently, but it has never been explained as well as this video. I can relate to the promotion area of the 4 P’s closest due to my last internship in sales. The promotions I needed to purse was the personal selling over the phone. The age demographic usually dictated the vernacular I used while addressing the potential customer. The younger in age, the more relaxed I could be with my word choice.
The article that I chose to read talked about how to promote a new product or service in 10 ways. Out of all the promotion ideas, I liked the second one the best: offer customers an exclusive preview. This would help with the launch of an innovative product. Apple releasing new products is a great example. They almost always have exclusive previews for any product which creates a huge buzz.
https://thrivehive.com/9-ways-to-promote-a-new-product-or-service/
September 10th, 2019 at 3:23 pm
The video was most interesting in its emphasis on how important it is to determine who the target is. Is there a market for the product or service and what kind of people, wants, needs, values and interest are in the target? There are great ideas out there but only those with a market will likely succeed. Who the target is will determine how the four Ps will integrate into the marketing strategy; making the target the most important factor in deciding to move forward with launching a product or service, and ensuring it gets to the right persons. The video did a great job addressing how different needs, life styles, values, interests and characteristics in people can make it very crucial for products, services and marketing strategies to have the ability to adjust in to different markets. There is not one strategy that work in all markets or for all targets across the board; therefore, understanding who your target is the first step.
I’d like to share this link to an article, https://www.atlantis-press.com/proceedings/ebmcsr-18/25905239, regarding how the core of a marketing concept is to manage the relationships between the enterprise, customer, and society. Ultimately, what defines a customer because the target is the customer. Just like in the video the customer is who will guide us, as the marketing team, on how to meet their needs and wants and persuade them to be buyers. We need to know our customers.
https://www.atlantis-press.com/proceedings/ebmcsr-18/25905239,
September 10th, 2019 at 7:29 pm
What I found interesting about the video was how the four P’s of marketing are all tied together. You could not just have one P. You have to all to be successful in a business. Like in the video if you were selling an expensive hamburger you would sell it at the Polo club and not at a fast food place. Also how each P caters to a specific part of a business. For every product there is a specific customer base and you as a business owner have to cater to their needs and wants to make money.
A website I found is https://academy.getjobber.com/resources/articles/exceeding-customer-expectations-catering-customers/
In this website, it talks about how customers nowadays expect more that just service. They need to wowed over and over agin to maintain them and gain new ones. You have to stand out in the competition to be successful. A business that does not add new items or even coupons can lose customers quickly. A business has to keep up and keep making changes that the customers want.
September 10th, 2019 at 9:10 pm
I think the most interesting thing that stood out to me was the fact the target markets are what indeed tie the four P’s together. I think that the target market is what makes any one product strive. Without having a target market, how are you supposed to know where to sell the product, how much to sell it for and how to advertising it for. I think that the example the video gave was a good one to understand what a target market meant. When they decided the product was going to be a hamburger but an expensive hamburger, they decided that they couldn’t just just advertise it to anyone, anywhere. It had to be promoted toward people who were willing to pay that kind of money for a hamburger. This is my first marketing class and this video simply explained what the four p’s were and it made me learn in a way I understood.
The URL I chose was https://www.singlegrain.com/marketing/the-4-ps-of-marketing-are-they-still-relevant-today-price-product-promotion-place/.
In this article it discuses whether or not the four P’s are still relevant today. Int he article it proves that the most successful business’s today still use the marketing mix when innovating a new product. I think that it is important to know that even though it is an “old” method, it is the most successful one.
