Four Components for Project Work
An integrated project plan contains the data that support what the project want to achieve, how it intend to achieve its goals, who is to be involved in ensuring it achieve, its plans and also how much is to be used during the operations of the project. Marketing mix model is one of the most effective of a kind that have stood up to the test of time. This model has four components that help each project owners and implementers to effectively develop their project work. This integrated project plan maximizes the probability of achieving the project objectives using these four components. Marketing refers to the process by which value of goods can be transferred to consumers through making them consume the product.
One of the key factors to consider during marketing while using the 4ps marketing model is the product. Every organization must keenly make products constantly demanded by consumers; in the case of this project the key product that the project wants to offer to its customers is massive entertainment. The project plans to organize a fun and enjoyable event with a sole aim of rising up additional funds. When the invited and expected customers get entertained on that specified fun day, they will derive an emotional and leisure satisfaction. The satisfaction from the attendance serves the same purpose with the pleasure that customers get when they consume a specified product in the market.
The second component in the marketing mix model is the place. For any business to maximize on the sales, they must ensure that their products are at the right time at the right place. This distribution of the goods and services calls for careful consideration by the company. This is necessary to avoid any inconveniences that can arise as a result of choosing an appropriate location. For the project, its owners chose to hold the mentioned above fun day at Bedford at the University of Bedfordshire, despite by some member's suggestions to hold the event at Borehamwood. Majority opted for Bedford because it is a more convenient place for the most of targeted customers including the students, staff members and the general public.
Thirdly, it is crucial to consider how to carry promotion of the product the company has created. Different companies opt to use different channels to advertise their products. The project owners have decided to use various ways to reach their customers. In the analyzed work was agreed to use emails, social networks, posters and leaflets among others. All these channels have effectively interlinked the project organizers with the consumers. The last ones are in a position to register and book ticket through the use of email. Other channels actively applied to advertise to public to attend the set fun day include the use of large printed pictures.
Lastly, price of a product is also an essential factor discussed in the adopted model of the marketing mix. The value of a product or service get reflected on the set price of a product. For the project, the set price for the consumers will be reflected on the cost of booking the ticket for an individual to attend the indicated fun day. This serves as the damage the consumers will incur to get entertained on the event day.
The sole purpose of the event organized by the project is to allow students, staff, and the general public to come together and have fun. This provides a better opportunity for students pursuing dancing and acting courses. They will have an opportunity to showcase their skills in what they have learnt. They will be allowed ample time to use their experience in entertaining the crowd on that eventful day. The main targeted customers of the viewed day of fun are young college students, students from junior schools, and also families as we expect the parents to bring their kids so that they could join other young people in getting entertained.
Potential Benefits and Risk of the Marketing Mix
The primary benefit of marketing mix model is that it helps a company to effectively coordinate its operation from the initial stage of product development to the final stage of consumption. This helps a company to be sure that every step is effectively carried out on time that giving it a maximum advantage over its competitors.
One of the potential risk the marketing mix method faces is its inability to determine on how to incorporate external changes in company's operation. This act as a drawback to the enterprise as the method fails to help the management in controlling the external forces facing the business.