A Marketing Mix Essay

1176 words - 5 pages

AbstractThe idea of marketing is very broad. There are many things to think about when successfully introducing a product into the market. Most important is the marketing mix made up of the four Ps, which are the controllable variables in a marketing strategy.Marketing has many definitions which are focused upon customer orientation and satisfaction of customer needs. The marketing concept is the idea that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition. The marketing concept relies upon marketing research to define market segments, their size, and their needs. To satisfy those needs, the marketing team of the company must make decisions about the controllable factors of the marketing mix.This essay will describe and explain the concepts of Marketing, and the Marketing Mix. In the business world, it's about connecting with customers, serving the needs of people, and accomplishing the goals of the organization. Customer satisfaction creates the customers loyalty needed to reach an organization's overall objectives. The process works by creating valuable exchanges that provide customer satisfaction. "A marketing-oriented firm tries to offer customers what they need" (Perreault, William Pg.5). The marketing mix product, price, promotion, and place are made to support this strategy.A marketing strategy is a plan identifying what marketing goals and objectives will be followed, and how they can be achieved within a time frame. In a marketing strategy, there are specific target markets to identify. A marketing strategy is needed to provide a "big picture" of what a business's intentions are. Under the marketing concept, a company must find a way to bring the customers needs to the market, and continue to satisfy those needs. This can be established in steps which include analysis of the situation to identify opportunities, the marketing strategy that is formulated, the decisions regarding the marketing mix, and the implementation of a plan.At this point, the best opportunity is identified; a marketing plan for pursuing the opportunity can be developed. Market research will provide specific marketing information that will allow the firm to select the target market to position their product. The result will be a value proposition to the target market. To make decisions based upon the controllable variables of the marketing mix that is comprised of the four Ps. A marketing mix is the 4P's which are product, place, pricing, and promotion; these are elements in the marketers' arsenal, which are aspects that can be controlled to keep ahead of the competition. The four Ps are controlled by the marketing manager, they are allowed to make decisions that surround the four Ps of the customers in the target market in order to create perceived value and generate a positive reaction. The marketing mix is the organization's overall offer, or value, to the customer, as well as the total...

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