Marketing Mix Essay

778 Words4 Pages
Marketing Mix: Product What are the elements of the marketing mix? There are four elements, which are product, place, price, and promotion. Businesses use all four elements of the marketing mix to make a profit on the product or service that they offer. The following will discuss how some of the macro and micro environment have a impact on the product and describe how it will impact the development of a specific organizations marketing strategy and tactics. Products are what the organization's sell to people. This area mainly focuses and concentrates on developing the right product or service for the target population. The product or service should always satisfy the need of the target population. That’s why it is very important to know the wants and needs of the target population and conducting the proper research should always be done before hand. The Political, Economical, Social and Technological factors effecting the Product of the marketing mix Businesses have to work according to all the legal factors issued in that state or country. Laws are made by parliament for the goods and services all together, hence forth the political environment has major importance to any business. Most European countries have gone through violent revolution in their political systems which in return have caused serious disruption on their economies. Businesses need to worry about the risks of all the dramatic changes in government policies and laws and shift in political policies can change a particular market overnight. Economical factors have affected all businesses nationally and globally. National and also global interest rates and polices is set all around economic conditions. The state of the economy show how consumers, suppliers ... ... middle of paper ... ...onships would be a very effective way to always stay competitive and secure quality products. Negative media attention can cause a business or its products to go plummeting down within a very short amount of time and positive media attention can make an organization reach to its highest potential. Businesses need to be able to have some hand in controlling the media so that the media help promote the positive things about the company and decrease the impact of anything negative on their reputation. The television programs that consumers watch have a wide and more direct audience that would also have a very strong impact on the success of an company. A lot of organizations realize these factors and this will make them change their reaction when consumers tell them that they are going to contact a consumer television program or the newspapers about the company.

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