September 10th, 2019 at 11:02 pm
First off, I thought this video was interesting because this is my first college level marketing course, and the video seemed like a good introduction to the subject. What I found to be the most interesting part of the 4 P’s of marketing is how differing target markets can dictate the approach of a certain product. In the video it showed essentially the same type of product being produced; however, it demonstrated how the type of customer can affect the demand of certain tiers of products such as the fancy lady getting the more expensive, higher quality burger at the polo club, or the hippie customer getting the cheaper, vegetarian burger in the park. The article that I am linking to this blog touches on the importance of understanding your audience/customer base as well as the crucial steps needed to reach new customers and increase sales. It points out important factors to consider when forming the marketing mix of a product such as, demographics, habits of buyers, cultural differences, etc. This would closely relate to the examples of customers in the video and how their social status, culture, and overall tastes influenced the burger being produced.
https://www.inc.com/guides/find-new-customers.html
September 11th, 2019 at 6:03 pm
I think this video does an excellent job simplifying the broad category of marketing. Breaking this extremely broad category into the four P’s is very well explained and the examples definitely help the cause. The most interesting part was when they explain how different the strategy can be when figuring out the target market. If that target market changes, it almost forces all 4 P’s to change and adapt to fit that market. That is why I believe figuring out the target market of the area you plan to sell is the most important step of marketing and often the most difficult especially if you hope to grow and develop. Below is an article found on smallbusiness.chron.com. I find this interesting as it almost exactly relates to our video. I find these types of articles and videos extremely helpful as I hope to open and run my own small business one day. Understanding market as a small business owner is extremely important for survival. You cannot rely on simply word of mouth, especially in the beginning. Once you have established a good customer list, then word of mouth usually helps….as long as you are doing a good job.
https://smallbusiness.chron.com/four-ps-marketing-strategy-61482.html
September 11th, 2019 at 9:18 pm
I found this video as a whole very interesting. This is the first marketing class I am taking, so I think the video does a good job introducing the important aspects and the basics of marketing. Price, product, promotion, and place are all very important when it comes to marketing and making a profit. I was very interested in seeing some of the thought process that goes into deciding what to market, where to market, and who to market to. Having a target market is very important in order to make money. If you are targeting the wrong people with the wrong thing, you will fail. It will be important for me to remember this as I learn more about business and some of the specifics involved.
The URL I chose to write about is from Forbes discussing the traditional Four P’s, along with a couple new additions, process and people. I thought this was very interesting because it reiterated the importance of the Four P’s, it also described a couple of other important aspects of marketing. Automation and employees can be vital marketing tools when it comes to lowering prices, or customer service.
https://www.forbes.com/sites/forbesagencycouncil/2018/01/03/evolution-of-the-four-ps-revisiting-the-marketing-mix/#fdde71411200
September 12th, 2019 at 12:24 pm
I found this video on the “four P’s” to be a way to better understand how they relate to marketing and are pivotal in any company. When the idea is broken down like this, I found it interesting that you really have to think about who you are marking your product to. This is because it can change a lot about your marketing strategy. It hadn’t occurred to me how closely we must relate our marketing, to who we are trying to sell to. I found this URL that discusses the different age groups and how those people within them get their information. As we saw in the “Four P’s” video, marketing to different types of people is very important for success. In the article it mentions that older people order to get their information in a print version, but are actively using computers. These people prefer simple and accurate information. The younger groups have grown up with more mobile devices and social media. These people do not like read nearly as much as older people and prefer images and short messages.
https://www.digitaldoughnut.com/articles/2016/september/what-marketing-content-different-age-groups-like
September 12th, 2019 at 4:53 pm
I found the video to be very informative in its simplicity. Taking a product and breaking down how you have to market it to different consumer segments is simple, efficient, and effective. Clever videos with visuals and animation always attract my attention. One of my favorite teachers, a science teacher, made us watch a different Bill Nye the Science Guy Episode every day in class and also had a mandatory drawing of a scientific principle, such as the rock cycle that had to be turned in. It had a lasting effect on me to this day. I am a home brewer and beer snob. Marketing plays a huge impact in the world of beer. How else would Miller and Bud be able to push the junk that they pass off as beer. They are excellent marketers. The 4 P’s are crucial in selling beer and growing as brewery. I found this article relating to the 4 P’s and beer. https://www.cspdailynews.com/beverages/expert-advice-four-ps-selling-more-beer-pt-2
September 12th, 2019 at 10:48 pm
I enjoyed watching this video. It broke down the most basic forms of Marketing and why each segment is important: Product, Price, Promotion, and Place. I liked how they incorporated a comical take on the target audience, it helps to remember each “P” more clearly. It also explains why it is so important to reach your target audience. It doesn’t matter how amazing the product is, if the target audience is not aware of the product then they won’t purchase it. The following article explains how to determine your target audience and some advice on launching a new product. First, they advise to understand your current customers by using software such as google analytics or demographics data. Knowing things like age, gender, location, household income, and educational levels will help determine how to market your product.
