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Marketing Mix Essay

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 company engages in marketing analysis, planning, implementation and control." (Armstrong & Kotler, 2011) 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, Cannon, & & McCarthy, 2011) Breaking down the marketing mix into these four basic elements product, price, promotion, and place helps simplify the selection of marketing mixes that will target the customers. "Components of each marketing mix element are combined to provide a cohesive marketing program." (Kerin, Hartley, & & Rudelius, 2011)This essay will describe the elements of the marketing mix. Partylite is the organization selected for this essay and will be used to description how the four elements affect developmental marketing strategy. An explanation of how each part of the marketing mix is implemented and what industry that Partylite exist is present.Partylite has been around for over a century, its origins began in 1909, when a schoolteacher named Mabel Baker began simply by making bayberry candles in her Cape Cod kitchen. From the first candles in 1909, to the inception of the company now called Partylite that emerged in 1973 and has since become the world's #1 party plan company selling candles, candle holders, flameless fragrance and wax warmers, as well as holiday and home décor in 21 different countries (Partylite, 2014). Today Partylite services customers out of a 500,000 sq ft distribution facility in Carol Stream, Ill. Orders range from 8,000 to 10,000 a day and peak to approximately 25,000 during the holiday season.Marketing Mix ElementsA plan, that is controlled, including four elements; product, price, place, and promotion. The company makes adjustments of these four elements until the right combination meets consumer needs. The ultimate goal, when using this tool, is to make a profit by putting the right product in the right place, at the right price, at the right time (Mindtools, 1996-2014).Product is the central part of the marketing mix. One has to figure out how to make it, how the product line is going to run and set it up. One also has to decide the range of products the company will offer consumers (The Times 100 Business Case Studies, 2012).Price creates revenue. The other elements of the marketing mix cause for spending. To understand what a product should cost, one must understand what the consumer feels like the value of that product should be. In order to do this...

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