In 1919, after acquiring several other package delivery companies, the company decided to change the name to United Parcel Service (UPS) as away to promote the company and all the companies acquired s one company working together to serve. Over the last hundred years UPS has mastered the marketing mix and today is worth more than $508 dollars, operates around the world, employs over 400,000 and Is the largest shipping company In the world. UPS knows the only way to be successful is understand and use the four PГ?? of marketing mix.
UPS considered in the business world as the master of marketing and offer marketing services to assist companies with the development of new products and services. The Business Development (BAD) marketing specialist spend countless hours analyzing each step of marketing mix process to recommend successful, productive, and prosperous future. This service provided by UPS normally ends up being profitable to both the client and UPS because the clientГ?? new product or service is successful and UPS earns another loyal customer.
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Product Product, The first P in the life cycle of a good market mix and considered the foundation or the beginning and end off product or service. The Journal of Marketing Education defines product all the benefits (present or anticipated) that the buyer or acquirer obtains from the exchangeГ??CГ,-1Г??0 Yodels (1999). In global marketplace, as products or services age companies often try to change or adjust the product or service to ensure new growth.
Take service branding or logos for example, in 2001 UPS decided to change the company logo from a package to a shield to bring new life and energy to an already successful service. Place Place is to sell the product, which distributors and transport services to use, and desirable stock Oxford Press (2006). Place is the second element in the marketing mix and is commonly known in the business world as placement or distribution. Many organizations consider this element a vital component to the success of any new product or service.
UPS business development department uses this element to assist clients distribute and place new products in potential hands. Currently in Cincinnati, Ohio UPS prints and distributes special order catalogs for various companies to increase exposure for both companies. For example, Frontage, Sears, and Hammerer Schlemiel which is use UPS business development services to develop, print, and distribute catalogs to potential consumers across the country. UPS uses the United State Postal Service (USPS) to deliver the catalog to the consumer and when the consumer orders a new product, UPS delivers the new product.
Using the USPS, both the client and UPS can benefit by reaching residential customers at the lowest possible price. In fact, UPS pays the USPS and other companies over $MOM a year to mail catalogs, flyers, and other assorted promotional mail to residential consumers. Another place UPS business development services are used is the internet and commercials. Business development specialists assist clients in developing websites and commercials for new products and services which also benefits both the client and UPS.
Promotion Promotion, the third P in the marketing mix cycle of life and commonly known as the lealer of goods and services. Promotion defined communicating information between seller and potential buyer or others in the channel to influence attitudes and behaviorГ??CГ,-1Г??0 Perpetual and McCarthy (2005). The promotion elements Job is to promote new products, retain current clients, and to attract new clients through various different marketing tactics. Tactics such as sales pricing, introductory pricing, advertising, and consumer loyalty or preferred customer programs. Lobar marketplace, products or services often overlooked by consumers end up discontinued because organizations do not promote the reduce or service right or enough to attract the customer. Marketing specialist knows to promote a new product or service successfully the product or service has to attract new clients. Global Brands has taught us time and time again tangible or intangibleГ??CГ,-1Г??0 Marshal (2008). In fact, UPS has ranked in the top 100 companies in the world in branding of products and services.
Price Price the four P in the life cycle of the marketing mix, considered the brains of the operation. When determining the price of a new product or service, organizations have to review the other components of the marketing mix product, place, and rumination to determine a price which ensures profit and growth. For example, in 2007 UPS started a new service call Customer Intercept Service which gives customers the ability to stop, redirect, or return a package before the package reaches the receiver.
This service offered to both residential and commercial customers for a small fee and promoted on the company website and television commercials. The fee varies by the steps the company has to go through to locate the package and redirect the package to a different receiver. Conclusion In conclusion, the four if used correctly by marketing managers can reveal threaten, weakness, and possible changes needed to ensure a new product or service is successful.