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Knowledge and Understanding: #2,5,6,7
2. Marketing is the action or business of promoting and selling products or services, including market research and advertising.
5. The four P’s of marketing are Product,Price, Place and Promotion. They are considered the main factors in successful marketing. Product is what you trying to sell to consumers. When companies are trying to sell a product, they want to be something that attracts consumers. Subsequently, companies are trying to innovate something unique and convenient. The product is the main focus of the four P’s, otherwise there would be no four P’s. The price is what the companies determines after the product and how much the product should be sold for. Some factors that affect the decision making of the price are a competitor’s price point, how much it took to produce the product, the cost of distribution and the advertising of the product. Place is determining where the product should be placed in the market. The availability of the product to a consumer is what is most important. The target audience is determined at this stage, which makes it easier to have the correct placement. For example, if your target audience is the youth or anyone under the age of 6, you want to place your product in as many toy stores or stores directed towards the youth, as possible.
6. Ideas are basically the issues and concepts that you come up with for marketing. This step usually occurs before the goods and services. an example of an idea well marketed by a company is Nike’s “Just Do It”. This slogan is universally used and it is almost plastered on anything associated with Nike. A service is an activity that is done for you. For example, going to a spa is a service you receive or having a product delivered is also a paid, or sometimes free service. Goods are physical items that can be delivered to someone who has purchased them. Some examples of goods are clothing, phones, and treats. Goods, services and ideas all go into products.
7. The three types of products are goods,services, and ideas. An example of an idea is the product that politicians market every term. They usually go to events, display signs and advertisements locally to persuade citizens to buy their product. And the product is voting for the candidate. This is a common type of marketing that most people forget to realize. This is one of the most persuasive products that can give you favorable results. Goods are the physical products and is what most people opt for. Most of the physical things around you are products. Anything ranging from your cellphone, backpack, water bottle, etc. Service is the action being made for you. Many telephone companies contact you to tell you about their service to compel you to join it. They are trying to sell their product to you, which is their service.
Thinking: # 1,3,5
- A business that sells all three types of products is Telus. They market all three types of products through sales people or advertisements. They have the idea that they are selling which is usually that they have the ‘fastest speed internet’, and this is usually displayed often in their commercials. They have their goods which can be a cable box or a Telus WiFi router, depending on what type of plan you have with the company. The service that they provide is the internet connection and speed, unlimited data, online security, etc.
3. An organization that displays organized marketing of the four P’s would be Nike. They are one of the most popular clothing brands of the decade because of the signature check logo and all the people associated with it. The idea that the organization is trying to sell is “Just Do It”, which has become a universally popular phrase. In addition, the clothing provides comfortable sportswear which accessible for most people. They also have gear for sports such as knee pads,shoes for a specific sports, equipment for the sport, etc. They usually promote the product with brand ambassadors like professional athletes and collaborating with music artists. Nike is a universally well known brand, therefore they have more than 1000 stores and about 300 of them are international. They also have an easily accessible online website where you can purchase their products. The company also often has pop-up stores in various malls with their brand ambassadors, which attract a good amount of customers.
5. Being a consumer is being apart of marketing. Everyone is a consumer, therefore everyone is apart of marketing. I will be a consumer for the rest of my life because I am constantly buying products whether it is a need or want. Learning about marketing strategies and planning now will help me become a more conscious consumer. Another way marketing can affect my future is when it comes to having a job interview. I have to use some aspect of marketing skills because the goal for me is to promote myself in that interview so I can get offered a position. Lastly, when it comes to having a job in whatever career field I pursue, I will also need to have a plan to make everything go smoothly. I can refer back to certain marketing plans and take some inspiration from them.
Communication: #5
The Canadian Marketing Association (CMA) is a national non-profit trade organization. This website provides information about the Canadian marketing community and offers events and experiences concerning marketing strategies. It also provides online coursing on marketing and allows you to be included into the Marketing Hub. Lastly, it also allows you to job hunt on the website and look for positions regarding marketing or anything similar to the field.
Dear Canadian Marketing Association,
My name is Avneet and I have recently taken an interest in Marketing and all the skills that come into the field. I heard through your website through another marketing website. I have browsed through your website and I have seen all the resources and opportunities that you provide for student membership. This could be greatly favorable for me considering it can teach me skills that can be required to be a better marketer. For instance, your webinars that are live streamed thorough you website which has business professional in the field of marketing that teach their strategies and expertise on certain aspects of marketing. You also provide online courses specific to many parts of marketing. For example, you have enrollment commenced for the “Integrated Branding” course, where it shows you how to ‘hone your brand strategy to enhance your organization’s value with tactical guidelines and principles.” Lastly, you give the opportunity to share and learn about ideas through the Marketing Hub where you can access different outlets of marketing. I believe that I would be a good fit for a membership position for your website.
Regards,
Avneet
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