The Four Major Components of a Marketing Mix

When dealing with marketing, it is always important to keep in mind "The Four P's." The Four P's are recognized in marketing worldwide.

1. Product: It is essential that you provide the right "product" for you targeted market. The "product" can either be something physical or a service. The important thing to remember is that your good and/or service should satisfy your customer's needs.

2. Place: It is very important that once you have the right "product", you find the right "place" to sell it. A product isn't much good to a customer if it isn't available when and where it's wanted.

3. Promotion: Once you have the right "product" and the right "place" to sell it, you have to tell your targeted market about it. There are several different ways to go about "promoting" your product that include both promoting face-to-face and promoting through the masses.

4. Price: In addition to developing the right Product, Place, and Promotion, you must also decide the right "price." In order to come up with the price that best suites your product you have to consider your target market and how they might react to the price you have set.

All four P's are needed in a marketing mix. In fact, they should all be tied together evenly. But is any one more important than the others? Generally speaking, the answer is no - all contribute equally.

For this blog I have used information from the article "The Four Major Components of a Marketing Mix" by Mara Bateman.

Collaboration technology

At first I didn't quite know what was defined as "collaboration technology" and then I realized it's any sort of technology that allows collaboration between two or people. So how does this apply to classroom group work? I know I hate having to meet in the library twice a week with group members to work on a project. Email has been such a HUGE "collaboration technology" that has helped make group projects much easier and convenient for everyone. It is so easy to shoot an email to someone in you group to ask them a simple question that you would have other wise had to wait to ask them until you saw them. Things like GoogleDocs has also helped with group collaboration. It allows a group of people to all add to the same "Doc." It's a great way share information with your group without having to meet as frequently.

I also believe that even though there is much evil assigned to cell phones and texting, texting can be a very way to technologically collaborate with a group member. It's an even faster way to communicate with someone than email!

Effectively Presenting in classroom....

Giving a presentation in a classroom can be a dangerous situation if not properly prepared for. I found the discussion we had in class and the power point posted on blackboard on presenting in class to be very useful.
I find the two most important tips to preparing for an effective classroom presentation to be identifying your purpose and analyzing your audience.
1. Identify your purpose:
Decide what you want your audience to believe, remember, or do when you're finished.
-Do you want to inform them?
-Do you want to persuade them to some action?
Aim everything you say or do towards your purpose.
2. Analyze your audience:
While preparing your presentation you need to think about your audience.
-How many people will be in your audience?
-Why will they be there? by choice?
-What is the age of your audience?
-What will be the age, gender and demographics of your audience?

***I got this information from the power point "Speaking with Confidence" on Blackboard.

Working Business

I currently work at Select Satellite on 1400 N and 125 E here in Logan City. I have been working there for about five months now, and it has been a huge learning experience for me! I have learned a lot about having your own business because my boss does exactly that! He started his business about 10 years ago and has been working hard ever since! When I first started working there I was so overwhelmed by the endless list of things I had to learn. From day one I was left alone in the store, expected to basically fend for myself. I learned very quickly how important it is to take notes and write down what you're expected to know and do, remember to read your lists you make, and to actually do what you're asked.
Running a business is a lot of work, and it takes a lot of motivation. I have learned from my boss that when you own your own business you have to be extremely self motivated because there's no one else above you to tell you what to do. As a business owner, you have to remember to do all essential things. Continually "forgetting" to do things can substantially jeopardize your business.

the INDIRECT approach

I really struggled with using the "indirect approach" in the first few letters we had to write for our MIS class. It was hard for me to understand the concept and the purpose of using the indirect approach. I couldn't understand why it was so important to "beat around the bush" as I called it. Why can't we just say, "No, you can't get a refund." or "You have been declined for our credit card." Saying, "We think you're a great person and we love you as our customer, but maybe you should withdraw your application" seems a little....strange.

Like I said, at first I couldn't understand the purpose, but I have now come to understand. I agree with the "indirect approach" to an extent, but I don't believe in "beating around the bush". Sure, I think we sure sugar coat it up a little, but I also think we need to tell it how it is. Down and straigh to the point.

Archaic? I don't think so....

"No longer current or applicable"
-definition of archaic by 'thefreedictionary.com'

I believe that letter writing is still very important in today's world. Although there is new technology and new ways that COULD replace letter writing, I don't think it should be wiped out all together.

Writing a formal letter is very important in a business environment. It signifies that something is important enough to take the time to sit down, think through things and write in a correct format.

