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
Perreault, W. D., Cannon, J. P., & McCarthy, E. J. Jr. (2009). Basic marketing: A marketing strategy planning approach (17th ed.). New York, NY: McGraw Hill.
Kotler, P. & Keller, K. L. (2009). Marketing management (13th ed.). Upper Saddle River, NJ: Prentice-Hall.
About McDonald’s. (2011). Retrieved from website http://www.aboutmcdonalds.com/mcd/our_company.html
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Kotler, Philip, and Kevin Lane Keller. Marketing Management 12e. Upper Saddle River: Pearson Prentice Hall, 2006.
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 marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand of products in the market. Price, Product, Promotion and Place, are known as the 4Ps that make up a typical marketing mix. As marketing evolves, there are additional Ps that can also be included in the marketing mix, however, focusing on the 4 core Ps of the marketing mix, price, place, promotion and Product, taking an in-depth look at the aspects of Victoria’s Secret in general and in terms of the selected product. All the elements of the marketing mix influence each other. They contribute to the business plan for a company and if managed correctly, can give it a great success. In order to successfully master marketing mix, it needs understanding,
The marketing mix, which is basic to any organization, can be considered the ‘controllable’ variables that every business encounters. These controllable variables can be modified based on the uncontrollable variables (external factors found in Environmental Scan) that directly affect business operations. A company focuses on four elements in the marketing mix: Product, Price, Place, and Promotion, which are managed and coordinated through marketing programs in efforts to appeal to their target market. Marketers strive to understand what motivates consumers to purchase certain products. The marketing mix helps to break down some of these questions: What will consumers buy? How much will they spend? Where will they buy? And will they buy again?
Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.
Jobber,D & Ellis-Chadwick, F (2012). Principles and Practices Of Marketing. 7th ed. : McGraw Hill Higher Education. p19-21 & 352-354.
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.
Product mix is the most essential element of marketing strategies of a company. Interface is well known as the global best provider of commercial carpet tiles. The organization deals with selling and leasing carpet tiles. Due to the recent poor performance by Interface, its product determination should be integrated to form part of its marketing strategy. The marketing department of ESA should mainly focus on the market segmentation as per the department requirements of the potential ...
Kotler, P., & Keller, K. L. (2012 a). Marketing Management (14th ed.). Boston, MA: Pearson.
On Figure 1 below we can see its presence, as a one of the four pieces (4Ps) of Marketing Mix Model and even often are considered as synonymous. If companies aim to achieve their targets, then all the four elements (product, price, place and promotion) should be planned carefully in advance and in line with overall marketing strategy (Kotler et all,
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.
Kotler, P. & Keller, K.L., (2009), A Framework for Marketing Management. 4th edition, Pearson Prentice Hall: USA
Kotler, P., & Armstrong, G. (2008). Principles of marketing (12th ed., p. 267). New Jersey: Pearson Education.
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.
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.