Principle of Marketing
1. Pick a recent purchase you have made. Identify the four Ps of the marketing mix as they relate to your purchase. What does each of the four Ps involve and how did the marketer of that product you purchased direct each of those four elements of the marketing mix to influence your purchase? (350 words)
2. What are some of the benefits and costs that contribute to your customer value from each of the following products: a wristwatch, a weight-loss diet, a cruise on a luxury liner, and a checking account from a bank? (350 words)
3. The owner of a small hardware store - the only one in a medium-sized town in the mountains - has just learned that a large home improvement chain plans to open a new store nearby. The owner knows you are studying marketing at University and has asked for your advice on how to plan for this new competitive threat. Explain and conduct the threat of a competitor entry. Recommend an adjacent market competitive advantage to the owner. (125 words)
Reference:
Perreault, W. D., Cannon, J. P., & McCarthy, E. J. (2010). Essentials of marketing (12th ed.). New York, NY: McGraw-Hill/Irwin.