Read and reflect on to answer the following and this will be the reference for

your Midterm and Final Grade:

I - Essentials of Marketing pioneered an innovative structure—using the “Four

Ps” framework, to build both the logic of the Four Ps and its strategy planning
approach to support new developments in the field. Essentials of Marketing
explain the framework toward increasing analytical abilities and helping students
figure out how to do a superior job of satisfying customers.

1. Reflect on the use of 4Ps’ framework.

2. Relevance of the 4Ps’ in strategy planning to achieve customer satisfaction

II - Customer value reflects benefits and costs.

A customer may look at a market offering from two perspectives. One deal
with the potential benefits of that offering; the other concerns what the customer
has to give up to get those benefits. Consider a student who has just finished an
exam and is thinking about getting a nice coffee from Starbucks. Our coffee lover
might see this as a great-tasting treat, a quick pick-me-up, a quiet place to relax and
meet friends, and even as a way to get to know an attractive classmate.

Clearly, different needs are associated with these different benefits. The cost
of getting these benefits would include the price of the coffee, but there might be
other costs. For example, how difficult it will be to take a queue to order or due to
any customers slow service would be an aggravation.

1. Create your own example how you will present what customer value that
reflects the benefits and cost of the product.

2. Why do you think the value of anything you purchase will reveal the benefit
that will give to you in considering the cost of the item.

III – Essentials of Marketing is designed to satisfy your needs. Many people

think that marketing means “selling” or “advertising.” These are parts of
marketing, but marketing is much more than selling and advertising.

An illustration how marketing helps the business :

Most bikes do the same thing—get the rider from one place to another. But a
bike rider can choose from a wide assort- ment of models. They are designed in
different sizes and with or without gears. Off-road bikes have large knobby tires.
Kids and older people may want more wheels—to make balancing easier. Some
bikes need baskets or even trailers for cargo. You can buy a basic bike for less
than Php 1500. Or you can spend more than Php 35,000 for a custom frame.

1. How will you satisfy the need of the consumer to produce or manufacture the
bike needed and the likes of a consumer? Explain and justify your example.

2. Why is marketing important in business?