Principles and Concepts
Marketing is a combination of four major elements. These are called the 4 P’s of marketing and include (1) identification, selection and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer’s place, and (4) development and implementation of a promotional strategy. Many people incorrectly believe that sales, marketing and advertising are the same. In reality, advertising is just one of many tools used in marketing, which is the process by which firms determine which products to offer, how to price those products, and to whom they should be made available. Sales involve communicating directly with the customer, creating a buying experience and closing the sale, while marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large
Read the following chapters in the assigned text:
Chapters 1, 2 & 3
Read: Marketing vs Sales
Watch the LinkedIn Learning videos: Section 1 – Understanding Sales from the course: Sales Foundations with Jeff Bloomfield
Watch: Introduction to Marketing
Read the following and respond:
The environmental forces are often factors that a business cannot control, yet it is important to be aware of environmental concerns when preparing marketing analysis or introducing a new product in the market. Provide your perspective on this statement.
- Minimum Page Length – 2 full pages (excluding title/header and reference list); 12-point Times New Roman; double spaced; and page numbering.
- Be sure to answer the entire question to receive maximum credit for this task.
- Use and include information from the weekly course content and outside sources to support the conclusions contained in the paper.
- All sources should be cited in proper APA format (in-text citations and a reference list).