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 following paper all tools in the marketing mix will be discussed and example will be given. The company that was chosen is Wachovia. Wachovia is a location throughout the nation. They offer many financial products. Examples will be given as to how these four elements affect Wachovia's strategy planning and how it is implemented. Wachovia is the financial industry and offers banking, mortgage loan and home security systems.
Product is the first tool used to develop a marketing plan. Many people view product as an object that could purchased or sold. "The real meaning of a product is the goods and services combination the company offers to the target market" (Armstrong & Kotler, 2005). Wachovia has developed many strong relationships with several companies to expand the services offered. Wachovia offers many services but the mortgage loans for purchases or refinancing are the main service that is offered. Wachovia also offers banking, financial advising, and insurance. Offering a variety of products allows more opportunity for the employees and the company as a whole.
The second element of the marketing mix is place. "Place includes company activities that make the product available to target customers" (Armstrong & Kotler, 2005). The "place" element plays in important factor because Wachovia is a real estate company. In the real estate world it is known that that having the correct "Location, Location, Location" is crucial. Wachovia has branches all over the United Stated but California, Florida and Texas are the main target markets. California, Florida and Texas are the main States because sales remain steady and presence is still in the process of growing. Though Wachovia is licensed in many States, some States do have different law requirement and do not allow any processing of loans that belong to Wachovia.
Price, price is the Third element in the marketing mix. "Price is the amount of money the
customers have to pay to obtain the product" (Armstrong & Kotler, 2005, p. 57). What makes the
price of a product? Marketing cost, materials for products, and any other cost affiliated with the product is the total amount of the product price. The price of the product offered by the...