Writing an informal letter to someone also signifies that you took the time to write by hand (which takes longer for most than typing an email or send a text).

What should we wear to a business interview?

"The first impression you make on a potential employer is the most important one. The first judgment an interviewer makes is going to be based on how you look and what you are wearing. That's why it's always important to dress professionally for a job interview."
-Alison Doyle, About.com

Like this quote says, what we wear to our interviews is extremely important. What we wear is what our possible, future employer will remember us by.

For a business interview, men should wear:

• A solid, dark colored suite with a white (or a coordinating colored) long-sleeve shirt.
• Conservative tie and belt
• Dark socks and shoes
• Neat hair-cut and trimmed nails
• Limit after shave

For a business interview, women should wear:

• A solid, dark, modest suite with a coordinating colored blouse
• Neutral colored nylons and conservative shoes that you can walk comfortably in
• Limited jewelry (no dangling earings), make-up and perfume
• Professional hairstyle and clean nails

Business...

When I was in high school I took a few Marketing classes that sparked my interest in the world of business. Once I came up here to Utah State University it was an easy choice for me to go into something business. Since I found marketing interesting I decided to make it my major!

This semester I am taking ECON 1500 which has introduced me into the world of economics. It has been interesting to learn about how the price of a good can effect the quantity demanded and how the quantity demanded can effect the equilibrium.

I am also taking MIS 2100 where I am learning about management information systems and the world of computers. The world of organization through Microsoft Excel.

ACCT 2010 where I learn how to calculate complex numbers and juggle different accounts.

CALC 1100 where I stretch my brain to its absolute limits.
And last, but not least, MIS 2200 where I learn.....well you know what we learn!

While my life is challenging at times and full of homework, I have thus far enjoyed my introduction into the world of BUSINESS.

Business Networking....

Successful Business Networking can be very important in the proccess of expanding yourself and your business. Networking has a to do with our topic, "Who you know."

At businessknowhow.com there's a list of 10 tips successful business networking. Here a few of my favorite out of the ten;

#3. Visit as many groups as possible that spark your interest.

#6. Become known as a powerful resource for others.

#7. Have a clear understanding of what you do and why, for whom, and what makes your doing it special.

#10. Call those you meet who may benefit from what you do and vice versa.

Is job-hunting success about WHO you know, or WHAT you know?

I believe that job-hunting success comes from both WHAT you know and WHO you know. Depending on the job, knowing the right people can be all that you need to get the job. On the other hand, with some jobs no matter who you know you have to have a certain amount of knowledge or experience to get the job.

If it is WHAT you need to know to get a job, there are hundreds of places to get that knowledge and experience. (High school, college, work experience, service...etc)

If is WHO you need to know to get a job, you should start networking now. Networking is the key to finding a good job. Start figuring out how to know the "right people" that can "hook you up."

..business..blogging..

Professional business blogging is an ever-rising tool for today's businesses. I find it completely fastenating to use Google's blog search found at GoogleBlogSearch.
It was amazing to me how many businesses have blogs that are so full of useful information.

While using Google's blog search, one professional blog in particular caught my eye. Omnivoracious'AmazonBlog. I feel this blog is a very useful tool for Amazon. It is a blog written by the Amazon staff members giving their opinions and input on different books, authors and subjects. If anyone was curious about a book sold on Amazon, this blog would be a great resource for them.

The most recent post on this blog talks about "Oprah's New Pick". The post gives a summary and the nitty-gritty details of Oprah's recommended book, Say You're One of Them, by Uwem Akpan. This is a great resource for Amazon to promote readers to buy this Oprah recommended book from their website.

As Amazon's blog exemplifies, professional business blogging can be a great tool for both newly developing companies as well as fully developed companies to get their name and their business out on the web.

What professional blogs can do for businesses.....

Professional blogging is a great communication tool for businesses. It is an increasingly popular way to share a business with the world. Businesses create blogs in order to let everyone know who they are and what they are all about. Blogs are a great way to broadcast announcements concerning a businesses upcoming events or accomplishments. They are also a great way to give background information either on the company as a whole, or on their individual employees. If a company has things for sale, a professional blog can also be a great way to advertise your products.

One of my favorite examples of a business blog is sweetyesterdaysphotos. This is a blog that I find to be perfect for this woman's business. She uses her professional business blog to show off her photography, advertise promotions, and schedule appointments. I think this blog is a great way for her to promote business.