Maria HuertaMKTG351Spring2023Five P's of Marketing

Marketing Strategies - 5 P's of Marketing Maria H, Eric Mejia, William Nguyen, Vania R, Rohith V. 2/9/23 MKMG 351_5 Spring Semester, Chris Medina Research, in the text and on the internet, the Five P's of the marketing mix: Product, Place, Price, Promotion, and People (you may have to do a specific search for People). In your own words, discuss with your partner/group what the Five P's are and why they are a significant and required element of any integrated marketing strategy. Product: The product you are offering to customers. It should include packaging, appearance, warranty, functionality, etc. It should include information of the product benefits and customer demands. Product is important in the Marketing mix because it is key to connecting the product with customers and making sales possible. The product is the main purpose for marketing and explains to customers why the product has value to be purchased. (William) Place (Distribution): How the product or service gets to its customers at the right place, time, and quantity. This can include how the product or service goes through its distribution channels. Place is important because depending on the product or service. Where or how the customer prefers to buy the product / service can affect sales. For example some customers may prefer purchasing online for convenience, or some customers may not prefer buying online due to shipping costs. (Maria) Price: The price you set for your products or services which cover all "cost". This will include the time and effort put into the product along with all the facets that encompass that product or service like advertising price, any discounts, sales, etc. This should also consider the perceived value in the customer's eyes. This will be critical because it generates income and profit for the company. It must fit the target audience and keep up with competitors. Promotion: The promotion aspect includes all the ways in which you will advertise your product or service. It should include sales, PR, marketing, advertising, and social media, to name a few. Since cost can quickly skyrocket it's vital to conduct an ROI assessment on activities to ensure you stay on budget. Although you may have a phenomenal product or service, without a proper promotion plan it's success may be dramatically impacted.
People: The people you are persuading to buy a product by advertising. It's important for the company to have people to sell to and for the customers to buy the product in order for the company to make profits. The company is able to produce more products by buying more materials from the profit from the customers. Product: In-Charge X - Universal Adaptor Product: InCharge X is the "100W swiss army knife of cables." It is an ultrafast keyring cable with all the features anyone could want, it's fast, universal, tough, compact (0.8oz), affordable, and has everyday carry. InCharge can charge phones, tablets, and computers in about 1 hour and 38 minutes, never leaving you with a dead battery again. It also has a 480 Mbit data transfer. This portable widely compatible charger leaves low battery problems behind. The cable has USB-C, USB, and Dual (USB-c+ Iphone MicroUSB) which make up 6 different charging combinations. If you can't find a port around you no worries because this charger has phone to phone charging, allowing a friend's phone to become a power bank. It comes in different sizes and is available in 3 colors: Sapphire blue, lava black, and marble beige. Place: The In-Charge X can be sold in places that people in its targeted demographic visit. This includes distributing it to places such as airports, and gas stations for people who travel. Also the product could also do well in tech stores such as Best Buy or Microsoft Stores since people who shop there are looking for electronics or other related items. The product could also be sold online since many people who shop online are tech savvy and may need products like this. Price: The price of the In-Charge X starts at $14.00 and considering it comes with 6 different charging combinations in one, makes it extremely affordable. If you were to need two or more of these combinations you'd already be spending more. It's less than 3 cups of coffee or This price range is competitive within other similar products and falls into our market audience. Promotion: inCharge X, aka "The Swiss Army Knife of Cables" began its promotion on Indiegogo and has now expanded to several platforms. They are an ecommerce business and their site sells to customers worldwide. They primarily rely on social media to promote the product and can be found on Instagram, Facebook, and Telegram. In addition, they promote a 30 day return, a 2 year warranty, 24/7 customer support, and that it was designed in Switzerland. People: The Charge X goal is to sell as many products as possible within a certain period of time. I feel that it is important to satisfy the customers by selling the products in order for the company to make profits. It it also important for the company to use the profits to help with buying more materials to make the products. We could market the product to people who are tech savvy or have lots of devices with incompatible outlets.
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