MBA 745 – Reflections on Module 2 Concepts

The Marketing Mix

The four Ps of marketing are product, price, place, and promotion. This is an effective way to develop a comprehensive marketing plan by remembering the four P’s that make up the marketing mix basics. These steps fit into the process to determine the right marketing strategy a company should use.

Word of Mouth Promotion

Word of mouth can be a very effective promotional tool. The more people that are talking about your product the more likely they are to buy it. This method of promotional marketing should be a part of the marketing communication program by clever commercials or any of the attention getting devices to get people to start talking would promote a product.

Knowledge Management

There could be a danger to the mature organization if they implement a knowledge management system that doesn't fit their needs. The knowledge Hopkins Printing must manage their risks, customer satisfaction, and their bottom line. Flexibility and effective management of the knowledge is key and must be understood by all decision makers in the company.

Use of Knowledge Management

The most significant use of knowledge management would provide both internal and external information and any forces that would increase the company's risks during the mature stage of the lifecyle. The company must be aware and understand the forces that affect their position in the industry if they are to sustain growth.