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Requirement
Create a 700 - 800 word paper that defines Marketing and includes the following:
Definitions from three different sources.
A brief overview of how the University of Phoenix applies the 4Ps
Format your assignment consistent with APA guidelines.
Solution
Definition of Marketing
Marketing are of different types based on media platform, audience, and business in today's changing market environment. Marketing can be defined in the following manner:
According to the American Marketing Association
Marketing is an activity, set of different institutions and processes for communicating, exchanging offerings, creating, and delivering that have value for partners, society, clients and customer at large.
According to Philip Kotler
Dr. Philip Kotler defines marketing as the science and art of creating, exploring and delivering value to fulfill the demands of a target market at a profit. Through marketing, business houses analyze the unfulfilled desires and needs of consumers. It defined different measures and also quantifies the size of the target market and the potential profit (Kotler, 2012). It highlight which segments the organization is capable of serving in the best manner, and it promotes and design the correct products and services.
According to Julie Barlie
Marketing is traditionally known as the means through which an organization connects with, communicates to and involves its target people to express the worth and ultimately sell its products and services. However, since the emergence of digital media, especially technology innovations and social media, it has more stable and long-lasting relationship with the customers that they want to purchase their products and services.
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Marketing mix
In business management, marketing mix is known as an elementary notion, which involves four different type of P’s. These P's define the different aspects of marketing, which are Place, Product, Promotion, and Price. These P's play a vital role in defining the marketing strategies for a service or product offering by any organization.
Marketing Mix Elements for University of Phoenix
Phoenix University was established by Dr. John Sperling in 1976. It has become one of the most demanded educational institutions in 21st Century. The main motive of this university is to provide the best quality education to students so that student can boost their knowledge and skills in different professional areas.
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Product:
Product refers to goods and service provided by an organization. It can be different for like intangible and tangible. The University of Phoenix is known as a firm which operates in the service sector. Thus the products provided by the university is different kinds of educational services. The main motive of Phoenix University is to serve different types of academic programs in various areas such as science and arts, management and business, criminal and justice, human services, etc. (Khan, 2014). Apart from this the university also offered some other programs related to nursing and health care, psychology, technology, etc. for the student, so that they can increase their efficiency as well as knowledge. The University of Phoenix provides all kinds of degree and diploma such as master's, bachelors, associates, and doctorate. -
Place:
This element of marketing mix contains distribution channels, target market to offer services and products to coverage market and customers. The University of Phoenix delivering its education services at more than 180 learning centers and campus locations in the United States of America. The University of Phoenix has different kind of business schools, college of nursing, school of advanced studies, college of humanities, and college of criminal justice and security. The university has different colleges and learning institutions at several places, where a student can reach easily, it is considered an important reason behind its growth and popularity. -
Price:
In marketing, mix price is known as the value of services and product. Fees structure of Phoenix University is different as per the difference in educational programs. It is varied as per location of institution and nature of the degree. University of phoenix charges $ 9,000 per year for concentration in Human Resource Management. The fee structure of the university changes as per concern of university decision as it want to deliver digital education and high-quality education to its students. Fees structure is also different for those students who want to do online certificates, courses, and diploma. -
Promotion:
Promotion comprises popularity and advertisement of products and services by using different tools such as advertising strategies, and personal selling. Management of university uses different strategies such as electronic media and online advertisement for promotion of its programs and courses (Huang, 2014). Students can communicate with university professionals through video conferencing or face to face and get knowledge about different courses. University also follows CRM process, so that students can interact with professionals anytime and can resolve their issues by online means of communication or through telephonic conversation.
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Kotler, P. (2012). Marketing Management, millenium edition: Custom Edition for University of Phoenix.
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Huang, R., & Sarigöllü, E. (2014). How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer New York.
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Khan, M. T. (2014). The concept of'marketing mix'and its elements (a conceptual review paper). International Journal of Information, Business and Management, 6(2), 95.
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