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Country Project Marketing & Finance Paper

802 words - 3 pages

Country Project Marketing & Finance PaperA marketing mix is the controllable variable the company puts together to satisfy a target group (Perreault, Jr. & McCarthy, 2005, p. 36). 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.A typical marketing mix includes some product, offered at a price, with some promotion to tell potential customers about the product, and a way to reach the customer's place (Perreault et al, 2005, p. 36). On an International level the marketing mix is the set of choices the firm offers to its targeted markets. Many firms vary their marketing mix from country to country depending on differences in national culture, economic development, product standards, and distribution channels (Hill, 2005, p. 584).Product:Market 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 (The Business Bureau-UK, 2002). For Playtex the product mix includes all the skin/sun care products in the Banana Boat line. In 2006, the Banana Boat product line accounted for approximately 36.3% ($230.8 million) of net sales by segment in the Playtex product mix (Playtex Corporate Website - Annual Report, 2007).Price:Successfully 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. 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 (The Business Bureau-UK, 2002).Market segmentation refers to identifying distinct groups of consumers whose purchasing behavior differs from others in important...

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