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Marketing Mix Essay

1496 words - 6 pages

As businesses and organizations strive to build a company "playbook" that satisfies the needs of the targeted customer's, an important element to consider in regard to accomplishing the goal is the marketing mix. A marketing mix is the controllable variables a company puts together to satisfy a targeted group (Perreault and McCarthy, 2005). A marketing mix can be used when a company is seeking to launch a new product or evaluating a current product to optimize the products impact on the targeted customer. Truthfully, yet simply put, developing an effective marketing mix will assist an organization or marketer with positioning a product to sell.There are four essential P's that make up a marketing mix, product, place, promotion, and price. In the marketing mix, the product element involves developing the right product or service for the targeted customer. In the beginning, a marketer must conduct research to determine what customers will be interested in buying the targeted goods or services. By analyzing the market and its requirements, a researcher will be able to change the product or develop the product in order to match the requirements of the people the company is aiming to attract (Business Bureau, 2002).Some marketing scholars claim that products and services may go through a life cycle or phase. The release of a brand new product may be labeled as introductory and require the product to be introduced to the market and customers. If the product or service has been enjoying being the only one on the market, one may have noticed that others are also joining in and entering a competitive product or service and this will have an effect of the healthy sales you might be enjoying at the moment. This is known as the growth phase. How you react to this will have an impact on the survival of your product - Will you drop the price to compete, will you change the way in which you promote it, will you change the distribution method? (Business Bureau, 2002). Next is the maturity phase which represents a product that is in line with many competing products. Maturity of a product is a dangerous time and it could get swallowed up by your competitors. As with a product in the growth part of the life-cycle - Will you drop the price to compete, will you change the way in which you promote it, and will you change the distribution method? (Business Bureau, 2002). Lastly is the decline phase. If product sales have dropped one may need to decide to discontinue selling the product or re-invent it by enhancing the product packaging or maybe even changing the product name. Depending on which phase a marketer felt his or her products were at, introductory, growth, maturity, or decline, one would be able to make further decisions in regard to the marketing mix i.e. what price to charge, where to sell your product and what type of promotion would be most effective.Simply put, place refers to getting the product to the right place for the targeted customers. Moreover,...

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