https://searchengineland.com/product-launches-getting-assets-ready-and-knowing-your-target-audience-320648
September 13th, 2019 at 12:52 am
What I found most interesting about this video was not the information that was presented
but rather the way the information was presented. The author chose to present the information in a humorous manner. Humor was found both in the cartoon like drawings and the silly voice used by the narrator. This style of presentation kept my attention and made the information presented easy for me to understand. This made the presentation interesting and the material memorable. The subject matter (the 4 Ps of marketing) was a new concept to me as well as useful basis for marketing. Truthfully, if the same information was presented in a different manner without color or humor more as a straightforward video presentation of facts I would not have been as interested and therefore would have probably learned less of what was being taught. But because the author chose to use color, humor and at times that silly voice I came away with much knowledge of the 4 Ps. This video taught me that presentation to an audience does matter if you want something to be interesting and memorable.
I found an article entitled “The Four Ps of Marketing: Why the Marketing Mix is Still Relevant.” This article explained that the 4 Ps of marketing were first addressed by Jerome McCarthy in the 1960s and how they have remained the standard of marketing for over fifty years. It explained that although the marketing environment has changed over the years the marketing foundation has not changed. This article ties to the video by reiterating the importance of the 4 Ps. With advances in technology methods of marketing may be different, but the success of marketing still lies in the 4 Ps.
https://www.emarsys.com/resources/blog/4-ps-of-marketing-importance/.
September 14th, 2019 at 11:11 am
What I found most interesting about the video was how much significant change in branding you need to do based on a slight change in the type of customer your targeting. There are so many different personalities in this world, it is impossible to adapt to all of them at once. That is why it makes sense when they say the first priority in marketing is to find your target market. Finding a market that covers most of your location is key to having success in whatever your trying to sell.
https://www.purelybranded.com/insights/the-four-ps-of-marketing/
I found this website very similar to the video because they mainly talk about the four P’s of marketing and have very similar viewpoints. Although every person will have a different definition of the four P’s, they all tie together at the end. This is my first marketing class so I’m looking forward to learning this new material.
September 14th, 2019 at 8:05 pm
The thing I found most interesting about this video is how much really goes into the marketing mix and how flexible it is towards different target audiences. I always knew that marketing was targeted at specific audiences, but never considered just how much you have to change your product to find the best fit. For example, in the video the first “customer” is an upper class individual. Not only do you have to change the price of the product, but also the location (such as the polo club) and also the product itself (adding truffles.)
https://www.cleverism.com/understanding-marketing-mix-concept-4ps/
I found that this article was very similar to the video that we watched. It talks about the four P’s and the marketing mix itself. One thing that I liked about this article was that it also talks about key challenges. For example, it states that you need to also take into consideration competition from other similar companies as well.
September 15th, 2019 at 10:59 am
What I found to be most interesting about this video was just how different the marketing mix would need to be for a different target market. A slight change in a customer could potentially require an entirely different product, which then changes the price, promotion, and place. I knew that you would change your product if you were trying to hit a specific target market, but I didn’t know how many things you would need to change. I didn’t put much thought into promotion, or how to catch a specific audiences attention through promotions. For me a lot of the time what will strike me is location. If I am interested by the location and it appeals to my taste, then I am hoping to have a good experience and likely to come back to a place I feel comfortable in and enjoy the environment.
