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Date Submitted: 03/24/2014 02:42 PM
DeVry University
College of {Business and Management}
Colton, California
{BUSN – 115 Week 5 RESEARCH PAPER}
By
{Harold De Leon}
Submitted in Partial Fulfillment of the Course Requirements for
{Introduction to Business and Technology}
{BUSN-115} {15978}
{Professor Ronald Joseph Wildman}
{Week 5 September 2013 Session}
Week 5 Research Paper
(TCO 8) Identify the 4 P’s of marketing, and give an example how each of the 4 P’s can be used to market your favorite product or service.
The four P’s of marketing are product, price, place, and promotion. These are the four factors in a marketing process called the marketing mix “because businesses blend them together in a well-designed marketing program.” (Nickels, 2013, p. 357). The four P’s can be used to market a product or service by applying it to the marketing process. First, you have to conduct a research on consumer needs and then identify your target market. Once you have identified your target market, you can then start developing your product or service based on your research. Then you should test the product on potential users to help you design it in a way that meets consumer needs. Once you have fully developed the product, you can then go ahead and establish a brand name for it. Next, you can then set an appropriate price for your product or service. After setting the price, you need to find the right place for your product. It is important to know and understand when and where the consumers want the product. And lastly, you develop an effective promotional strategy. There are a lot of different ways you can promote your product such as advertising, personal selling, public relations, publicity, or viral marketing. The overall purpose of the four P’s is to design a product that the people want, set a price depending on the competition, place it where it is more convenient for consumers, and promote it so consumers can recognize it.
(TCO 8) The changing marketing environment...