Marketing Mix The 4 P's Mkt 421

1103 words - 4 pages

Marketing Mix 3The Four P's 3Product 3Place 4Price 5Promotion 6Marketing Mix and the Market Plan 7References 8Marketing MixThe marketing mix revolves around the customer and their desires and/or needs. Although the customer is not included in the marketing mix, the customer is the center of the marketing mix profile -- "The customer should be the target of all marketing efforts" (Perreault & McCarthy, 2005, p.38). The marketing mix is a piece of the whole picture constructing the marketing plan. Once the decision has been made that a new product or service is wanted or needed, the organization has to determine the target market: Who will use the product? What makes them use or buy the product? How do they expect to obtain the product? What price will they pay to have the product?The Four P'sThe marketing efforts have been categorized into four basic components: product, place, price, and promotion (Four P's). By using the customer as the target for making decisions related to the product, place, price, or promotion--the manager also provides what Robert Lauterborn says corresponds with the "customers' four Cs: customer solution, customer cost, convenience, and communication" (as cited in Kotler & Keller, 2006, p. 20).ProductThe product the customer wants or needs is not necessarily a physical good; it could be the additional benefits one receives because of a service provided. For example, at Wal-Mart, the door greeter is a service provided to make customers feel appreciated and welcomed into the retail store. Another way to think about the product is to "define product as every want-satisfying attribute a consumer receives in making an exchange" (Kinnear & Bernhardt, 1990, p. 267). Other product decisions such as quality, features, packaging, and accessories also have to be determined and solved for. In retail locations such as Wal-Mart, another dynamic that goes into the product selection is that of rotation or consistent changing. Wal-Mart is a large seller of clothing which changes frequently because of trends and weather; so, Wal-Mart has to plan the timelines for each product change. Essentially, the goal of the manager is to provide a product that will fulfill the desires of the customer from the target market it has identified as its core benefactor.PlaceConvenience for the customer is a large attribute in determining the right product; therefore it only makes sense that the place also be a deciding factor in the marketing mix. Wal-Mart has multiple retail locations in order to meet the customer wants for convenience. In addition, Wal-Mart has opened up smaller retail outlets in order to bring their product to areas that may have limitations in the amount of land. Moreover, place does not only refer to a physical structure such as a building but instead a channel of distribution, "marketing channels of distribution make possible the flow of a product or service to a consumer or user" (Kinnear et al., 1990, p. 337). Place is a...

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