Introduction
MKT FPX 5410 Assessment 1 As an owner of Spokin’ Wheels bike shop, my primary interest is marketing techniques to assist in promoting our shop. Effective marketing is essential for any shop, especially as we strive to attract more patrons to our second shop, which has been operating for just a couple of months. Our objective is to make our products, comprised of new and used brand bikes, repairs, a limited selection of bike accessories and clothing, and Sunday morning group rides, visible. Coming up with a successful marketing strategy can be intimidating because there are so many details that go into developing an attractive campaign that potential buyers will desire. Success in business is not only dependent on selecting the right market or manufacturing good products but also on adopting correct marketing strategies to target our market and convert them into loyal customers.
The 7 P’s of Marketing
Initially, Spokin’ Wheels should develop a marketing plan based on the 7 P’s of marketing, a concept introduced by E. Jerome McCarthy in 1960, in his book, Basic Marketing: A Managerial Approach (Hanlon, 2019). The seven elements are product, price, promotion, place, physical evidence, process, and people. As products, markets, customers, and needs change rapidly, it is always essential to step back and revisit the seven elements again and again for optimum performance in today’s fast-moving marketplace (Tracy, 2004).
MKT FPX 5410 Assessment 1 Marketing Mix Project for Spokin’ Wheels
The 5 S’s of Digital Marketing
The 5 S’s of digital marketing give us a simple framework to follow in figuring out the high-level objectives within a company (Chaffey, 2019). The five components are sell, serve, speak, save, and sizzle. Each of these components contributes to expanding our web-based business presence, especially as the internet keeps evolving.
MKT FPX 5410 Assessment 1 Marketing Mix Project for Spokin’ Wheels
MKT FPX 5410 Assessment 1 Since my focus will be on the marketing aspect of Spokin’ Wheels, I will make sure to be active online and educate employees to serve customers effectively. I believe that emphasizing price, physical evidence, place, serve, and sizzle will contribute a lot to our marketing. Having clear goals for online marketing—such as sharing content frequency and social media engagement—will allow us to track progress and act on customer comments effectively. With the online world constantly evolving, our marketing initiatives must be dynamic and in harmony with our business goals to thrive in a competitive marketplace (N.A., n.d.).
References
Andrus, A. (2020, April 22). What is digital marketing and how do I get started? Disruptive Advertising. https://www.disruptiveadvertising.com
Chaffey, D. (2019, October 22). 5S goals of digital marketing. Dr. Dave Chaffey: Digital Insights. https://www.davechaffey.com
Gola, M. (2019, September 26). 5S of digital marketing. Curved Arrow. https://www.curvearro.com
Hanlon, A. (2019, August 19). How to use the 7Ps marketing mix. Smart Insights. https://www.smartinsights.com/marketing-planning/marketing-models/how-to-use-the-7ps-marketing-mix/
MKT FPX 5410 Assessment 1 Marketing Mix Project for Spokin’ Wheels
Meyer, E. F. (2017, April 05). How to leverage social media to build brand loyalty. Forbes. https://www.forbes.com/sites/forbesagencycouncil/2017/04/05/how-to-leverage-social-media-to-build-brand-loyalty/#637c0c42354b
N.A. (n.d.). How to optimize your organization’s marketing strategy. DMI Daily Digest. https://digitalmarketinginstitute.com/en-us/blog/how-to-optimize-your-organizations-marketing-strategy
Tracy, B. (2004, May 17). The 7 Ps of marketing. Entrepreneur. https://www.entrepreneur.com/article/70824
