Madtrroproductions How We Made It To The Top

Submitted By elisasalazar22
Words: 1404
Pages: 6
Open Document
MadRadioProductions

How we made it to the top

Tuesday & Thursday class
Marketing 101
Aaron Pinder
Daniel Santiago
Elisa Salazar
Leyann
Kelvin R

Throughout our time in marketing class, we have tried to master the perfect marketing mix in order to find balance within a business. A marketing mix is a unique blend of product, place, promotion and pricing strategies. The term “marketing mix” was coined in the early 1950s by Neil Borden in his American Marketing Association presidential address. This is one of the preliminary knowledge every marketer must have and is considered to be the basics of every marketing theory; the marketing mix is often referred to as the “Four P’s.
One of the important elements is product. Product is the tangible or intangible product or service that the customer obtains. Price is how much the customer pays for the product. Place is how the product is distributed to the customer. Promotion is how the customer is found and persuaded to buy the product that is being marketed to the consumer. In this paper, we will discuss how each quarter we gained knowledge and used it to our advantage as a business.
Quarter 1
Production Cost: $22.34
Price: $40.00
Starting inventory: 1,938 units
Ending inventory: 1,191 units
Marketing: $90,000 We started off not making any substantial changes due to the fact that we did not understand the cost characteristics for a good marketing mix. In Quarter 0, the quality management was at $15,000 and stayed the same for our Quality Management for Quarter 1. Price was kept at the same amount of $40.00. Plant addition was kept at $3,800. Marketing research was at $7000. At quarter 0, the Research and Development was at $10,000 and increased it to $18,000. Production was at 100 % so we brought production down to 90%. In our smart pack on page 2 it indicates that in order for our plant to operate on optimum cost level it would need to be from 70 to 90 percent capacity. We decided at the current time that 90 percent would be the best route to take with production capacity. Our sales were $23,747 at the cost rate of $40.00 per radio. Each quarter we were given a combination of market research studies. At the current time we did not apply this information to our decision making tactics for running a profitable business.
Quarter 2
Production cost: $22.10
Price: $39.00
Beginning inventory: 1,191 units
Ending inventory: 0 units
Marketing: $105,000

In quarter 2 our company decided to make the following changes. For quality management we changed the amount from $15,000 to $20,000. Marketing was changed from $90,000 to $105,000 and the price was lowered from $40.00 to $39.00. The reason we decided to make these changes so that way we can sell a substantial amount of radios to make a profit. At the time we did not realize this type of marketing strategy would become an unforeseeable mistake which would reflect in this quarter. By lowering our price to $39.00 and increasing our marketing to $105,000, as well as keeping our plant addition at the constant rate to prior quarter, we did not have any growth in production. Thus, this caused our company to sell out our entire inventory with an estimated loss of 7,800 radios. Our production rate was decreased to 85 percent.
Quarter 3
Production cost: $22.27
Price: $42.00
Starting inventory: 0 units
Ending inventory: 0 units
Marketing: $100,000 In quarter 3, the price was changed from $39.00 to $42.00. By boosting the price up to $42.00, we figured this would increase our profit and inventory due to the fact that the following quarter would be Christmas. During the Christmas quarter, it is expected that radio sales would increase substantially. As a company, we felt the amount we spent on marketing was too high so we decreased it from $105,000 to $100,000. Quality management was kept the same at 20 and research and development was kept at 22. Plant addition was
Show More

Related Documents: Madtrroproductions How We Made It To The Top

Career Aspirations Essay

years of work experience as a Sales Engineer for Gulf Services and Industrial Supplies Co.LLC in Water Equipment’s Division – Oman. Employer Profile: Gulf Services and Industrial Supplies Co. LLC is a part of Arabi WLL Group, one of the prominent business houses in Kuwait. GSIS is one of the leading trading houses in Oman deals with different kinds of Industrial products and Machineries across the Sultanate of Oman. SKILLS: * Strong interpersonal and communication…

