The Marketing Mix
The objective of this document is to gain an understandable idea of the marketing mix. The marketing mix is an indispensable element of every firm’s marketing arrangement. The marketing mix includes four key facets recognized as product, place, price, and promotion. The mix is the arrangement of the entire four groups in which a thriving marketing movement is generated. In an effort to identify with the elements of the marketing mix every category should be examined independently and the link connecting each one of the marketing blend or mix must be tackled.
First, product is the piece of the marketing mix that pertains to the blueprint and formation of the tangible item or service that is presented to the consumer. Therefore, product is noticeably vital to the remaining parts of the marketing mix because the creation offered will mainly be the foundation for producing the additional three elements of the marketing line of attack. Hence, the business is required to follow a line of investigation concerning the target market to come to a decision if a potential product is in fact wanted by the purchaser. Thus, if the company discovers considerable desire for the product then the company should advance toward the designing course of action. As a result, the firm will set the scale of the value concerning the product with the price of the product in an effort to realize a sense of balance that produces an item that is extremely appealing to the promising consumers. Therefore, the company’s marketing team is obligated to produce a manufacture plan and be prepared to pull together the demand for the creation, Perreault, et al, (2009).
Second, the service or product is created; therefore th...
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...t in which costs are low for the company to distribute but perceived positively by the consumer and is easily accessible. Last, balance the Four-P’s to fit the product, price, placement, and promotion so the consumer and business both profit.
Works Cited
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I found the main goal of the article to explain the concept of marketing. As the author implies, the concept of the marketing mix is a great tool to give an answer to the question “what is marketing”. It is a great introduction of the elements of marketing as a whole, with visual charts that sum the different marketing forces. Marketing is not about doing or not doing, its mainly about doing the right things for your operation with consideration of the resources that are available. This also sheds light over the fact that managing functions of marketing must be oriented to the market and with consideration of the marketing changes make a marketing mix that fits the resources of the firm.
It basically constitutes 4P’s of marketing mix such as price, place, product and promotion. All these 4P’s have similar repercussion for the promotion of products in various organizations. These justifiable elements of marketing mix can be utilized by a business organization to increase its marketing efficiency. With the marketing mix, a company can have access to marketing information so as to determine the outcomes of the marketing activities on its total sales. The company can evaluate the extent of efficiency of its marketing activities using the information gathered from the marketing mix.
Etzel, Michael J., Stanton, Bruce J., Stanton, William J. (2004). Marketing. (13th ed.). Boston: McGraw-Hill.
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.
Kotler, P., & Keller, K. (2012). Marketing management (14th ed., Global ed.). Boston, [Mass.: Pearson.
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Kotler, P., & Armstrong, G. (2008). Principles of marketing (12th ed., p. 267). New Jersey: Pearson Education.
Product, place, price, promotion are the four p’s of the marketing mix. These four p’s are what make up marketing and what drive consumers to a certain product or service. A marketing mix is a phrase used in the business world to allow different options of the way a company wants to put their product or service on the market. The product or service is what the customer is looking for and will decide whether or not purchase based off of its looks, color, size, or cost. Place is the location of where this item can be found by its customer. The price will determine the value of the product or service and compare it to other products or services similar to theirs. Promotion is how the product will be advertised and get to its
A marketing mix is what businesses use to detail the main functions of business marketing and do into further explanation as of how those functions influence the success or failure of a business. There are several different marketing mix tools, the four P’s is a very useful tool explaining the main functions of a marketing mix. A basic way of describing the marketing mix is the four P’s: Product,Place, Price, Promotion. A very important part of understanding how to use this tool is asking yourself questions that will help you understand each individual part of the marketing mix. Many people use this process to check their existing business to see if there are improvements to be made. The four P’s marketing mix system could also be used before starting a new business or offering a new product to give yourself guidelines on how to run your new business.