Marketing Mix - H&R Block
Running head: MARKETING MIX - H&R BLOCK
Marketing Mix - H&R Block
MKT 421
Marketing Mix
As we all know, marketing is a necessary part of our daily life. Not only are products and services marketed, but we market ourselves as part of everyday business. I spent time this week speaking with a close friend of mind who is a Store Manager for H&R Block discussing the 4-Ps and how they pertain to his organization. It was very interesting to see how different industries market their products and services. Does the thought of receiving your tax return immediately grasp your attention? Well it has definitely helped H&R Block in boosting their ability to attract customers. It seems as thought immediate gratification is a promotion marketing tool that many companies are now using. After briefly describing the 4 P's of marketing we will review how H&R Block utilizes all of the steps in their marketing mix.
Definitions
Product is/are the products or services you offer and are they unique and different, superior in quality and easier to use. In my own opinion, the product or service is one the most important aspects of a successful business. If you have an item that the customer really wants they will drive out of their way to purchase it. They are usually willing to pay a higher price if the quality justifies it. When a local popular hamburger place open up in Phoenix, people drove long distances and sat in long lines just to bite into one of their juicy hamburgers.
If you were to drive by and see the long line you would have thought they were giving something away for free.
Price is how much to sell your products for. This is based on your cost and product value to potential customers. I believe that price is important and you will definitely attract customers with the lure of cheap prices, especially at Christmas time. How many people just recently woke up at 4 a.m. just to get in line for several hours so they could get a great deal and save
Marketing Mix - H&R Block
MKT 421
Marketing Mix
As we all know, marketing is a necessary part of our daily life. Not only are products and services marketed, but we market ourselves as part of everyday business. I spent time this week speaking with a close friend of mind who is a Store Manager for H&R Block discussing the 4-Ps and how they pertain to his organization. It was very interesting to see how different industries market their products and services. Does the thought of receiving your tax return immediately grasp your attention? Well it has definitely helped H&R Block in boosting their ability to attract customers. It seems as thought immediate gratification is a promotion marketing tool that many companies are now using. After briefly describing the 4 P's of marketing we will review how H&R Block utilizes all of the steps in their marketing mix.
Definitions
Product is/are the products or services you offer and are they unique and different, superior in quality and easier to use. In my own opinion, the product or service is one the most important aspects of a successful business. If you have an item that the customer really wants they will drive out of their way to purchase it. They are usually willing to pay a higher price if the quality justifies it. When a local popular hamburger place open up in Phoenix, people drove long distances and sat in long lines just to bite into one of their juicy hamburgers.
If you were to drive by and see the long line you would have thought they were giving something away for free.
Price is how much to sell your products for. This is based on your cost and product value to potential customers. I believe that price is important and you will definitely attract customers with the lure of cheap prices, especially at Christmas time. How many people just recently woke up at 4 a.m. just to get in line for several hours so they could get a great deal and save
References: Armstrong, Gary, and Philip Kotler. Marketing: An Introduction. 6th ed. New Jersey: Prentice Hall, 2003. Facts about H&R Block: http://www.hrblock.com/presscenter/about/fastFacts.jsp. Retrieved from the World Wide Web November 27, 2005 H&R Block Double Your Refund Sweepstakes Rules: http://www.hrblock.com/doubleyourrefund/faq.html#qa_4. Retrieved from the World Wide Web November 26, 2005 Kotler, Philip, Gary Armstrong, John Saunders, and Veronica Wong (1999), Principles of Marketing (2nd European ed.). London: Prentice Hall Europe.