Question

Question 4: 300 words

A. Apply the marketing mix (4 Ps) to any company/product you wish to sell in the market.

B. What accounts are on the balance sheet? What is format of balance sheet? ( 5 marks )

Answer 1

A. The marketing mix is a business foundation that focused on the 4p as price, product, place, and promotion. It defines the company's set of marketing tools to pursue marketing objectives over the target market.

For example, I use the mobile product as an example.

Customers want some more features in their smartphones, such as more smartness and innovation to complete their product needs. Here we missed the assistant features that helps to access the features of the smartphones easily. We used the costly elements of advanced camera facilities that already helpful for smartphone sales. Our smartphone product provides technology, and fast response compare to our competitors.

Place- our customers are mainly from South Asian countries, here we need to use force sales and attend all the fairs for product marketing. Our competitors are providing smartphones at a minimum price compared to our product and making leads.

Price- our product has a high value of the products and services, and our smartphones are sensitive for the customers. The small decrement in rate helps to gain the additional market share for better sales of our smartphones and aids to trade more customers. The prices of our smartphones are slightly the same as our competitors.

Promotion- to promote our products' market sales, we need to improve our products through social media, press, and tv. Our products are facing seasonality during festival time. Our competitors also used the same promotion techniques as we are using.

B. The balance sheet includes the cash, temporary investment, receivable accounts, allowance and doubtful accounts, inventory charges, investments, land, equipment and resources, intangible assets, prepaid expenses, and short-term expenses.

The balance sheet format is the vertical format and lists the equities and liabilities on the top. The following assets are on the bottom. The balance sheet format has a single column of numbers, beginning with assets line items, and ending with shareholder's equity line items.