The article I chose to attach explains why Instagram is a great tool for marketing. It correlates to the video when it discusses how to target different audiences. Since Instagram has a huge platform for our society, it’s a great marketing tool. I myself use it for my photography business. It’s a great article that explains how some companies have used Instagram to promote products, release new products or build up new products by releasing launch dates etc. But the article makes you think about how a product’s packaging and design could be huge for marketing on Instagram when trying to engage a certain audience.
https://www.entrepreneur.com/article/338375
September 15th, 2019 at 11:39 am
As my first marketing class here at Whitewater, I liked this video because it easily explained the key points of what make up the marketing mix and what it really is. What I found most interesting is what it was talking about your target market and how you have to adapt to that market. If you have “high end” customers, you’re going to want to adapt the burger to be higher end and will have to charge more for it because of what is on it. Different target markets will make you have to adapt the way you produce, price, promote, and sell that item! Knowing who your audience is and what they want and expect will only benefit you and your business in the long run!
The article I chose to attach is an article talking about 7 companies who have effectively gotten down their 4 P’s and knows exactly who their target audience is and how to market to them. I think this ties in with the video because it talks about the importance of knowing who your market is and once you’ve established that and gotten it down, how to keep it. You can look at these 7 business that have mastered this as a template and use it as a guide when thinking about your market and how to market towards them.
https://blog.hubspot.com/blog/tabid/6307/bid/33749/7-companies-that-totally-get-their-buyer-personas.aspx
September 15th, 2019 at 2:04 pm
In the video, I think what I found most interesting was the distinction between a high end, and low end product. Targeting a particular market, and tuning your product for that market, in order to get the best results. Obviously in the video, they get very specific with their markets, but the idea is the same. Specialized products are interesting to me, and the video did a good job of outlining the basics of the thought process that goes behind designing a specialized product for a target market. Top of the line, high-end products are also interesting, similarly, because I find the idea of pushing a product or idea to it’s maximum to be neat. For example, Therma-Tru doors and windows (https://www.thermatru.com/explore-doors/complete-door-system/), are extremely high end, pricey options for a home. However, it’s not just for show, they’re meticulously designed, and Therma-Tru has carved out a niche as the “premium” option in the market. To justify a higher price, they give a more sound product, obviously attractive enough to draw in potential customers.
September 15th, 2019 at 7:26 pm
I really like the bold color choice and that this wasn’t just someone in front of a camera. It was interactive and keeps your attention. I most liked the slide where he broke down the 4 Ps a little more for you. For example, Product, was broken down into Quality, Packaging, Design, Brand. Anytime I think of products and companies that try out new products, I think of the Lays yearly chip taste test. https://www.masslive.com/food/2019/03/new-lays-flavors-2019-i-ate-the-flamin-hot-pickle-beer-cheese-and-lime-sea-salt-chips-so-you-dont-have-to.html. I think Lays has a great way of trying new product out without using up lots of money to do it. It’s a good way to expanding its product line. Every year I try to taste at least one of the flavors. I tried the beer cheese this year thinking it would be good. Doesn’t every Wisconsinite like beer cheese? I actually thought they were pretty bland. I am a little disappointed that the new flavor is in line with the new wave of making everything and anything spicy. I feel like this is just a phase.
Going back to the video, I also really enjoyed the walk through of what the 4 Ps would look like for different target markets, this really made it more understandable.
September 15th, 2019 at 8:15 pm
What I found the most interesting from the video was how visually pleasing the video is. I find myself to get a little overwhelmed if there is too much going in a presentation or a video, so it was nice to watch a video where the graphics were not overbearing. The video was also informative in terms of telling the viewer about why it is important to target a particular product to a particular group of people. I also liked how the creator of the video delivered his presentation by giving us the information and examples we needed without it sounding like a lecture. I definitely think that he made the video fun and interesting to watch! I think the URL that I chose ties to the discussion because like the video, the article gives a detailed breakdown of each of the 4 Ps in a short and sweet fashion.
http://www.business-fundas.com/2011/the-4-ps-of-marketing-the-marketing-mix-strategies/
September 15th, 2019 at 9:37 pm
The most interesting thing that I took away from the video was the adaptability of the four P’s. Each of the four P’s represent a different aspect of the marketing mix, but although they each cover different areas, they are still oriented around the same target market. I thought the video did a good job of simplifying each of the P’s and showing us how they were different from one another. They used an easy product, a hamburger, and demonstrated how to appeal to very different markets. The video was entertaining and covered the important points in a short period of time. It avoided going into great detail about the topic but was still able to deliver the information in a meaningful way. The URL I attached covers the meaning of the four P’s of the marketing mix in a similar fashion as the video. It is informative and attempts to explain the concept in a way that could be understood by anyone. Right off the bat, the author’s first sentence is, “Marketing is simplistically defined as putting the right product in the right place, at the right price, at the right time”.
