What does the phrase marketing mix mean? What is the purpose of the marketing mix? The marketing mix is a process most organizations use to bring a product or service to market. The four Ps is a good way to define the marketing mix tool. The four Ps or four elements of the marketing mix are product, place, price, and promotion, which are used to satisfy consumers’ needs and the objectives of the organization.
Product is what the company is selling; Place is where the consumer will obtain this product; Price is what the consumer will pay for the product; Promotion is any type of communication that is intended to remind, inform, or persuade. (Dlabay 2006.) The marketing mix and the four P’s describe very well what business marketing is all about. Introduction 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.
Abstract The marketing mix is for the most part made up of four elements, and they are product, place, price, and promotion. These elements are time and again referred to as the four P’s. Countless sources will portray the marketing mix as a formula used in creating a feasible marketing strategy, with each component utilized in various ways and in different intervals supported depending upon the product or service the group or individual is attempting to market. The marketing mix will be described using three sources to illustrate the elements of the marketing mix. It will also express how each one of the four elements of the marketing mix impacts the expansion of an organization’s marketing strategy and tactics.
It is determined by a number of factors including market share, competition, material costs, product identity and the customer’s perceived value of the product. The business may increase or decrease the price of product if other stores have the same product. Place is another important element in marketing mix strategies and it significantly influence on customer purchasing decision. Basically, place represents the location where a product can be purchased. It is often referred to as the dist... ... middle of paper ... ...ebates, premiums, advertising specialties, loyalty program rewards, contest, and games (Dave Dolak, 2010).
It includes, advertising, sales promotion, publicity, personal selling, branding, and refers to the various methods of promoting the product, brand, or company (Wikipedia-Marketing, 2008). Promotion can be focused on acquiring new customers or sometimes it is focused on retaining current customers. The last p stands for price. Marketing managers must also decide the right price of their product or service. “Price setting must consider the kind of competition in the target market and the cost of the whole marketing mix” (Perreault & McCarthy, 2004, Ch 2, Pg 40).
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.
Chapter 2: Discuss the four marketing management functions. 1) Marketing Planning The company first develops company-wide strategic plans and then translates them into marketing and other plans for each division, product, and brand. Through implementation 2) Marketing Implementation he company turns the plans into action 3) Marketing Control consists of measuring and evaluating the results of marketing activities and taking corrective action where needed. 4) Marketing Analysis provides information and evaluation needed for all the other marketing activities. Chapter 3: D... ... middle of paper ... ...on the marketing organization Chapter 20 : 1.
(Kotler,1999) Philip Kotler (1999) injected the 4Cs in deem to 4Ps, describing the following equivalence: To show the difference among sellers and consumers, and how they perceive the product or service, Kotler revealed the significance of incorporating consumers’ view when designing the marketing plan. In addition, he (Kotler,1999) suggested the inclusion of two more Ps, defining Politics and Public opinion. Politics refers to the power of lobbying and how that can affect the on the sales of the products and the marketing plan of the firm. Public opinion refers to people that change trends, attention or get warmth and this alter their behavior and lifestyle. Such changes have consequences and alterations for the
Introduction In this paper I will define marketing in my own words and also research what the definition is using two different sources. While supporting my answers with three examples from the business world, I will show the importance of marketing. Marketing applies to many different areas of an organization and after close review I will make it clear on how it relates. Personal Definition Marketing is how a company or organization promotes the service or product the company uses to create revenue. After closely reviewing the needs of the public in an area or the market and the product or service is revised to accommodate these needs, a marketing plan would be created and executed.
Fourth era: Mainstream fragmentation between 1980 to present times (Wilkie and Moore 54-55). The major marketing principles include product, place (channels of distribution), price, and promotion, also known as the 4Ps. Furthermore, marketing principles are a set of guidelines used in guiding the company when doing market campaigns and includes conducting market research among others. Product This is the most important part in business and can be a tangible item or service rendered in exchange for money or other compensation forms (goods and services). Marketing looks into deciding the right product, that is if the needs of the customer are clearly understood then a concise decision is reached.