Marketing is how organizations reach their customers. Over the past 50 years, marketing has changed dramatically. According to your textbook, the best way for companies to compete is to design and promote better products, giving customers the best value. In order to do this, as you have seen, companies have to be nimble through a changing market, including a changing consumer. Technology, social media, and the pandemic have all had a big impact on the strategic marketing approach.
Instructions
You will continue to write about the company you chose and the template from Week 1. This week you will write on the points below. Your submission should be approximately 2 pages long and use at least two credible resources. Research and make sure you read Chapter 12 in your book before reviewing the company’s website for information needed below:
The Marketing Mix
Product
Describe the products (goods and services) this company offers. Note: Large corporations usually have numerous products. If this is the case, you can narrow them down to one.
Price
Discuss the pricing strategy of the company – are they premium priced? Value priced? Does the company offer a range of products covering various price ranges? Example: Toyota sells economy cars and luxury cars.
Place
Explain how and where this company sells its products.
Promotion
What is the main brand (or brands)?
Briefly describe how this company advertises.
Social Media Marketing
Identify and describe how this company uses social networks.
Example: Facebook, Twitter, YouTube.
Conclusion
Summarize and provide your overall opinion of this company’s marketing mix.
If you were the marketing manager, describe one change you would make to improve the marketing strategy.
Resorce:UNDERSTANDING BUSINESS: THE CORE, SECOND EDITION
Published by McGraw Hill LLC, 1325 Avenue of the Americas, New York, NY 10121. Copyright © 2021 by McGraw Hill LLC. All rights reserved. Printed in the United States of America. Previous edition © 2016. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw Hill LLC, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.
Some ancillaries, including electronic and print components, may not be available to customers outside the United States.
This book is printed on acid-free paper.
1 2 3 4 5 6 7 8 9 LWI 25 24 23 22 21 20
ISBN 978-1-264-05959-1 (bound edition)
MHID 1-264-05959-0 (bound edition)
ISBN 978-1-264-12617-0 (loose-leaf edition)
MHID 1-264-12617-4 (loose-leaf edition)
Executive Portfolio Manager: Meredith Fossel
Executive Marketing Manager: Nicole Young
Senior Product Developer: Anne Leung
Lead Content Project Manager: Christine Vaughan
Senior Content Project Manager: Bruce Gin
Content Licensing Specialist: Traci Vaske
Senior Designer: Matt Diamond
Senior Buyer: Laura Fuller
Cover Image: McGraw-Hill
Compositor: SPi Global