https://www.cleverism.com/understanding-marketing-mix-concept-4ps/
September 15th, 2019 at 11:55 pm
The thing I found most interesting about this video is how easy it is to slightly change a product, price, promotion, or place to attract specific types of people. It is interesting to see how much the price of similar products can be so drastically different based on the group of people you are marketing to. At one point in the video, they were selling a gourmet burger to a wealthy lady for $25, then a little later in the video, it changed to a veggie burger for just $0.25. The product changes quite a bit based on the target market. The URL I included below is focused on target marketing which is what they were doing in the video when changing the product, price, promotion, and place. They were changing what the four p’s of marketing were describing to fit the target market. Marketing is used to get a person to buy a product or service, and when you have a target in place, it is easy to find ways and little changes to attract that target to buy your product or service.
https://www.entrepreneur.com/encyclopedia/target-market
September 16th, 2019 at 8:51 am
The most interesting thing that I found from watching the video was the idea that there is so many different factors that need to be considered while marketing. I found it super interesting that as they changed the person who was buying the hamburger they also had to change every single of the four P’s to adapt to that buyer. I could see how difficult it would be to offer a product, price, promotion and place that everyone is happy with. According to the article, it touches base on the impossible burger that is now offered at McDonald’s. This illustrates how McDonald’s is trying to offer more options for their vegetarian buyers. I think this is important because most restaurants do not offer or appeal to the vegetarian market. The idea is, “plant-based burgers…have seen a 10% growth from a year ago” (Shiff). I think this is a good marketing strategy on McDonald’s part, because it allows them to expand even more into the growing vegetarian market.
https://www.foxbusiness.com/industrials/former-mcdonalds-ceo-ed-renzi-impossible-burger
September 16th, 2019 at 10:06 am
“The 4 P’s of the Marketing Mix” offered a very logical explanation to the motivations behind the proper marketing of a product. I personally felt that the clip’s usage of examples of marketing changes for their respective target audiences was insightful, and aided in my understanding of the whole in terms of overall marketing compared to a given audience. I also felt that the brief descriptions of elements of each of the P’s, such as quality and packaging for the “Product” category, was helpful in gathering an image about what each means at a more specific level.
https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2019/02/15/six-ways-to-identify-the-ideal-audience-for-your-new-product/#71c73aec3f34
The link that I have posted outlines a number of strategies that can be employed in the honing of a target audience when selling a product. The Forbes article advises a heavy focus on research regarding exactly what the ideal customer would be, along with analyzing data gathered during operation to further define the ideal audience.
September 16th, 2019 at 11:30 am
The most interesting part of the video I found was the section on target audience. The person who made the video gave three different examples of targeting different groups of people. The examples of the snobby rich woman who likes truffles and pays $25 and the hippie who is vegetarian and lacks sufficient funds gives the viewer insight into how every demographic is different. The examples were great too because they were light hearted but were also made to help the viewer easily understand the point being made. These examples help show how marketing is not necessary without product, price, promotion, and place. Without knowledge of these things, one cannot expect to succeed in marketing and business no less.
https://www.thebalancesmb.com/what-is-a-target-audience-2295567
I chose this article because it sums and even goes into greater detail about the subject of target audiences. It also talks about ways to strike a chord with certain people whether the product is pitched more energetic to youth or more relaxed to age. The article is designed to give the reader an idea over making that personal connection to the appropriate crowd. The article also looks at how to find the right audience and mentions the message and it’s possible need to be altered at times.
