Instructions: Answer the following questions sensibly. Write your answer
below the questions and send via google classroom - classwork. Send your answer in PDF form.
1. Identify the principles of marketing and explain each. (15 points)
PRODUCT - A product is an object that is offered for sale. Depending
on the context, a product could be a service or an actual object. There are three types of objects that it can take: real objects, virtual objects, and cyber objects Everyone knows that every product comes with a price tag. The market, quality, promotion, and target segment affect the price that can be paid. There is a functional and a life cycle to any product, and at the end of that cycle, it must be replaced or reinvented.
PRICE - Price is the amount of money charged for a product or a
service in its most basic sense. However, there must be more to it than that. The price, in general, is the sum of all the values that a customer gives up in exchange for the benefits of owning or using a product or service. For the product to exist or to be used, the customer must pay a certain amount of money, which we call price.
PLACE - When we talk about a place, we're talking about the
process of getting your products and services to the customers. Customers can buy your products or services wherever they are sold. In order to increase sales of a product, a business must choose a location that is convenient for the customer base and reach out to them. In order to succeed in business, it is crucial to carefully plan the placement and distribution of your product. It's important to know where your potential customers are, where your location should be, and how to get them there.
PROMOTION - When you promote your business or products, you
are bringing attention to them. Promotion encompasses all of a company's efforts to raise awareness of its products and services. Promote your product or service by showing prospective customers the benefits of using it.
2. Write 2 strategies of marketing a product. Use your own words. (15
points)
A. PAID MEDIA ADVERTISING.- To broadcast your brand message
and reach your target audiences, you need to buy ad inventory on a media channel or publisher site. Sponsored content is a type of digital advertising that is used to promote a brand's products and services. B. SOCIAL MEDIA ADVERTISING - These are advertisements that are served to users on the various social media platforms. When users interact with a platform, social networks use that information to serve highly relevant ads. It's not uncommon for social advertising to result in huge increases in conversions and sales at a lower cost of acquisition when the target market's demographics match those of a social platform.
Rubrics for Q#2
Relevance /completeness 10 pts Grammar 05 pts Total 15 pts Relevance /completeness 10 pts Grammar 05 pts Total 15 pts