Marketing Mix Essay

1531 words - 6 pages

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...

Find Another Essay On Marketing Mix

Marketing Mix Essay

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 Essay

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 - 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

Marketing Mix - 1177 words

1177 words - 5 pages Marketing is a vital part of any business and is an integral component of selling any product. Whether the business is a small mom and pop operation or a world leader, marketing is a part of the business. Because there are many ways to fulfill the needs of the customer, a straight-forward approach is to consider the four "Ps" of the marketing mix. This paper will examine the marketing mix and give examples of the marketing mix as it pertains to

Marketing Mix - 1261 words

1261 words - 5 pages IntroductionA marketing mix is the controllable variable the company puts together to satisfy a target group. ( Perreault, 2004) Marketing mix is also a concept that summarizes the basic elements of effective implementation of the fundamental variables of marketing. The strategy chosen by the organization is followed through to the customer. These fundamental elements are commonly referred to as the Four P's. Properly covering each of these

Marketing Mix - 1272 words

1272 words - 5 pages Abstract In this paper I will define what a good marketing mix requires and describe how a company uses this process to market their product. I have chosen Anytime Fitness as my company to do my paper on. Anytime Fitness is a unique style of fitness club that is in a very competitive market place. Their marketing mix focuses on all of the four P's to attract customers. They locate small neighborhood clubs close to where people live and work

Marketing Mix - 1626 words

1626 words - 7 pages A marketing mix defines the marketing strategy a business plans to use in order to sell their products or services to consumers. The marketing mix is a combination of the four P’s of marketing, known as the product, place, promotion and price. By reducing the elements of the marketing mix into these four categories, management can manage the marketing plan more efficiently and develop an effective marketing strategy. No one element of the

Marketing Mix - 1348 words

1348 words - 5 pages The term marketing mix is defined as a set of marketing tools that the firm uses to pursue its marketing objectives in the target market. The marketing mix is an essential part of the formulation of a firm’s marketing strategy. It is important for an organization to have a good understanding of the marketing mix. Each element is important when developing a marketing plan. Traditionally, the marketing mix consisted of four broad categories of

Marketing Mix - 4400 words

4400 words - 18 pages 2009Student's Electronic Signature: Timothy OngPlagiarism is to be treated seriously. Students caught plagiarizing, can be expelled from the programmeManaging Strategic MarketingMarketing MixByTimothy Ong Toon Mun12th April 2009( 3,675 words)TABLE OF CONTENT4EXECUTIVE SUMMARY 61.0 Introduction 72.0 Company Background 83.0 Literature Survey 104.0 Brief of Product & Market 115.0 Present Marketing Mix of TEL CT Lithius 115.1 Present Marketing Mix

Similar Essays

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

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 909 Words

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 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