Welcome to Week 5 as we explore the topic of The Marketing Mix. A company’s marketing mix may be described as a combination of techniques and actions used to push its products into the market. It’s called a marketing mix because it’s made up of four separate parts that must be used in tandem to produce favorable outcomes.
The usage of a marketing mix is a great approach to guarantee that “the appropriate product is in the right place at the right time” happens. The marketing mix is an important tool for determining what a product or service can provide and how to plan for a successful product launch. The four Ps of marketing are most often used to implement the marketing mix: price, product, promotion, and place.
The focus for this week is on Chapter 11. This chapter considers the new marketing mix, including recent developments in e-business and e-marketing and their impact on marketing strategies. Following the early hype of the online and dot.com boom, and the equally spectacular online bust the chapter takes a more measured view of the opportunities and threats Internet-based technologies have to offer organisations, and looks at how they integrate with the more traditional elements of the marketing mix.
Chapter 11’s case study entitled, “How ABB FIA Formula E championship built a fan base from scratch” discusses leveraging the marketing mix in strategy.
After reading this case study, conduct a 2-3 page reflection paper addressing the following discussion questions:
1. Which target markets is Formula E aiming at?
2. How is Formula E competing in the world of motorsport?
3. How does Formula E use digital media in its marketing mix?
Reflection papers should be in APA format, Times New Roman, double spaced, in 12PT FONT. A title page and the reference page are required but do not count towards the 2-3 page minimum.