The marketing mix is primarily made up of four variables, and they are product, place, price, and promotion. These variables are often referred to as the four P's. Many sources often describe the marketing mix as a recipe used in developing a viable marketing strategy, with each ingredient being used different ways and at different times based on the product or service one is trying to market. This paper will utilize three sources to describe the elements of the marketing mix. It will also describe how each one of the four elements of the marketing mix impacts the development of an organization's marketing strategy and tactics.
Three Sources Describing the Marketing Mix
The article Developing Your Marketing Mix defines the marketing mix as "a combination of marketing tools that are used to satisfy customers and company objectives". The article describes how it takes proper coordination, planning, and use of each of these elements to reach the consumers in one's target market. The importance of the coordination of the elements is so that one can be sure they are not sending mixed messages to the consumer and confusing them, the elements should all contain the same message. Another important point that this article makes is that properly using the marketing mix to develop your marketing strategy, will help meet the nature and needs of one's specified target market.
Wikipedia.com defines the marketing mix as "The marketing mix approach to ma...
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... mix used to establish a detailed and final marketing plan. After the product which is a vital, the place is very important because it describes how you reach the consumer. Ultimately, according to your product and place, the pricing strategy will weigh heavily on the promotion campaign and on the success of your business.
References:
Lake, L. (2006). Developing Your Marketing Mix. Retrieved March 7, 2006, About.com website: http://marketing.about.com/od/marketingplanandstrategy/a/marketingmix.htm
Marketing Mix. Retrieved March 7, 2006, Netmba.com website: http://www.netmba.com/marketing/mix/
Wikipedia contributors (2006). Marketing mix. Wikipedia, The Free Encyclopedia. Retrieved March 7, 2006 from http://en.wikipedia.org/w/index.php?title=Marketing_mix&oldid=42518839.
The 4 Ps of the marketing mix are: Product, Promotion, Price, and Place. The marketing mix puts the right products, at the right price point, in the right place, at the right time. The following examines how Claire’s Chocolates optimizes its marketing mix (Yoo, Donthu, & Lee, 2000, 195-196).
The LEGO Group organization is famous due to its flagship product – colourful plastic bricks that can be interlocked to form a variety of figures, and then disconnected again. These binding bricks originated in a wooden form when the company was first established in Billund, Denmark by Kirk Kristiansen in 1932 (The LEGO Group, 2012), and today’s well known plastic version was introduced in 1958 (Rosenberg). The company’s head office is located in Billund to this day, and The LEGO Group remains privately owned by Kristiansen’s family (The LEGO Group, 2012). They currently sell toys and teaching materials in over 130 countries worldwide.
As we all know, marketing is a necessary part of our daily life. Not only are products and services marketed, but we market ourselves as part of everyday business. I spent time this week speaking with a close friend of mind who is a Store Manager for H&R Block discussing the 4-Ps and how they pertain to his organization. It was very interesting to see how different industries market their products and services. Does the thought of receiving your tax return immediately grasp your attention? Well it has definitely helped H&R Block in boosting their ability to attract customers. It seems as thought immediate gratification is a promotion marketing tool that many companies are now using. After briefly describing the 4 P's of marketing we will review how H&R Block utilizes all of the steps in their marketing mix.
Retail marketing mix is about choosing the optimum combination of marketing mix elements and integrating and formulating the methods strategically to satisfy target audience establishing brand positioning and creating value in the market. The marketing mix serves the purpose of coordinating the elements of mix and creating distinct images in the consumer’s mind about each store. The way our customers perceive and value proposition of our retail store is affected by the way we design our marketing mix. It completely depends on the market we operate and the type of customers they serve. The optimum combination helps the retailer to better stand out from the competitors in the retail market. Here we discuss the marketing decisions that need to be taken in the areas of marketing mix elements.
Marketing mix are the variables that mangers can control in order to best satisfy customers in the target market. A typical marketing mix includes the product offered at price, with some promotion to tell customers about the product and a way to reach the customers’ place.
Segmentation, targeting and positioning are interrelated activities which are important to achieving a successful Marketing Mix. Discuss these concepts in theory and give practical examples of how they can be applied to one industry of your choice
Also known as the 4 P's of marketing, the mix includes an assessment of the roles your product, place or distribution, price and promotion play in your overall approach to marketing.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Place strategy is a method D’Herbs used to sell the product or service through various distribution channels to the ultimate purchaser or end-user. It is a vitally important strategy that focuses on how D’Herbs reach the target market. Besides that, to market D’Herbs product such as instant coconut shake to the people they choose kiosk and mini market at Jakarta, Bandung and Medan. Why the company choose kiosk and mini rmarket to sell D’Herbs product? D’Herbs choose kiosk to sell the product because it can increase customer base. This is because by placing kiosk at strategic locations, a company has the ability to reach more customers without a costly investment in additional brick and mortar space. This approach increases revenue opportunities by expanding the customer base which increases the potential for the company to sell more products.
Whin telkong ebuat merkitong thi odie thet jast cumis tu mond os e prugrem disognid tu sill prudact ur somply edvirtosi end nu wundir wi biin bumberdid woth e luts uf doffirint edvirtosong tryong tu sill sumithong. (Armstrung end Kutlir, 2007) Bat whet os merkitong?
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
...r, functional structure also has some disadvantages which can include difficulties to work along with the other department. The perception of competition is present in that kind of work structure because of the lack of comprehension of what the other department provide for the company.
The marketing mix is a tool which is used by the organisations to develop and implement efficient and effective marketing strategies in the workplace. The marketing mix consists of a number of factors which are related to the organisation, its business model and its products. In this section of the report we will discuss the importance of the marketing mix in the marketing strategy implemented by McDonalds. Along with the significance of the marketing mix in the marketing strategy of McDonalds, we will also discuss a number of constituent factors of the marketing mix deployed by McDonalds (Bal, 2015).
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.
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.