Elements Of Marketing Mix Essay

1464 words - 6 pages

Elements of Marketing Mix "A typical marketing mix includes a 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 & McCarthy, 2004, pg. 36). A company will use the marketing mix in order to control variables in marketing to satisfy a target group. This paper will describe the four elements of the marketing mix; product, place, price, and promotion. In addition, the four elements of the marketing mix will be discussed on the impacts in the development of Starbuck's marketing strategy and tactics.Product"The product area is concerned with developing the right "product" for the target market" (Perreault, 2004, pg. 38). This requires a company to determine what item or service is desired by the customer in order to fulfill needs. The product needs to provide a service, cover the expected needs for the customer, or deliver the expectations created by other elements of the marketing mix. Service, benefits, branding, and packaging are some things that are taken into consideration with an organization's product (Perreault et al, 2004). The overall objective is to offer a product that will satisfy the wants and needs of people.Place"Place is concerned with all the decisions involved in getting the "right" product to the target market's place" (Perreault et al, 2004, pg. 39). Place refers to the delivery of a product or service to a location that customers may obtain from. This step is needed to get the finished product from the company or origin to the consumer. Marketers need to consider the most efficient method to distribute an organizations product. Channel type, market exposure, locations of stores, service levels, means of transportation and distributing are factors that are taken into considers when marketers need to develop a strategy for place (Perreault et al, 2004). The overall objective is creating a place in order for customer's to buy the product.Price"Price setting must consider the kind of competition in the target market and the cost of the whole marketing mix" (Perreault et al, 2004, pg. 40). The price is the amount that will be charged for the product. "Managers must know current practices as to markups, discounts, and other terms of sale" (Perreault et al, 2004, pg. 40). The prices set by competitors will affect the price of the product. Organizations use pricing techniques in order to reach a competitive price of the product. Prices are set by a company in order to become profitable or to even reach the break even point. Flexibility, product life, cycles, geographic terms, discounts, and allowances are factors that must be considered before setting the price of a product (Perreault et al, 2004). In addition, pricing strategies also will vary according to region. For example, a product that sells for a price of 10 dollars in California may only sell for 7 dollars in the state of Georgia. The overall objective is the set the right price...

Find Another Essay On Elements of Marketing Mix

Q: "Advertising is the most 'important' element in the promotion mix." Discuss whether you agree or disagree by evaluating the other elements of the promotion mix. PART 3 DIRECT MARKETING

840 words - 3 pages the internet (usually) whereas traditional direct marketing takes place via phone or mail. As the internet continues to grow it is foreseeable that e-commerce will further develop into and effective part of the promotional mix.ConclusionThroughout this essay I have tried to show that elements of the promotional mix are equally as effective when synergised in an integrated marketing campaign. Primarily it is most important to tirelessly promote one

Marketing Mix - 4Ps of Marketing Mix

1237 words - 5 pages Marketing mix can be describes as "the use and specification of the 4 Ps describing the strategic position of a product in the marketplace… A prominent person to take centre stage was E. Jerome McCarthy in 1960; he proposed a four-P classification which was popularized. (wikipedia.com)" The marketing mix approach to marketing is a model of creating and implementing market strategies. The marketing mix stresses the mixing of different

Marketing Mix of Sainsbury's

3714 words - 15 pages all employees to develop their abilities and sense of customer service and well reward their contribution to the success of the business.B Marketing developmentB1.1 the possibility of finance serviceSainsbury's has been trying hard utilizing the full range of marketing mix elements to build up a reputation for quality food and DIY products over many years, developed from the early Sainsbury's stores that offered customers highest quality at

Marketing mix of haier group

2089 words - 8 pages Marketing Mix of China's Haier in the USIntroductionWith the process of globalization, many transnational companies have been searching for their target market in other countries all over the world. Through the introduction of successful experiences of china's Haier in the US market, the article tries to reveal some key elements in marketing strategy. Moreover, the article concentrates on analyzing specific aspects of marketing mix, including

Marketing Mix of Air Asia

2100 words - 8 pages 33-35 Bangunan Systematic,Jln Hang Lekiu, 50100 KL SEGi College Kuala Lumpur (SCKL) Principle of MarketingExecutive SummaryThere are 4 marketing mix for Air Asia such as product, price, place and promotion. Air Asia should improve their service to satisfy their customer.Assignment Allocation of Marks No. Description of criteria adopted that will be used for the assessment of the assignment Weightings Marks Allotted by Lecturer 1