September 16th, 2019 at 3:14 pm
What I found most interesting about the video was the part about the target audiences. Depending on the different targets for the product, a lot of things had to be considered and changed. You can’t have the same approach to different target audiences. Depending on the target audience you have, you need to consider the product that you are selling, the price of that product, how to promote that product, and the place that you sell that product. I liked how the video gave examples of different types of people and showed how you needed to change those things.
https://www.youtube.com/watch?v=X2nudE6EnnI
The link I included talks about the importance of understanding your target audience. I think this ties into the video because they discuss the same importance of understanding. If you can really target that audience and make them really enjoy your product/company, you give yourself a good chance to have them spread the word and get your name/product out there. This is better than a bunch of people who are “ok” with your product or service but don’t love it. It’s important to understand your audience and really target them properly.
September 16th, 2019 at 6:31 pm
The part of the video that I found to be most interesting was adapting to target markets. When selling a hamburger to an uppity lady, the product would have fancy ingredients, the price would be more expensive than usual, the promotion would be advertising in a fancy magazine, and the place would be in a polo club. On the other hand, if they were selling to a hippie guy, everything would be different. The product would be a veggie burger, the price would be very cheap, the promotion would include good karma fries, and the place would be a public park.
I pulled an article from Forbes that explains the importance of knowing the target audience for a product or company. It says that a one-size-fits-all marketing or sales approach might not work. There are a few things to look at when determining a target audience: those who make or impact the buying decision, their problems or needs, what they want to achieve, and budget.
https://www.forbes.com/sites/markevans/2013/03/20/the-importance-of-really-knowing-your-target-audiences/#44af40b24dd7
September 16th, 2019 at 7:36 pm
One of the things I thought was interesting about the marketing video was that companies selling specific products need to keep their consumers or target audience in mind in order to be successful in sales. The video also showed an example of a new food item being sold at a restaurant might have more sales if it were offered at a discount rate during popular dinner times or advertised on their menu.
https://www.ispot.tv/ad/IXwc/life-alert-tragic-outcome
A popular product that comes to mind when I think of targeted audiences is the life alert system. In case no one is familiar with it, it is a medical alarm system where the subscriber wears a pendant around their neck. If the patient has any kind of medical emergency they simply press the pendant and the signal goes to a dispatch center who then calls the local police/fire department to respond and help the patient. Every video I have ever seen advertising this product shows an elderly subject who fell while home alone. Although the majority of these subscribers may be elderly, it could also be helpful for people with other health problems who live alone.
September 16th, 2019 at 8:43 pm
What I found most interesting about the video was how everything went into the four P’s. It was a quick overview, but I could tell it could get very complex once you dive into each subject. Your business or your product really gauges how to answer these questions. I am someone who responds best to email advertising. Do I get a lot of spam and unwanted email? Yes, but I have a system built around filtering out what is not needed. Email seems like an older form of advertising compared to social media in today’s age, but it still is the most effective. According to a blog on HubSpot, email generates $38 for every $1 spent, which is a 3800% return on investment. If email was chosen to promote your business or product, it is well worth the investment. There a lot of options with email as well because you can write your email in HTML to make it stand out against your competitors. You can include links to your website, so it is just a stepping stone to get to your webpage to dive in further. Writing the right email is the key though and to get the attention of a consumer in just the title is not a simple task.
https://blog.hubspot.com/marketing/email-marketing-stats
September 16th, 2019 at 8:54 pm
After watching the video, I think the video did a great job breaking down the 4p’s. One thing that jumped out to me that I was able to take away, was the importance of companies targeting not just one type of customer but accommodating for the likes of many different customers. This will only help drive the sales for a company. I found it very insightful how the video used a simple example to explain how each P is utilized when implanting a target marketing into an organization.
https://medium.com/@ganeshasiagian/how-did-fidget-spinners-become-so-popular-these-days-4e43be430290
The first thing that came to my mind was fidget spinners. As discussed in the article provided, they weren’t that popular and were originally created for people who had ADHD, autism or anxiety. Years later, in 2017, they surfaced on YouTube, word of mouth spread, and soon enough kids and adults of all ages began using them, from households to offices. After this became such a large trend, fidget spinners were being created in all different ways.
