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Marketing Mix Essay

1261 words - 5 pages

IntroductionA marketing mix is the controllable variable the company puts together to satisfy a target group. ( Perreault, 2004) Marketing mix is also a concept that summarizes the basic elements of effective implementation of the fundamental variables of marketing. The strategy chosen by the organization is followed through to the customer. These fundamental elements are commonly referred to as the Four P's. Properly covering each of these elements ensures an adequate coverage of reaching multiple customers in each market. The flexibility and robust nature of the concept is its most powerful aspect. A full understanding of each of the elements can be formulated into a comprehensive marketing plan.The Four P's are defined as follows:ProductMarket research leads to the development of the end product or service that will be available to the end user. This is the basis for the operation of the company. It can range from any type of goods or services that a customer might not readily know about. Product development is a large part of gaining a larger market share. Advancing product development can also be used as a highlight in a marketing campaign, as shown in the case study.PriceSuccessfully implementing the marketing strategy relies upon proper pricing of the product. Overheads must be recovered. The level of the price must be competitive. Customers must be willing to pay this price. Finally, profitability must be considered (Business Bureau, 2006). Fully understanding the market structure enables proper pricing. For instance, a monopoly will dictate a certain price structure, while a truly competitive environment will dictate its own level of pricing. Careful consideration must be employed in order to successfully implement this portion of the marketing mix.PlacePlace is the method of distribution. Efficient distribution of the product to the customer will affect profitability and portions of the marketing strategy. In the following case study, different forms of distribution are explored, as are their effect upon the development of the organization's marketing strategy.PromotionPromotion covers the various marketing strategies used to inform the customers of the product's existence. This is the very basic definition. Different marketing techniques can highlight virtues and advantages of a particular product. This is where the traditional common view of marketing makes its appearance. Promotion is the culmination of the information gathered from the previous "P's". It is where the marketing strategy and tactics become visible to the customer and the results can be directly observed.The term "marketing mix" was first developed by Neil Borden who first started using the phrase in 1949 (Wikipedia, 2006). The different elements of successful implementation are blended to provide for an effective marketing plan. The Four P's were developed by Jerome McCarthy (Wikipedia, 2006).Case StudyVerizon Wireless (VZW) is an organization that is directly...

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