Marketing Mix 4 Ps 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 factors in a way that both organizational and consumer or target markets objectives are attained. The 4 Ps of marketing are Product, Place, Promotion and Price. Each plays a key factor in the overall successful marketing of a product or service.Product"Although this typically refers to a physical product, it has been expanded to include services offered by a service organization. The specification of the product is one of the variables that a marketer has at his/her control. For example, the product can include certain colors (or not), certain scents (or not), certain features (or not). Lastly, in the broadest sense when a consumer purchases a product it also includes the post-sales relationship with the company. The post-sales relationship can include customer service and any warranty." The product or service is an important part of the whole marketing process, after all, something that is completely useless to anyone is usually unsuccessful regardless of how great the place, promotion or price is. Sometimes companies don't come out with all new products; they just try to tailor current products to better suit people. Convenience is one of the major factors in coming up with a better version of a current product.Price"The price is the amount paid for a product. In some cases, especially in business-to-business marketing this can also include the total cost of ownership (TCO). Total cost of ownership may include costs such as installation and other products required to deliver a complete functional solution." It is important to remain competitive when it comes to pricing. If the product is new and different customers will be willing to pay more, but if the same product is being offered, one should really consider keeping the price at or below the value of its competitors. This will give the product an even chance of being purchased, as it wouldn't fall outside of the average budget for that type of product.Promotion"Promotion represents all of the communications that a marketer may insert into the marketplace. This can include TV, radio, and print advertising, as well as coupons, direct mail, billboards, and online advertising. One of the less well-defined areas in promotion is the role of a human sales force. Are the messages the sales person provides to a consumer a component of the promotional mix, or is it part of the product? On the other hand, consumers may rather purchase the product only when sold through the support of a known salesperson."Often times we think of marketing as just the promotion or...

Find Another Essay On Marketing Mix - 4Ps of Marketing Mix

Marketing Mix Essay

909 words - 4 pages Marketing and the management of marketing focus on the planning and strategies used by marketers in today's business world. Marketing strategies focus on the target audience and are directly related to what we call the Marketing Mix. The purpose of this paper is to define and describe what the elements of the marketing mix are. We will also examine what the impacts of marketing mix are on a selected organization.Marketing mix has been defined as

Marketing Mix Essay

4400 words - 18 pages on their sight of the service provision which will have an impact on the organizations' perceptual plan of the service.The 4P's marketing mix framework was particularly useful in the early days when physical products are the main focus consumers pay full attention at. In today's market, consumers are moving towards after sales services, products supports & upgrade beside of products reliability & quality. The limitation of 4Ps is clearly

Marketing Mix

936 words - 4 pages Marketing Mix PAGE \* MERGEFORMAT 2 Marketing MixThrough the marketing strategy businesses are able to depict what customers they wish to supply. When the marketing strategy is classified the business then puts together a strategy plan. There are four sets of tools called the marketing mix that businesses use to implement the marketing strategy. The following tools are: product, place, price, and promotion.About the OrganizationIn the

Marketing Mix of Sainsbury's

3714 words - 15 pages Marketing mixReportThe aim of this report is to analyse the current Marketing Mix of Sainsbury's, and to work out how it would be adjusted to satisfy the possibilities of financial services?development as well as the steps taken when considering the launch of the financial services products. This report is based on my own research by reading Sainsbury's annual report, its web site and the discussions among the experts and professors, along with

Marketing Mix - 2919 words

2919 words - 12 pages Marketing Mix Has today's dominant marketing mix paradigm become a strait-jacket? A relationship building and management approach may be the answer. The marketing mix management paradigm has dominated marketing thought, research and practice since it was introduced almost 40 years ago. Today, this paradigm is beginning to lose its position. New approaches have been emerging in marketing research. The globalization of business and the

Marketing Mix - 1387 words

1387 words - 6 pages What does the phrase marketing mix mean? What is the purpose of the marketing mix? The marketing mix is a process most organizations use to bring a product or service to market. The four Ps is a good way to define the marketing mix tool. The four Ps or four elements of the marketing mix are product, place, price, and promotion, which are used to satisfy consumers’ needs and the objectives of the organization. After a target market is selected

Marketing Mix

1531 words - 6 pages Running Header: MARKETING MIX PAPER PAGE \* MERGEFORMAT 1 MARKETING MIX PAPER PAGE \* MERGEFORMAT 2 Marketing MixDiane BeleauMKT/421Instructor: Ron Stirpe28 April 2014Marketing Mix - IntroductionA marketing strategy provides a big picture of what a company can do in a specific market. When creating a marketing strategy, a company must identify a target market and a related marketing mix."To find the best marketing strategy and mix, the

Marketing Mix - 1773 words

1773 words - 7 pages New products and new services offered by any company demand an overall marketing strategy to ensure the utmost success. A company's marketing plan should not stop there, however. The next step companies should take towards completing their marketing plan is to plan the details of the marketing mix. The marketing mix, or the 4 P's of marketing, are "the variables that marketing managers can control in order to best satisfy customers in the target

Marketing Mix

1224 words - 5 pages Walmart's Marketing Mix PAGE \* MERGEFORMAT 5 Running head: WALMART'S MARKETING MIXWalmart's Marketing MixUniversity of PhoenixWalmart's Marketing MixFour elements are integral factors in the marketing mix. These four elements, or otherwise known as the "four P's," of a marketing mix are product, place, price and promotion. This paper will discuss what the "four P's" of marketing entail. The paper will also discuss Walmart, a retail giant, and

Marketing Mix - 1496 words

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

Marketing Mix - 1503 words

1503 words - 6 pages According to Armstrong and Kotler (2005) "marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization" (p. 113). Several variables can be used to help aid in making the right decision when it comes to marketing. This paper will describe the various elements of the marketing mix by utilizing three sources. In addition, this paper will describe how each

Similar Essays

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

Marketing Mix Essay 966 Words

966 words - 4 pages by four elements: product, price, promotion and price. Those "4Ps" influence the market significantly, which may decide success or fail of a company. So, a company should use a suitable marketing mix strategy to extend its market. As to the global market, does an international company use the same marketing mix in different countries? The result is no. This essay is going to discuss why an international company uses different marketing mix in

Marketing Mix Essay 1002 Words

1002 words - 4 pages Untitled Marketing and the management of marketing focus on the planning and strategies used by marketers in today's business world. Marketing strategies focus on the target audience and are directly related to what we call the Marketing Mix. The purpose of this paper is to define and describe what the elements of the marketing mix are. We will also examine what the impacts of marketing mix are on a selected organization

Marketing Mix Essay 1032 Words

1032 words - 4 pages Marketing Mix Marketing Mix Through the marketing strategy businesses are able to depict what customers they wish to supply. When the marketing strategy is classified the business then puts together a strategy plan. There are four sets of tools called the marketing mix that businesses use to implement the marketing strategy. The following tools are: product, place, price, and promotion. About the Organization In the