So far you have learned about several marketing elements. Some of these elements may share similar ideas, while others do not. Recall that the 4 Ps of marketing can be applied to most kinds of situations. In this activity, you will explore the marketing elements and identify specific situations in which they can be applied. For example, let’s look at the marketing mix for PepsiCo. In 2007, the company restructured to split itself into three units: one for food in the U.S., one for beverages in the U.S., and one for food and drinks overseas. The product for PepsiCo consists of beverages, savory food snacks (Fritos, Cheetos, Tostitos, Lays), other food products (cereals, cakes), and baked snacks (the nutritious snacks and foods consumers are demanding).
Notice this last product (nutritious snacks and foods); why would PepsiCo create this? This opportunity was necessary in order for the company to survive. This will become a strength (if all goes well and the food tastes good), and help the company provide targeted marketing segmentation. Price can be tricky; if the company prices too high, then customers won’t purchase it, but if the company prices the product too low, then they run the risk of demand being higher than supply, which will create frustration for the consumer and “forces” them to purchase another product.
In your initial response, reflect on two marketing elements that have been presented in this module. Be sure to include a clear and specific explanation of the two marketing elements that you have chosen.
- Create and include in your post a grid of two examples in which each of the elements have been applied. See below for a sample grid.
- Respond to the following prompts in your initial post:
- Which one of the marketing elements do you think is most important?
- What are the advantages and/or disadvantages of the marketing element? Explain why. Justify your claims and include references as applicable.