Management assignment 11/12/2009

For this assignment I am going to use as a consumer item a new Blu-ray player. Analyzing this using the four Ps of marketing that are product, price, place, and promotion (Nichels, McHugh, & McHugh, 2008, p. 352). These factors are the marketing mix.

First step is to find a product that is in demand. Blu-ray players are big today and consumers want extra bells and whistles in their electronic purchases. Next is setting up a price for the product. Your price needs to remain competitive to other Blu-ray players on the market. Setting the price too high for comparable features would keep consumers from purchasing your product. Not charging enough and the company will lose money and quickly be out of business. The company needs to find the “sweet spot”. Third, is place. The Blu-ray player is an electronic device and will be purchased from an outlet such as Best Buy or similar electronic outlet stores. People looking to buy consumer electronics will shop these stores and the company needs product in the mix to move units. Fourth in the mix is promotion. The company may design an eye-catching flyer to accompany the player on the store shelf. There can be a large banner placed in front of the store announcing the new addition to the Blu-ray player scene. The company must develop some sort of consumer relationship (Nichels et al., 2008, p. 356). Obtain customer feed back with questionnaires or handouts. Ask the customer how to improve the product or what options they need in the next model.

Marketers must watch closely the economic climate of the products they are promoting. Take the housing market crash that has occurred over the last couple of years. Not keeping a close watch on economic developments caused many small and large businesses to go under. Keep watchful of signs of economic change to the target market. Consumers need to have a desire for a product and the resources to purchase the product. An overpriced item that the consumer purchases and has regrets having paid too much is cognitive dissonance (Nichels et al., 2008, p. 367). The customer must be reassured that purchasing the product is a good decision.

I have purchased in the past products that were marketed directly to me and my demographic. That item would be Williams Lectric Shave. As their marketing campaign goes, “It makes your beard stand up for a smoother, closer shave”. I have never been able to use an electric shave but once in a while I try them out again. I do not receive a nice, close, and clean shave with an electric. I am a blade guy, always have, always will. An item that I have purchased that is not marketed to my specific demographic is ponytail hair bands. Ponytail hair bands are marketed to women, but as my hair is longer, I like to keep it clean looking. I want to project a professional image and unkempt hair is not the way to go.

Reference
Nichels, W. G., McHugh, J. M., & McHugh, S. M. (2008). Management, leadership, and employee empowerment. In Understanding business (pp. 180-203). New York, NY: McGraw-Hill Irwin.