Mkt 421 Week 2 Team Assignment Agreement
Marketing Mix 2 Marketing Mix Organizations must develop the art of knowing how to manipulate the four Ps (product, place, promotion, and price) to incite a customer's curiosity and then develop a long-range plan to keep them coming back. The key is giving customers exactly what they want by delivering quality products or services at the right price with good customer service. Creating that bond and developing a culture to let the customer know that he or she is part of the company's family will create customer loyalty. The four P's recipe mix cooperatively blends to form a balancing set of decisions, actions, and inventiveness that are meant to enhance the positive impact of the four elements individually. When designed properly, this positive impact is directed to the customers within the target market and these customers respond positively in return Marketing Mix: Product The first P in the four P’s of the marketing mix is product. Historically the thought was that the product would sell by itself, this might have worked when there was only one option in the marketplace. Now with all the competition, the global marketplace and the laws that have been established giving the consumers the ability to return products if unsatisfied that philosophy has changed. Product refers to design, functionality, style, quality, packaging, warranty, and service. For example, a good product will give benefits to its customers making marketing easy. However, if a competitor has a similar product, also possessing good quality, then one has to differentiate their product from the competitor. Companies can differentiate their product for a competitor product by changing the design or offering better after purchase services or warranty benefits.
Marketing Plan 2 Marketing Plan: Phase I – Pet Palace Marketing is necessary in every business for it to be successful, without exception. Whether it is minimal for a generational business in a small community or a large nationwide campaign for a well-known chain, marketing will seep into every business in some form or another. The beginning of any plan is defining the vision and goals. There should be a 12-month goal in place. When a new item is introduced into the market, it is imperative there is a good baseline from which the company launches this idea into the public. SMART is a practice that the owner of Pet Palace, Raymond Morose, has practiced with his small staff throughout the 44 years Pet Palace has been in business (Manta , 2010). SMART is an acronym for specific, measurable, achievable, relevant, and time-based. Using SMART as a foundation will enable the business to describe the product, explain the importance of marketing to the business, identify the analysis, and decide on which of the many strategies are the best to use. Because Pet Palace is a private company that has sold pet supplies for many years, it will be entering a new level by bringing this product to fruition under its own umbrella (Manta , 2010). Developing a solid marketing strategy for the new product, Allergy Be-Gone, is an endeavor Pet Palace is excited to take on. Pet Palace has been in the planning stages of this new product for almost 36 months. Description of New Product – Allergy Be-Gone Intelligence gathered has discovered that many people have allergies toward pets. Pet Palace has developed the product, Allergy Be-Gone, to reduce allergies and allow pets and people to live happily together. Allergy Be-Gone will be introduced on the market as an allergy neutralizer that will enable people to be around pets without the irritation of allergies.