MKT FPX 5410 Assessment 1 Marketing Mix Project for Spokin’ Wheels

MKT FPX 5410 Assessment 1 Marketing Mix Project for Spokin’ Wheels

Name

Capella university

MKT-FPX5410 Digital Marketing

Prof. Name

Date

Introduction

As one of the owners of Spokin’ Wheels bicycle shop, my primary focus is on marketing strategies to promote our business. Effective marketing is crucial for any enterprise, especially as we strive to attract more customers to our second location, which has only been operational for a few months. We aim to highlight our offerings, which include new and used major brand bicycles, repairs, a select range of bicycle accessories and clothing, as well as organized group rides on Sunday mornings. Developing a successful marketing approach can be daunting due to the myriad of factors involved in creating an appealing campaign that draws in customers. Success in business hinges not only on selecting the right market or providing high-quality products but also on effectively utilizing appropriate marketing techniques to engage our target audience and convert them into loyal customers.

The 7 P’s of Marketing

To begin, Spokin’ Wheels must develop a marketing strategy centered around the 7 P’s of marketing, a model introduced by E. Jerome McCarthy in 1960 in his book, Basic Marketing: A Managerial Approach (Hanlon, 2019). The seven elements are product, price, promotion, place, physical evidence, process, and people. Given that products, markets, customers, and needs evolve rapidly, it is essential to regularly revisit these seven elements to ensure optimal performance in today’s competitive marketplace (Tracy, 2004).

MKT FPX 5410 Assessment 1 Marketing Mix Project for Spokin’ Wheels

The 5 S’s of Digital Marketing

The 5 S’s of digital marketing offer a straightforward framework for defining top-level objectives within an organization (Chaffey, 2019). The five components are sell, serve, speak, save, and sizzle. Each of these elements contributes to enhancing our online business presence, especially as the internet continues to evolve.

MKT FPX 5410 Assessment 1 Marketing Mix Project for Spokin’ Wheels

With my focus on the marketing aspect of Spokin’ Wheels, I aim to maintain an active online presence while training employees to assist customers effectively. I believe that emphasizing price, physical evidence, place, serve, and sizzle will significantly impact our marketing efforts. Setting clear goals for digital marketing—such as content sharing frequency and social media engagement—will help us track progress and address customer feedback effectively. As the digital landscape continually evolves, our marketing strategies must be adaptable and integrated with our overall business goals to thrive in a competitive environment (N.A., n.d.).

References

Andrus, A. (2020, April 22). What is digital marketing and how do I get started? Disruptive Advertising. https://www.disruptiveadvertising.com/marketing/digitalmarketing/

Chaffey, D. (2019, October 22). 5S goals of digital marketing. Dr. Dave Chaffey: Digital Insights. https://www.davechaffey.com/digital-marketing-glossary/5sgoals-of-digital-marketing/

Gola, M. (2019, September 26). 5S of digital marketing. Curvearro. https://www.curvearro.com/blog/what-are-the-5s-of-digital-marketing/

Hanlon, A. (2019, August 19). How to use the 7Ps marketing mix. Smart Insights. https://www.smartinsights.com/marketing-planning/marketing-models/how-to-use-the-7ps-marketing-mix/

MKT FPX 5410 Assessment 1 Marketing Mix Project for Spokin’ Wheels

Meyer, E. F. (2017, April 05). How to leverage social media to build brand loyalty. Forbes. https://www.forbes.com/sites/forbesagencycouncil/2017/04/05/how-to-leverage-social-media-to-build-brand-loyalty/#637c0c42354b

N.A. (n.d.). How to optimize your organization’s marketing strategy. DMI Daily Digest. https://digitalmarketinginstitute.com/en-us/blog/how-to-optimize-your-organizations-marketing-strategy

Tracy, B. (2004, May 17). The 7 Ps of marketing. Entrepreneur. https://www.entrepreneur.com/article/70824