September 16th, 2019 at 9:28 pm
I thought that the video did a great job explaining how the four P’s are connected with business and how each unique product is sold. What I thought was interesting is all the different target markets. Target markets are so important in order for a company to break down their products and get them in the hands of the people who they think will be the most useful or who the company thinks will buy them the most.
https://www.businessinsider.com/nike-is-going-after-3-kinds-of-customers-2015-4
This link is how Nike is concentrating their efforts on three kinds of customers. Therefore, they are targeting these 3 kinds of customers forcing them to make their market plan around these customers. The four P’s are being used here to appeal to these kinds of customers in order for them to buy Nike’s products. These three customers are becoming a big stable within the company, so in order to continue reaching out, their marketing strategy needs to be focused on them.
September 16th, 2019 at 10:02 pm
Marketing in general is very broad and in tales many meanings. The 4 p’s video brings to light that marketing is more than simply promoting a brand as many individuals might think. Creating and developing new ways to communicate company messages to customers is all part of the process too. All of the 4 p’s work together in order to generate sales for company products. What I find most interesting about the video is how certain aspects of a product can determine price such as unique toppings on a burger. Higher price can then influence different audience types to embrace a product or brand. On the flip side of things, lower price can then influence a completely different audience to purchase products regularly as well.
Linked below is a brief article explaining the history of the clothing brand “Gucci.” Gucci is one of the most expensive brands in the world and it relates to the video because the extremely high price products influence wealthy individuals to be part of the brand.
https://www.highsnobiety.com/tag/gucci/
September 16th, 2019 at 10:57 pm
Marketing has always been an interesting topic to me, figuring how products are priced and how you can maximize profit is quite incredible. The video really simplifies down the 4 major aspects of Marketing: Product, Price, Promotion and Place. Each plays a key role in maximizing profit to all areas of a market. I liked how depending on the livelihood or culture of a population or individual, you market the product completely different. The product may be very similar to the original but is only for a specific target market much like the vegetarian burger for the hippie. On the website https://fitsmallbusiness.com/how-to-market-a-product/ it explains how social media advertisement can greatly increase this target advertising to specific individuals. Based on a person’s search history you can find what they like and don’t like. Thus, you can advertise to them specifically something they would already want. The place affects the product, which affects the promotion, which affects the price.
September 16th, 2019 at 10:58 pm
The part of the video that I thought was most interesting was the importance of knowing your target market. Since the target market effects the product, price, promotion, and place, it is very important that you have the right target market for the product or service you are trying to sell. I also think it is important to narrow down your target market so that you aren’t trying to sell to everyone because it will not be as effective (for most products) as selling to a specific group of people who are most likely to buy. For example in the video if they were to try and sell an expensive hamburger with truffles to everyone and spent money from promotion with a general ad opposed to a target ad they would not get as good of a return if they spent all of that money advertising towards high end consumers.
The article I chose from Forbes relates to the video because it explains some tips on how to find the right target market so you can effectively apply it to the 4 p’s.
https://www.forbes.com/sites/chuckcohn/2015/02/06/steps-to-identify-your-target-market/#72f712b6229d
September 16th, 2019 at 11:56 pm
I really enjoyed how this video highlighted the importance of being adaptable. You may have a really good idea, but it doesn’t necessarily fit with the area that you are going to be selling. You now have the option to either adapt the product or change the location. By doing this you are able to effectively reach your target audience. When you reach the target audience with the correct product via the right promotion method you are able to charge the correct price.
I found this article to be of interest. It discusses the similarities and differences of the 4P’s when creating an online business verses a brick and mortor store.
https://www.entrepreneur.com/article/338390
September 16th, 2019 at 11:57 pm
The video did a good job of explaining the four P’s and I like that they provided examples for each one. Each aspect of the four P’s is equally important in successfully marketing a product. A company could have a really great product, but failure to effectively use even one the four P’s could result in reduced potential profits and limit the success of a product. I also think that this video shows why research in marketing is so important. There has to be enough available information for companies to determine what’s going to work for a specific target market. Research could also help companies make predictions about their target markets so that they can keep up with constantly changing trends. An article I found titled “8 Big Reasons You Should Invest in Doing Market Research” explains how market research helps companies determine what decisions to make regarding the four P’s.
https://marketingmix.co.uk/market-research/