Mtk421 Marketing Mix Paper
Marketing Mix Paper
Mark Moeller
University of Phoenix
MTK421 Marketing
Laurence Hanson
September 26, 2008
Marketing Mix Paper
In today’s global market organizations need to understand how marketing mix works to ensure a productive and profitable future. Marketing specialist has several decisions to make to ensure product goals is made and marketing mix works as a way to organize the decisions in to four smaller, manageable section call the four P’s (product, place, price, and promotion). This paper discusses the four P’s of the marketing mix, how United Parcel Service (UPS) uses the four P’s to develop marketing strategies and tactics to ensure growth and a prosperous future for …show more content…
UPS and the companies they serve.
UPS
UPS established in Seattle, Washington over one hundred years ago by James Casey and Claude Ryan.
In 1907 Casey and Ryan, two young teenage entrepreneurs started American Messenger Company with a loan of $100 dollars and over the years Ryan and Casey grew the company by expanding services and through acquiring other small delivery companies. In 1919, after acquiring several other package delivery companies, the company decided to change the company’s name to United Parcel Service (UPS) as away to promote the company and all the companies acquired as one company working together to serve. Over the last hundred years UPS has mastered the marketing mix and today is worth more than $50B dollars, operates around the world, employs over 400,000 and is the largest shipping company in the world. UPS knows the only way to be successful is understand and use the four P’s of marketing mix. UPS considered in the business world as the master of marketing and offer marketing services to assist companies with the development of new products and services. The Business Development (BD) marketing specialist spend countless hours analyzing each step of marketing mix process to recommend a strategy or decisions based on the current market to a clients to ensure a successful, productive, and prosperous future. This service provided by UPS normally ends up being profitable to both the client and UPS because the client’s new product or service is successful and UPS …show more content…
earns another loyal customer.
Product
Product, The first P in the life cycle of a good market mix and considered the foundation or the beginning and end of a product or service. The Journal of Marketing Education defines product “as all the benefits (present or anticipated) that the buyer or acquirer obtains from the exchange†Yudelson (1999). In today’s global marketplace, as products or services age companies often try to change or adjust the product or service to ensure new growth. Take service branding or logos for example, in 2001 UPS decided to change the company logo from a package to a shield to bring new life and energy to an already successful service.
Place
Place is “where to sell the product, which distributors and transport services to use, and desirable stock levels†Oxford Press (2006). Place is the second element in the marketing mix and is commonly known in the business world as placement or distribution. Many organizations consider this element a vital component to the success of any new product or service. UPS business development department uses this element to assist clients distribute and place new products in potential consumer’s hands. Currently in Cincinnati, Ohio UPS prints and distributes special order catalogs for various companies to increase exposure for both companies. For example, Frontgate, Sears, and Hammacher Schlemmer which is use UPS business development services to develop, print, and distribute catalogs to potential consumers across the country. UPS uses the United State Postal Service (USPS) to deliver the catalog to the consumer and when the consumer orders a new product, UPS delivers the new product. Using the USPS, both the client and UPS can benefit by reaching residential customers at the lowest possible price. In fact, UPS pays the USPS and other companies over $200M a year to mail catalogs, flyers, and other assorted promotional mail to residential consumers. Another place UPS business development services are used is the internet and commercials. Business development specialists assist clients in developing websites and commercials for new products and services which also benefits both the client and UPS.
Promotion
Promotion, the third P in the marketing mix cycle of life and commonly known as the dealer of goods and services. Promotion defined “as communicating information between seller and potential buyer or others in the channel to influence attitudes and behavior†Perreault and McCarthy (2005). The promotion elements job is to promote new products, retain current clients, and to attract new clients through various different marketing tactics. Tactics such as sales pricing, introductory pricing, advertising, and consumer loyalty or preferred customer programs. Today’s global marketplace, products or services often overlooked by consumers end up discontinued because organizations do not promote the product or service right or enough to attract the customer. Marketing specialist knows to promote a new product or service successfully the product or service has to attract new clients. “Best Global Brands has taught us time and time again that brand remains a far less volatile asset than other business assets – tangible or intangible†Marsala (2008). In fact, UPS has ranked in the top 100 companies in the world in branding of products and services.
