Marketing Mix Mkt / 421 Uop

1102 words - 4 pages

Marketing MixSince the marketing mix paradigm was introduced by Borden in 1964 and honed to the 4Ps by McCarthy, marketing mix is an idea, which influenced as well as divided by the marketing professionals. The original theory was developed by Borden and later it was reduced to four basic elements: Product, Place, Promotion, and Price (Perreault, McCarthy, J. 2004 pg. 38). The theory is based on the consideration of the target market. Marketing professionals must recognize and understand the target market's wants and needs, and implement those essentials to create a marketing plan. Sociologist and psychologist long had worked to recognize the basic human needs. In 1943, Maslow proposed a theory, the hierarchy of needs, where he sets five levels of needs in a hierarchy. The concept says that every lower level of needs has to be met or satisfied in order to focus on the higher level of needs.McCarthy developed the 4Ps and the marketing mix from a marketer's perspective and the customer itself does not take part of the 4Ps. The customer is rather viewed as the target of the marketing efforts (Perreault, McCarthy, J. 2004 pg. 38).The product itself is the physical, tangible product or the service, which is offered to the customer. It also contains packaging, branding, warranties, appearance and developing and managing new product lines.The place refers to the distribution or any other means that serves as a purpose to getting the product to target customers. Since distribution channels are so complex, marketing managers have numerous different potentials to choose from.Promotion represents various aspect of decisions related to communicating and selling to the potential costumers. Sometimes promotion targets to keep the existing customers and sometimes it tries to acquire new customers. It involves advertising, publicity, and public relations.Price includes all the financial decisions to set the right price. It should consider the cost of the rest of the marketing mix, the profit margin, the competitors' possible response and mainly the target-market possible reaction. Price includes financing, leasing, discounts, and other term of sales.Meanwhile, the 4Ps concentrate on the marketing mix paradigm some critics see as a misused tool, which fails to consider the building of the shareholders' value in the long run. Doyle says to try to create a value for the shareholders only with building a brand and determines the market pricing according to the 4Ps is not enough; "It also means aligning sales objectives, prices and marketing spend to shareholder value creation rather than solely marketing criteria such as market share or consumer attitudes and awareness."(Doyle, P. 2001, pg 30)Not all companies' management is well aware of the marketing mix, but most of them apply some kind of marketing strategies. Rolladen Rolling Shutters is one of the companies where marketing plan is nonexistence, even though the owner/management tries to expand the market shares...

Find Another Essay On Marketing Mix - MKT / 421 - UOP

Marketing Mix Analysis Marketing 421

734 words - 3 pages Marketing MixThe term "Marketing Mix" was born in the early 1960's and is one of the more popular phrases used in marketing. So what is the Marketing Mix? In an article titled "The Concept of the Marketing Mix" written by Neil H. Borden describes the four elements that actually make up the marketing mix. The four marketing elements of the mix are for all intents and purposes marketing tactics that are used to effectively execute a marketing

Perceputal Marketing MKT 421: Thorr Motorcycles

988 words - 4 pages , good enough that the simulation says the marketing department has chosen an excellent marketing mix and I would make a good marketing manager (University of Phoenix, 2006).The next situation Thorr's marketing department is faced with is to evaluate the marketing plan. The purpose of the evaluation is to determine the effectiveness of the campaign. The department will use the perceptual mapping to analyze the effectiveness.The sales figures have

Title: Definition, Role and Value of the Marketing Function MKT 421

2148 words - 9 pages AbstractThe marketing mix of an organization consists of four different elements, product, price, place and promotion. Product is the overall entity that the organization has at hand and which it requires to sell in the market. Price is the kind of price range the organization is looking at to be feasibly realized from the target market in return for the product. Place is the target market where the product can be sold. Promotion is the message

Title: Marketing Strategies For Global Competitiveness MKT 421 1256 words Scored 98%

1210 words - 5 pages an international marketing strategy.The growing integration of international markets as well as the growth of domestic competition on a worldwide scale implies adoption of a global perspective in planning marketing strategy. This paper will discuss the factors that enable the industry to globalize it will also discuss the concept of global competitiveness and studies the factors leading to global competitiveness. In this paper, ideas from

Environmental Factors and Marketing Decisions

1255 words - 5 pages , Resource, MKT 421 — Marketing web site:https:// Bansal, P. (2005). Building sustainable value through fiscal and social responsibility. University of Phoenix E Book edition. Retrieved November 24, 2006 from University of Phoenix, Resource, FIN. 475—Managerial Finance I web site: Bearden

