Post a response of 200-250 words that addresses the following questions:
1 Which part of the marketing mix do you think has changed the most in recent years and why?
2 Which of the elements do you believe presents the biggest challenges to modern day marketers?
3 Your answers should contain citation(s) from the text or another source(s) supporting your assertions.
4 Give examples of successful marketing strategies and explain why they work.
Respond to TWO of your peers’ post with responses of at least 50 words for each peer response.
Student 1/1. I think promotion has changed the most. People are now relying on social media to get themselves out there. People get paid just to post something on their social media to get paid. This also works for selling their products.
2. One element is gathering all necessary resources (Philbrick). If you do not allocate all resources, your product did not reach its full potential and could lose revenue. Also, if do not have one of the key components to your product, you may only be able to create a certain amount and cause a shortage. This can cause prices to increase and would only sell a few units. Another one is getting customers (Philbrick). Some people may have a hard time selling since they do not know who their audience is especially if it is a new invention.
3. For example, Fashion Nova, celebrities wear their clothing, so they can get big exposure. Fashion Nova grew rapidly just because people can get what the celebrities are wearing but at a cheaper price. This is due to technology and convenience. Everyone is on their phones, so it is easy for people to see advertisements in many different forms on social media. Another example is Uber. Uber took in advantage that people do need rides to go places. They already saw their target audience and the audience was already there to take advantage of. They perfected their audience in a short amount of time to generate their audience and potential audience that may be willing to take an Uber versus driving.
Philbrick, Erin. “You’re Not Alone: The Top 5 Challenges Marketers Face.” New Perspective Web Solutions, 19 Jan. 2018, www.npws.net/blog/top-5-challenges-marketers-face.
Students 2/ The marketing mix that has changed the most is place. Location has always been an integral part of a good marketing business. Back in the 90s, customers had to walk or drive all the way to the store just to get a product or information about that product. However, companies have begun to use the Internet as a platform for customers to make better use of their time and money. now customers can just sit in the comfort of their own home, get out their computers and purchase anything they want or even look up information about that same product.
According to an article on The Balance by writer Donna Montaldo, “Online stores are highly competitive not only with other Online stores, but also with brick-and-mortar competitors”(Donna, 2018). This only shows how vastly growing the Internet has improved marketing.
Of all the Marketing mixes, i would say promotion presents the biggest challenge in the world today. Companies are finding it very hard to promote their products without provoking one or more social, ethnic, religious, or even cultural group.
some successful marketing strategies are: use of social media, Geurilla marketing e.t.c By advertising your products on platforms involved in people’s daily lives.
Montaldo, Donna L. “When It Is Best to Shop Online and When It Is Not?” The Balance, The Balance, 22 Jan. 2018, www.thebalance.com/the-pros-and-cons-of-online-shopping-939775.