Marketing Mix Recipe: "Add 4 P's

1526 words - 6 pages

AbstractThe nature of marketing has changed in the wake of the business world. The marketing organization that both survives and thrives in this evolving environment will be the one that hones its capabilities, builds upon these capabilities and applies these capabilities in the satisfaction of customers. This research examines the marketing mix consisting of 4 P's; product, price, promotion and place, which represents strategies that can help promote and meet marketing objectives, and strike a balance between the right marketing elements, so that optimum elements are used in the right proportions to bring about success in selling of products and services.Marketing Mix Recipe: Add 4 P'sThe marketing mix is what most marketing people call "the 4 P's" and it consists of Product, Price, Place, and Promotion. "Some people will increase the marketing mix to the "five P's", to include people. Others will increase the mix to "Seven Ps", to include physical evidence (such as uniforms, or facilities) and process (i.e. the whole customer experience e.g. a visit to Disney World)" (Marketing Teacher, 2000). The marketing mix is a very important aspect of any marketing strategy and contains "the controllable variables the company puts together to satisfy the selected target group" (Perreault and McCarthy, 2004, Ch 2).The Product is the need satisfying item or service which the company provides to the consumer. After a period of development the product is introduced into the market; it gains more and more customers as it grows; "eventually the market stabilizes and the product becomes mature; then after a period of time the product comes up against some of superior its competitors, and it may go into decline and is eventually be withdrawn from the market if it cannot withstand the competition" (Marketing Teacher, 2000). This is what is known as the product life cycle.The Price is the amount of money that is charged for the product. When a company determines price it must take into consideration such things as the cost to produce the product. There are many ways to price a product. Companies can use a high price when the product is unique to the market or when they hold the competitive advantage. Penetration pricing is the act of setting the initial price low in order to attract a large share of the market. Once this achieved, the price is increased in order to make a profit. Economy is a no frills pricing where prices are kept low on mainstay items such as those sold at the grocery store.The Place is the making of goods and services available in the right quantities at the right locations. "Place is also known as channel, distribution, or intermediary. "It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer" (Marketing Teacher, 2000). There are many types of intermediaries such as wholesalers, agents, retailers, the Internet, and direct marketing. It is important to provide exposure of...

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