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Marketing Mix Essay

1350 words - 5 pages

Marketing Mix PaperThe concept of marketing is very broad. There are many things to consider when effectively introducing a new product or service into the market. Most important is the marketing mix made up of the four Ps; product, place, promotion, and price, which are the controllable variables in a marketing strategy. (Perreault, W. & McCarthy, J., 2005) These four Ps are the parameter that an organization can control, subject to the internal and external constraints of the marketing environment. The goal is to make decisions that center the four Ps on the customers in the target market in order to create perceived value and generate a positive response.Business of all types and sizes, including non-for-profit organizations, use marketing in their local, regional, national, and global operations to direct the flow of product from the manufacturer to the ultimate consumer. IKEA, a furniture retailer and franchisor, provides an excellent case study in the application marketing mix.ProductThe term product refers to the 'total concept' that is sold. The total product consists of both tangible and intangible parts. In general terms, product also refers to the needs-satisfying offering by a business to consumers. Product is therefore more than the physical thing sold by business. (Perreault, W. & McCarthy, J., 2005) Examples of product include: brand name, functionality, styling, quality, safety, packaging, repairs, warranty, accessories, and services. The conditions a product is sold under will change over time, which refers to product life cycle. Product life cycle consist of four different stages; introduction, growth, maturity, and decline. (www.netmba.com) To be able to market its product properly, an organization must be aware of the product life cycle of its product.IKEA's core product is furniture retailing, such as computer tables, organizational tools, kitchen, bathroom, lighting, sofas, textiles, and decoration for home. (www.ikea.com) IKEA takes a unique approach, focusing on convincing customers to buy furniture to improve their environment. IKEA designers design every IKEA product starting with a functional need and a price. The IKEA Concept is to offer a wide range of home furnishings with good aesthetic design and functionality at very low price.PlacePlace is broadly concerned with both the sales territories of business and the channels of distribution. (Perreault, W. & McCarthy, J., 2005) A distribution channel refers to the type of intermediary or linkage between producer and consumer. Two-channeled distribution may include various intermediaries such as wholesalers. Direct distribution occurs when the producer directly supplies the product to the customer. The choice of distribution channel depends on a variety of factors, for example, the type of product. Some products are not suited for direct distribution. A warehouse of wholesaler may provide an effective link with retailers as an existing relationship may already...

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