In our penultimate Week (Week F) for this semester, we’ll be focusing on the final two of the 4 P’s of Marketing: Place and Promotion.
In Unit 11: Place, we will discuss the third of the 4 P’s of marketing. We’ve already learned about Product and Price which are relatively straightforward. These components are integral and obvious parts of the marketing mix: what is the good or service? (product) and how much does it cost? (price) are easy questions to answer.
Place or as we often refer to this element of the marketing mix, distribution, brings the products or services to the actual location where you want to buy them, taking into consideration the physical needs of the product or service (refrigeration for frozen foods, etc.) and the sustainable price for the customers and retailers.
Then, in Unit 12: Promotion, we will discuss the fourth of the 4 P’s of marketing. Promotion is what we typically think of when we hear marketing: communicating with our target audiences about whatever it is we are trying to market, which can be a product, service, organization, idea, or brand. Communication is how you let people know about your offering (product) and why it matters, how much it costs (price), and where to find it (place).
For this week’s assignment we’re going to differentiate between marketing and advertising, and learn more about how these two fields (and often, in organizations, departments) work together, complement each other, and help to increase sales for an organization. We’ll be listening to a two-part podcast from Freakonomics called ‘Does Advertising Actually Work?’ and then writing our own press releases.
Use the Week F links in our Course Schedule to access our Course Materials and Assignments for this unit. As a reminder, all assignments must be submitted by Friday, March 18, 2022 at 11:59pm ET.