Price
Price the four P in the life cycle of the marketing mix, considered the brains of the operation.
When determining the price of a new product or service, organizations have to review the other components of the marketing mix product, place, and promotion to determine a price which ensures profit and growth. For example, in 2007 UPS started a new service call Customer Intercept Service which gives customers the ability to stop, redirect, or return a package before the package reaches the receiver. This service offered to both residential and commercial customers for a small fee and promoted on the company website and television commercials. The fee varies by the steps the company has to go through to locate the package and redirect the package to a different
receiver.
Conclusion
In conclusion, the four P’s if used correctly by marketing managers can reveal strengths, weakness, and possible changes needed to ensure a new product or service is successful. UPS understands to be successful in today’s global the only way to expand and ensure growth is through the understanding how the four P’s of marketing work together and affect the outcome of and new product or service offered.
References
Basic Marketing (15th edition.) William D. Perreault, Jr. and E. Jerome McCarthy McGraw-Hill/Irwin, 2005 New York, NY Retrieved September 20, 2008, from University of Phoenix, Resource, MKT421- Marketing Course Web site.
"Marketing mix" A Dictionary of Business and Management Ed. Jonathan Law Oxford University Press, 2006 Oxford Reference Online Oxford University Press Apollo Group September 24, 2008 http://www.oxfordreference.com/views/ENTRY.html?subview=Main&entry=t18.e3962>
Marsala, L (2008) creating and managing brand value, Best Global Brands 2008, retrieved September 24, 2008 from UPS pressroom online http://www.ups.com/pressroom/us/awards/business?srch_pos=2&srch_phr=business+development
Yudelson, J. (1999, April). Adapting McCarthy 's Four P 's for the Twenty-First Century. Journal of Marketing Education, 21(1), 60 Retrieved September 24, 2008, from Professional Development Collection database
Mark Moeller
University of Phoenix
MTK421 Marketing
Laurence Hanson
September 26, 2008
Marketing Mix Paper
In today’s global market organizations need to understand how marketing mix works to ensure a productive and profitable future. Marketing specialist has several decisions to make to ensure product goals is made and marketing mix works as a way to organize the decisions in to four smaller, manageable section call the four P’s (product, place, price, and promotion). This paper discusses the four P’s of the marketing mix, how United Parcel Service (UPS) uses the four P’s to develop marketing strategies and tactics to ensure growth and a prosperous future for …show more content…
UPS and the companies they serve.
UPS
UPS established in Seattle, Washington over one hundred years ago by James Casey and Claude Ryan.
In 1907 Casey and Ryan, two young teenage entrepreneurs started American Messenger Company with a loan of $100 dollars and over the years Ryan and Casey grew the company by expanding services and through acquiring other small delivery companies. In 1919, after acquiring several other package delivery companies, the company decided to change the company’s name to United Parcel Service (UPS) as away to promote the company and all the companies acquired as one company working together to serve. Over the last hundred years UPS has mastered the marketing mix and today is worth more than $50B dollars, operates around the world, employs over 400,000 and is the largest shipping company in the world. UPS knows the only way to be successful is understand and use the four P’s of marketing mix. UPS considered in the business world as the master of marketing and offer marketing services to assist companies with the development of new products and services. The Business Development (BD) marketing specialist spend countless hours analyzing each step of marketing mix process to recommend a strategy or decisions based on the current market to a clients to ensure a successful, productive, and prosperous future. This service provided by UPS normally ends up being profitable to both the client and UPS because the client’s new product or service is successful and UPS …show more content…
earns another loyal customer.