Marketing Mix Of Pepsi-Cola

1264 words - 5 pages Marketing Mix Of Pepsi-Cola Today¡¦s PepsiCo, Inc. was found in 1965 through the merger of Pepsi Co and Frito-Lay, the world¡¦s largest manufacturer and distributor of snack chips. In 1998, it acquired Tropicana, the world¡¦s largest marketer and producer of branded juices. In addition to the main body of 3 companies, the Pepsi-Cola Incorporation also owns four well-known fast food restaurants in the world

Elements of a Marketing Plan

1147 words - 5 pages Analyse the elements of the marketing plan/marketing planning process in achieving business successA marketing plan is a vital part of achieving business success; it has many elements that assist in achieving this goal. These elements are, a situation analysis, market research, establishing target markets, identifying target markets, developing marketing strategies and implementing, monitoring and controlling. A quintessential businesses that

The Various Elements of Marketing

3371 words - 14 pages marketing is the Boots Marketing Mix. The various elements of marketing process that Boots adapts According to Boots UK that Boots promotes family values and the marketing process is to find Boots customers’ needs and wants then find the necessary demand for specific products and supply them for affordable prices. In order to provide best value for their customers, Boots monitor the market environment and produce effective market strategies

Marketing Mix of Common Wealth Bank

2477 words - 10 pages their customers, therefore it is especially important for them to have unique ideas and make themselves different from competitors in order to maintain their share in the market. A bank can communicate with consumers and build a healthy and deep relation with them, by skilful composing the elements of marketing mix. The time of financial crisis requires a lot of changes in the marketing mix. ‘Marketing’ is a main tool that is turned to customers

The Four P's Of The Marketing Mix

1554 words - 7 pages Marketing MixDetermining the proper marketing tactics for a product or service is a process that requires many steps to accomplish successfully. There must be an appropriate 'mix' of ingredients to meet the objective. The four main elements are product, place, promotion, and price. Different businesses and industries require a different mix, depending on the objective for the company. Each product, item or service needs to have the appropriate

MARKETING OF ENERGY DRINKS - PRODUCT MIX, PACKAGING

3878 words - 16 pages elements are even more important for products as energy drinks, that have quite generic core attributes (their composition is almost similar) and that cannot differentiate their offer using the augmented level of the product, we discovered through our research that a brand mustn't limit its marketing mix tactic to its product features (naming and packaging). The three other P's areas (Price, Place, and Promotion) are critical tools to strengthen the

Similar Essays

The Elements Of The Marketing Mix

1339 words - 5 pages This paper will cover the elements of the marketing mix with an organization which I haveselected that I have been familiar with. The company that I have selected will be UnitedParcel Service. I will breakdown and describe the marketing mix and discuss in detail theproduct, place, price and promotion parts of this mix.Let us first start with what a marketing mix is defined as. A marketing mix is known asone of the most used phrases in the

Marketing Mix Describe The Elements Of The Marketing Mix. Mkt/421

553 words - 2 pages IntroductionMarketing mix is the s ....What is Marketing? Well so far my understanding from the information I have reviewed in regards to marketing, is that marketing is the basic process by which a product or service is determined, then it is priced, promoted, and distributed to consumers. Overall the marketing of a product is the defining action in which a company determines what needs have to be met in order to get the product distributed to

Evaluate The Organisation’s Use And Selection Of Tactical Campaign Elements Of The Promotional Mix As Part Of Its Integrated Marketing Communications

2346 words - 10 pages leadership in the more competitive age. The successes of its marketing implements show in every aspect of its integrated strategies in the promotional mix, such as advertisements, public relations, sales promotion and so on(Palmar, 2012:420-461)). The sponsorship of English rugby premiership, the successful use of new technologies such as Facebook, You tube and other social media (Guinness.com, 2013), and the themed activities linking in St

Services Marketing Mix Elements:"An Evaluation Of The Logica Carnegie Group Inc.'s Target Markets And Strategy As A Professional It Service Provider" Written In 4 Hours : P

2835 words - 11 pages A company providing services is different from one that supplies a product. A service is intangible, something which cannot be touched. In this essay, the marketing objectives and target markets will be outlined, as well as the marketing mix that is used for such markets. There are naturally different kinds of services, but this essay will focus on professional IT services. The example that is mainly used will be CGI, i.e. the Logica Carnegie