Marketing: The Elements Of The Marketing Mix

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Elements of the Marketing Mix In any organization to succeed understanding the roll of marketing in the organization is vital to continue thriving or eventually closing the doors down for good. Understanding marketing and effectively conducting marketing with proper managing not only will result in success but, a higher return on ROI. Each organization will handle their marketing tactics differently depending on their goals and budget. However, it is common for marketing process to include setting goal, evaluating opportunities, research on competition, strategy planning (including budget for marketing), and developing marketing programs. The development of marketing strategy first begins with what type of product or services the organization is going to provide the public. After realizing what type of products or services will be provided it is then followed by creating a marketing mix. Marketing mix in short is putting the right product, at the right place, at the right price, at the right time. The elements of marketing mix consist of ideas and plans to promote the products or services the organizations are planning to market. At times the marketing mix and the four P’s are the same however, they are not exactly the same thing (Mind Tools, 2014). Marketing mix describes the choices an organization has to make to bring the product or services to the market. On the other hand the four P’s is part of the marketing mix. It consist of product (or services), place, price, and promotion. The marketing matrix helps target the audience the organization wants to target that needs a specific product or service. The Element of Product The organization or business has to determine what the customers want as far as the product or se... ... middle of paper ... ...hey want to compete in. The next procedure is to do the market research and apply marketing matrix. In reality the marketing matrix could also be apply on existing products and services to improve in it. Applying the marketing matrix is actually easier said than done. Marketing matrix takes a lot of hard work to figure out what the consumers wants (product), where they shop (place), the right price, distribution, promoting all play a role to have a successful marketing campaign. However, with the right mixture of the four P’s and done correctly it could be very profitable. Reference Small Business Development Corporation (2014). Marketing- Promotion Strategy. Retrieved from http://www.smallbusiness.wa.gov.au/marketing-promotion-strategy/ Mind Tools (2014). The Marketing Mix and 4Ps. Retrieved from http://www.mindtools.com/pages/article/newSTR_94.htm

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