Product
Product, The first P in the life cycle of a good market mix and considered the foundation or the beginning and end of a product or service. The Journal of Marketing Education defines product “as all the benefits (present or anticipated) that the buyer or acquirer obtains from the exchange†Yudelson (1999). In today’s global marketplace, as products or services age companies often try to change or adjust the product or service to ensure new growth. Take service branding or logos for example, in 2001 UPS decided to change the company logo from a package to a shield to bring new life and energy to an already successful service.
Place
Place is “where to sell the product, which distributors and transport services to use, and desirable stock levels†Oxford Press (2006). Place is the second element in the marketing mix and is commonly known in the business world as placement or distribution. Many organizations consider this element a vital component to the success of any new product or service. UPS business development department uses this element to assist clients distribute and place new products in potential consumer’s hands. Currently in Cincinnati, Ohio UPS prints and distributes special order catalogs for various companies to increase exposure for both companies. For example, Frontgate, Sears, and Hammacher Schlemmer which is use UPS business development services to develop, print, and distribute catalogs to potential consumers across the country. UPS uses the United State Postal Service (USPS) to deliver the catalog to the consumer and when the consumer orders a new product, UPS delivers the new product. Using the USPS, both the client and UPS can benefit by reaching residential customers at the lowest possible price. In fact, UPS pays the USPS and other companies over $200M a year to mail catalogs, flyers, and other assorted promotional mail to residential consumers. Another place UPS business development services are used is the internet and commercials. Business development specialists assist clients in developing websites and commercials for new products and services which also benefits both the client and UPS.
Promotion
Promotion, the third P in the marketing mix cycle of life and commonly known as the dealer of goods and services. Promotion defined “as communicating information between seller and potential buyer or others in the channel to influence attitudes and behavior†Perreault and McCarthy (2005). The promotion elements job is to promote new products, retain current clients, and to attract new clients through various different marketing tactics. Tactics such as sales pricing, introductory pricing, advertising, and consumer loyalty or preferred customer programs. Today’s global marketplace, products or services often overlooked by consumers end up discontinued because organizations do not promote the product or service right or enough to attract the customer. Marketing specialist knows to promote a new product or service successfully the product or service has to attract new clients. “Best Global Brands has taught us time and time again that brand remains a far less volatile asset than other business assets – tangible or intangible†Marsala (2008). In fact, UPS has ranked in the top 100 companies in the world in branding of products and services.
Price
Price the four P in the life cycle of the marketing mix, considered the brains of the operation.
When determining the price of a new product or service, organizations have to review the other components of the marketing mix product, place, and promotion to determine a price which ensures profit and growth. For example, in 2007 UPS started a new service call Customer Intercept Service which gives customers the ability to stop, redirect, or return a package before the package reaches the receiver. This service offered to both residential and commercial customers for a small fee and promoted on the company website and television commercials. The fee varies by the steps the company has to go through to locate the package and redirect the package to a different
receiver.
Conclusion
In conclusion, the four P’s if used correctly by marketing managers can reveal strengths, weakness, and possible changes needed to ensure a new product or service is successful. UPS understands to be successful in today’s global the only way to expand and ensure growth is through the understanding how the four P’s of marketing work together and affect the outcome of and new product or service offered.
References
Basic Marketing (15th edition.) William D. Perreault, Jr. and E. Jerome McCarthy McGraw-Hill/Irwin, 2005 New York, NY Retrieved September 20, 2008, from University of Phoenix, Resource, MKT421- Marketing Course Web site.
"Marketing mix" A Dictionary of Business and Management Ed. Jonathan Law Oxford University Press, 2006 Oxford Reference Online Oxford University Press Apollo Group September 24, 2008 http://www.oxfordreference.com/views/ENTRY.html?subview=Main&entry=t18.e3962>
Marsala, L (2008) creating and managing brand value, Best Global Brands 2008, retrieved September 24, 2008 from UPS pressroom online http://www.ups.com/pressroom/us/awards/business?srch_pos=2&srch_phr=business+development
Yudelson, J. (1999, April). Adapting McCarthy 's Four P 's for the Twenty-First Century. Journal of Marketing Education, 21(1), 60 Retrieved September 24, 2008, from Professional Development Collection database