Consumer Behavior and the Four P's of Marketing

1018 words - 4 pages predict how the consumers will respond. These steps help persuade the customer to buy a company's product thus increasing profitability.References:Armstrong, G., & Kotler, P., (2005). Marketing Management (7th ed.) [University of PhoenixCustom Edition e-text]. Upper Saddle River: New Jersey. Retrieved July 20, 2006 from University of Phoenix, Resource, MKT/421 Marketing Website;, A

Simulaion Summary, Thorr Motorcycles, Cruiser Thorr

954 words - 4 pages of owning a Thorr they are less likely to by a brand with a less regarded name in the future.Reference:Beardon, Ingram, & Laforge, (2003). Marketing Principles and Prespectives. Retrieved from Universtiy of Phoenix.University of Phoenix. (2007). General marketing Using Precptual maps in marketing [Computer Software]. Retrieved January 28, 2009, from University of Phoenix, Simulation, MKT 421 Marketing.

Marketing Plan: Final Paper

2476 words - 10 pages quantifiable elements that can be used to evaluate, monitor, and control the effectiveness of your marketing planPlease try to link your section to the one ahead of if itConclusionIn conclusion it can be said that.ReferencesCannon, J., Perreault, W., McCarthy, E. J, Scott, D., (2009). BASIC MARKETING: A MARKETINGSTRATEGY PLANNING APPROACH, Seventeenth Edition, McGraw-Hill/Irwin. Course Curriculum MKT/421 Retrieved February 23, 2010, from: e-resourcesKerin, R., Hartley, S., Rudelius, W, (2009). Marketing, Ninth Edition, McGraw-Hill/Irwin.Course Curriculum MKT/421 Retrieved February 23, 2010, from: e-resources

La Mezcla de Mercadeo

1488 words - 6 pages y práctica del mercadeo.ReferenciasKerin, R., Berkowitz, E., Harley, S. & Rudelius, W. (2006). Marketing . 8th. Ed. [University of Phoenix Custom Edition e-text]. New York: The McGraw-Hill/Irwin. Recuperado el 13 de agosto de 2007 de la página de University Of Phoenix, rEsource, MKT/421 - Marketing : Business Knowledge Center. (n.d.) The Marketing Mix (The 4 P's of

Marketing Mix Paper

1257 words - 5 pages that is how people think the good product should be priced. Sony has their price set high but it is not so high that people won't buy it because it is too expensive.References:Retrieved April 15, 2006 from,UOP-eSource, Marketing 421-SyllabusRetrieved April 15, 2006 from,

The McDonald's Corporation Overview

1622 words - 6 pages Strategy Planning. [University of Phoenix custom edition e-text]. New York: The McGraw-Hill Companies. Retrieved February 25, 2007, from the University of Phoenix, Resource, MKT/421 - Basic Marketing: A Global-Managerial Approach website:'s Corporation (2007). Corporate webpage. Retrieved February 25, 2007, from Honolulu Advertiser (2003, March 12). A diet free of trans fats may not be realistic. Retrieved February 25, 2007, from

Similar Essays

Marketing Mix The 4 P's Mkt 421

1103 words - 4 pages analysis, all efforts of a successful product implementation will be lost.References:Kinnear, T.C., & Bernhardt, K.L. (1990). Principles of marketing (3rd ed.). Glenview, Illinois: Scott, Foresman/Little, Brown.Perreault, W.D., & McCarthy, E. J. (2005). Basic Marketing (15th ed). [University of Phoenix Custom Edition e-text]. New York: McGraw-Hill/Irwin.Retrieved April 6, 2006, from:University of Phoenix, Resource, MKT/421--Introduction to

Marketing Plan Mkt 421 Essay

6575 words - 26 pages maximum profitability while staying within a budget. As sales decline new technology will be tested and marketed and the life cycle will begin again.The product life cycle is concerned with new types of products in the market, not just what happens to an individual brand. The marketing mix usually changes over a product life cycle. One reason would be the change in customers' needs or attitudes during the life cycle of the product. As customers

Marketing Mix Describe The Elements Of The Marketing Mix. Mkt/421

553 words - 2 pages IntroductionMarketing mix is the s ....What is Marketing? Well so far my understanding from the information I have reviewed in regards to marketing, is that marketing is the basic process by which a product or service is determined, then it is priced, promoted, and distributed to consumers. Overall the marketing of a product is the defining action in which a company determines what needs have to be met in order to get the product distributed to

Using Perceptual Maps In Marketing Simulation: Thorr Motorcycles Mkt / 421 Uop

896 words - 4 pages objectives. The first objective was to choose the proper parameters and construct a perceptual map. The second objective was to create a marketing plan with a budget of $13 Million determining whether to reposition the company or to launch a new product. The last objective was to determine the parameter values for the future of the company. This simulation will show each of the objectives defined and the final outcome based on the decisions made.The first