Marketig Mix

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Recommended: The impact of environmental challenges on the automobile industry

Marketing Mix

The success of a company relies greatly upon proper marketing. A company must have a proper mix of all the elements and marketing efforts in order to produce desirable sales results. This mix will include the variables and tools a company will use to satisfy the business objective and the needs of their potential customers. This mix which is determined by marketing research and experimentation is commonly known as the marketing mix. This mix consists of four variables which the business world often refers to as the "Four P's". The Four P's are product, price, place and promotion. Through this paper I will define how the use and effectiveness of these variables lead to the success of an organization when properly coordinated together.

Product is one of the components used in the marketing mix to attract a company's target market. In relation to the marketing mix product is defined as, "an object or a service that is mass produced or manufactured on a large scale with a specific volume of units" (Wikipedia, 2006). Determining the product or service and who it will be produced for is the first step in marketing. In the automotive industry the product is a key element of the marketing mix. With the current trend towards the preservation of the environment and its natural resources, automobile manufacturers are developing products geared towards consumers with these concerns. These environmentally friendly vehicles include hybrids, electric cars and cars that operate on corn based ethanol fuel as opposed to gasoline.

By selecting to focus on environmentally friendly or "green" vehicles, automobile companies were required to do research and find the needs and desires of their potential drivers. This research included traveling the globe and visiting countries where green vehicles were already in use. The results of research and surveying revealed that "68 percent of respondents said they would be interested in buying an electric or hybrid car within the next three to five years. And about one out of four said they would be extremely interested in purchasing an eco-friendly car in three to five years" (Buss, 2001). As a result of months of research, researchers found that consumers demanded the same power and performance as mainstream vehicles including affordable prices. With this knowledge manufactures marketed these products by boasting their EPA rankings and fuel economy.

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