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Independence University The Marketing and the 5 Ps Discussion

Independence University The Marketing and the 5 Ps Discussion


. Marketing Program for Online Guitar Lessons:

Product: Online Guitar Lessons

  • Description: Our online guitar lessons offer a comprehensive learning experience for beginners, intermediate, and advanced players. The lessons include video tutorials, interactive exercises, and access to a library of songs to practice.
  • Price: We would offer tiered pricing options. Basic access would be affordable, while premium access with additional features like live instructor sessions and personalized feedback would be priced higher. The pricing strategy is based on competitor analysis, cost considerations, and perceived value.
  • Place: Online guitar lessons would be accessible through our website and mobile app. This approach ensures a wide reach, as students can access lessons from anywhere with an internet connection.
  • Promotion: To promote our online guitar lessons, we would employ a multi-channel approach. This includes digital marketing through social media advertising, search engine optimization (SEO), email marketing, and partnerships with music-related websites and influencers. We would also offer a free trial period to attract potential customers.
  • People: Customer service is vital. Customers can reach out to our dedicated support team through email, chat support on the website, or a 24/7 helpline. Additionally, we would have a community forum where students can interact with instructors and fellow learners.

2. Why a Company Needs a Marketing Program:

A company needs a marketing program for its products for several crucial reasons:

  • Market Awareness: Without marketing, potential customers may not even be aware that a product exists. Marketing creates visibility and informs the target audience about the product’s features and benefits.
  • Competitive Advantage: In a crowded marketplace, marketing helps a company differentiate its products from competitors. It highlights unique selling points and convinces consumers why their product is superior.
  • Customer Acquisition: Marketing programs are designed to attract and acquire new customers. This is essential for business growth and sustainability.
  • Customer Retention: Beyond acquisition, marketing also plays a role in customer retention. Ongoing marketing efforts, such as loyalty programs and customer engagement initiatives, keep existing customers engaged and loyal.
  • Revenue Generation: Ultimately, marketing is a revenue-generating activity. It drives sales and revenue by converting potential customers into paying customers.
  • Adaptation to Market Changes: Marketing programs also involve market research and analysis, which help companies stay informed about changing consumer preferences and market trends. This information allows for adjustments to the marketing strategy as needed.

In summary, a well-executed marketing program is the backbone of successful product introduction and promotion, ensuring that a company reaches its target audience, generates revenue, and remains competitive in the market.

Independence University The Marketing and the 5 Ps Discussion





Week 1 Assignment – The Marketing and the 5 P’s

wk1_MAN105_A.pngMost marketing professionals have a written plan that contains a description of the marketing environment, an outline of marketing strategy, and marketing objectives. A marketing plan starts with a well-defined mission and strategy. The key to a marketing plan is found in this chapter subtitle: Linking Your Strategy and Program. The end result of this process is the ability to implement marketing activities. These activities are designed to help enable the organization to achieve its goals and objectives. The plan identifies who will be responsible for carrying out each part of the overall marketing strategy, and helps to determine the size of the market to reach.

Read chapters 1 and 2 to assist with this assignment. This assignment consists of two parts: A written paper and a 5-slide Powerpoint presentation complete with graphics and author’s notes.

First, in a minimum of 250 words (excluding the title and reference pages), in IWG Format with at least three references, apply the elements of the marketing program to questions 1 and 2.

1. Using the information that you read in Chapter 2, select one of these “new” products and describe how you would use a Marketing program to market it.

Select one of the following ” brand new” products: breakfast cereal, sunglasses, nail polish, video game, smoothie machine, soft drink, rug cleaning service, appliance repair service, online guitar lessons.

  1. Pick one of these products and describe it? (Product)
  2. How much does it cost and why did you select that price? (Price)
  3. Where would the product be sold? (Place)
  4. How would you tell people about your product? (Promotion)
  5. Customer Service is an important part of marketing any product, who can customers talk with? Describe your plan. (People)

2. Why would a Company need a marketing program for their products?

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