Marketing Mix Essay

Marketing Mix:

Product

What are the elements of the marketing mix?

There are four elements, which are product, place, price, and promotion. Businesses use all four elements of the marketing mix to make a profit on the product or service that they offer. The following will discuss how some of the macro and micro environment have a impact on the product and describe how it will impact the development of a specific organizations marketing strategy and tactics.

Products are what the organization's sell to people. This area mainly focuses and concentrates on developing the right product or service for the target population. The product or service should always satisfy the need of the target population. That’s why it is very important to know

National and also global interest rates and polices is set all around economic conditions. The state of the economy show how consumers, suppliers and all other organizations stakeholders like suppliers and creditors interact within society. For example a economy going through recession will have high unemployment, low spending and low stakeholder confidence.

For a organization to be successful it will have take into consideration economic conditions and stakeholder behavior also organizations will need to run through the impact economic conditions are having on their competitors and react accordingly. The world economy as a whole has a major impact on organizations, In the current business world, organizations are affected by economies throughout the world and not just the countries in which they are based or operate from. For example: Labor is cheaper in developing countries and hence forth effects the competitiveness of the product made in developed

These days customers are more aware of environmentally friendly products such as recyclable cups at cafes energy saving light bulbs etc.

Studies and investigations have shown that consumers are willing to pay more for environmentally friendly products. In fact, 80 percent of respondents said they would most likely refuse to purchase products from companies accused of being polluters. These consumers care about the well being of the environment and the factors surrounding it. So to increase consumer demand businesses have to look into promoting ecologically favorable consumption.

Businesses are provided materials by their suppliers to carry their everyday activities. The suppliers behavior will have a significant impact on the business it is providing for. An example of that would be if a supplier had provided poor product or service to a business which in turn accumulate in higher timescale or product quality. A close supplier relationships would be a very effective way to always stay competitive and secure quality