Words 1497 - Pages 6

Essay on ICBC Bank

China as an example, from the perspective of market segments and 4 p gold business marketing strategy was discussed, and combined with other domestic commercial bank gold business situation, analysis of the current industrial and commercial bank of China the advantages and disadvantages of gold business on marketing strategy. Through to the gold market and the development overview of Chinese commercial Banks, it is concluded that China's commercial Banks gold business has good prospects for development…

Words 362 - Pages 2

MKTG 225 1303B 02 P1 DB2 8 21 13 Essay

The Basics of Marketing MKTG 225-1303B #02 P1 DB2 Dr. Shalonda Warren Aida Luz Matta 8/21/13 I. Write your own definition of marketing. My definition of marketing is getting a product that your cliental likes and it’s customized to their needs and moves forward with it. I have been in the marketing business for the past 8 years and in the field I am in which is Advertising it can be a challenge at times but in a good way. We are surrounded by marketing all day long from stores, restaurants, social…

Words 896 - Pages 4

Essay on Mgmt 2150 2nd test Review 201514

Mgmt 2150 2nd test Review Ch. 6 The Purpose of a Business Plan. Business Plan = a document that presents the basic idea for the venture and includes descriptions of where you are now, where you want to go, and how you intend to get there and Consider personal aspirations before beginning. Three basic objectives for a business plan is 1. To identify the nature and the context of the business opportunity, 2.To outline the approach the entrepreneur plans to use.3.To recognize factors that will determine…

Words 1280 - Pages 6

Definitions Of Marketing

What is marketing? Consists of individual and organisational activities that facilitate and expedite satisfying exchange relationships in dynamic environments through creation, distribution, promotion and pricing of goods, services and ideas (Dibb, et al 2006) Societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others (Kotler 2003) Activity, set of institutions and processes for creating…

Words 1296 - Pages 6

intermediate accounting 2 test bank Essay

tising and Promotion An Integrated Marketing Communications Perspective Belch 8 Advertising Principles And Practice Wells 7 Advertising Promotion and Other Aspects of Integrated Marketing Communications Shimp 8 Aging and The Life Course An Introduction to Social Gerontology Quadagno 4 Alternative Dispute Resolution A Conflict Diagnosis Approach Coltri 2 American…

Words 8328 - Pages 34

Business: Marketing Mix Essay

as a form of ownership. • Pros of having a partnership are that you will have help with your business. When you are gone then they can take over until u get back. Con of having a partnership is that may try and take over the business. They may steal all of the money that the business is making. They may try to make you sale your have of the business. They may try to make to make changes to the business with out u knowing. [Advantages are one of the main characteristics of a partnership is its unlimited…

Words 5262 - Pages 22

Psychology of Business - Nike She Runs Essay examples

A Psychological Perspective Synopsis Exam Exam Question: “Today business and organizations have to function within a globalized, diverse, highly competitive and rapidly changing market. This calls for new approaches, strategies, organizations and understandings. Based on a relevant case/problem, account for and discuss how a psychological perspective can qualify those.” Hand in date: 8th May 2014 Julie Ingemann Jensen 3 Pages Copenhagen Business School 2014 Margaret Annalice…

Words 1333 - Pages 6

Essay on Belch3e Ch02

Chapter 2 Integrated marketing communication: how marketing communication evolved Copyright © 2014 McGraw-Hill Education (Australia) Pty Ltd Belch, Advertising: An Integrated Marketing Communication Perspective, 3e 2-1 Learning objectives 2.1 To review the concept of marketing, examining how both marketing and marketing communication have evolved. 2.2 To introduce and define the concept of integrated marketing communication (IMC). 2.3 To examine the reasons for the increasing importance of IMC…

Words 2672 - Pages 11

Knowledge Management and Summary Jugo Juice Essays

franchise business company operates as a flat management structure. As such, it hires professional managers and sales employees to deal with major policy and direction issues concerning all Jugo Juice locations. Each branch store has the right to choose its own contractors and suppliers and is responsible for its business profit. However, as Jugo Juice has only been in business a relatively short time, its lack of business experience is evident in the process of expanding its business model. For…

Words 979 - Pages 4