Introduction
How do businesses become successful? Companies will plan for success by identifying how they will use different marketing activities to achieve their goals. This is called their marketing strategy. In the past, companies have not always been so consumer-minded. In fact, at one time, most companies were sales-oriented but today few firms take that approach to being successful. If a company is market-oriented then they are focused on customer satisfaction and direct their resources toward offering the goods and services that people actually want.
For example, consider the products that you use on a daily basis that are popular today.
What makes the product successful?
v Is it trendy?
v Is it very useful?
v Is it inexpensive?
v Expensive?
As a way of checking your knowledge on this subject, take a look and complete the Prior Knowledge Survey. At the end of this project, take it again to see the progress you have made on understanding the marketing mix concept.
Task
You and your group members are going to start a business with one major product or service to market. Each group member will have a job to fulfill for your product to be marketed successfully. This Webquest will guide your group through the process of discovering what it takes to market a product or service.
This assignment will involve each group member answering questions and researching information to formulate the marketing mix for your product or service. Go to the following websites and read more information about the marketing mix concept. In the Resources section below, there are additional terms on the Webquest Vocabulary List that may be helpful while reading these links.
v http://www.quickmba.com/marketing/mix/
v http://www.mindtools.com/pages/article/newSTR_94.htm
v http://www.valuebasedmanagement.net/methods_marketing_mix.html
v http://4marketingps.blogspot.com/2009/09/4-marketing-ps.html
v http://www.trade-pals.com/sales-dictionary/four-ps.asp
Your group will have four days to work in class to come to a consensus and design a PowerPoint presentation to describe your business, your product, and your target market.
At the end of this assignment, your group will make a PowerPoint presentation that summarizes the decisions you made for your business.
Process
- You will work in your assigned groups. Each students must participate in the tasks to help the group make the proper decisions. A primary resource for this project will be your Intro to Business textbook, Chapter 10: Marketing. Go to the textbook website at http://school.cengage.com/business/introtobiz for additional resources.
- Your group has decided to start a business based on one primary product. Your group needs to begin by coming to an agreement on what the product should be.
- As a group, decide what to name your business. Research ideas and be creative. Read more about creative business names at http://www.yudkin.com/generate.htm. There are also tons of other cool (free) websites that can help you come up with a business name. Just use Google!
- Next, you will need to determine what your primary product is. Will you market your product to the consumer or the customer? For example, an adult who buys a box of cereal is most likely both the customer and the consumer. However, if the adult is a parent buying cereal for their kids to eat, then the kids are the consumer.
- You may need to decide what secondary products may be needed for your business to be successful.
- You may want to examine and use the graphic organizer listed under Resources at the bottom of the page to help you formulate your 4P's.
- Your group will further develop the product and its features. Why would someone want to buy it? How will it be packaged?
- Your group will study the costs involved in developing your product to determine value and the price. This website has valuable insight into the concepts associated with pricing a product or service: http://www.marketingteacher.com/lesson-store/lesson-pricing.html.
- As a group, you will determine where your business should be located to best serve your customers. Who is your target market? How will you place your product to reach them? Again, consider the graphic organizer listed under Resources at the bottom of the page, to better understand target marketing.
- Your group will develop a promotion plan for your product. How ill you advertise? What type of community service will your company participate in to further your company's good name?
-
Below are several resources that will help you and your team navigate and complete this assignment:
Video on the Marketing Mix:https://www.youtube.com/watch?v=Mco8vBAwOmA
Investopedia on the 4 P’s: https://www.investopedia.com/terms/f/four-ps.asp
.Importance of Marketing in Business: https://online.ben.edu/programs/mba/resources/importance-of-marketing-to-business-success
Evaluation
You will be graded individually and your grade will be determined using the following rubric. In addition to the categories below, one additional category will be scored: PowerPoint Presentation. The explanation of this category is included on the rubric below in the Resources section.
Rubric
| # | Beginning | Developing | Accomplished | Exemplary | Score |
|---|---|---|---|---|---|
| Group Work | Contributed rarely in developing the project | Contributed in minor ways to develop the project | Contributed in meaningful ways to develop the project | Showed leadership in contributing to developing the project | 0 - 20 Possible Points |
| Business Decisions | The business would not have a chance | The business would have many flaws in reality but has a few good ideas | Combines many good ideas that need perfecting | Great ideas for a business that I would like to invest in! | 0 - 20 Possible Points |
| Marketing Mix | Showed limited knowledge | Demonstrated development of knowledge | Demonstrated a good knowledge base | Demonstrated a good knowledge base with a curiosity to learn more | 0 - 20 Points Possible |
| Plan for Advertisement | The plan for the advertisement was not well thought out. Did not have explanations for business decisions | Plan for advertisement was limited on explanations for business decisions | Plan for advertisement had good explanations for business decisions | The plan for advertisement was creative and informative regarding business decisions | 0 - 20 Possible Points |
|
Total Score: 100 |
Conclusion
Congratulations on your hard work! Through this WebQuest, I hope that what you have learned about the marketing mix and business decisions could help you in your future endeavors in the real world. You have read and researched how product, price, promotion, and place all work together to determine the success of a business. Good luck with your presentations in class!
Credits
- "Marketing Mix Convenience - Marketing MIx". The Marketing Mix. 2016-07-19. Retrieved 2017-12-22.
- Hester, Brittany (9 April 2019). "Marketing Strategy: Forget the 4 P'S! What are the 4 C'S?". CATMEDIA Internal Communication. Retrieved 8 November 2019.
- McCarthy, E.J., Basic Marketing: A Managerial Approach Irwin, Homewood, Ill., 1960
- Grönroos, Christian. "From marketing mix to relationship marketing: towards a paradigm shift in marketing." Management decision 32.2 (1994): 4-20.
- ^ Booms, Bernard H.; Bitner, Mary Jo (1981). "Marketing Strategies and Organization Structures for Service Firms". Marketing of Services. American Marketing Association: 47–51.
Teacher Page
Hello, my name is Shona Prasad
I am a first year student at the Govt.College of Teacher Education,kerala who is pursuing his Post graduation in Education. I am very friendly and approachable person who is more than willing to help those in need in whatsoever way that I can as I believe that we should help each other during our times of need.I hope you enjoyed viewing this web quest Thanks again and may God's richest blessings be upon your life!
