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Market Mix Essay

1594 words - 6 pages

Marketing Mix PAGE \* MERGEFORMAT 9
Marketing MixLaShawn M. ColliganUniversity of Phoenix-Baton Rouge CampusBXBSBM507B / MKT421Andrea D. BenjaminDecember 15, XXXXMarketing MixThe six senses of humans are all important. Although each sense offers a specific ability to give existence to the world, Product, Price, Place, and Promotion (the four Ps) of a marketing mix share in the similarity. To meet customers' needs a business must develop products to satisfy the customer, charge the right price, place the goods to the right location, as well as make the existence of a product known through promotion. The marketing mix is often referred to as the 'four Ps' with reference to product, price, place, and promotion. Describing the elements within a marketing mix while at the same time showing how each element should be designed to meet customer needs, and requirements will be discussed within this article. Additionally, selecting an organization then describe how the four elements within the marketing mix impacts the development of an organization's marketing strategy, and tactics will be discussed.Describe Elements of Market MixA company cannot make customers pull out ones' credit card; however, a company is capable of undoubtedly setting the right price, the retail location, the level of advertising, and even attributes of products such as perceived quality or color to help customers reach a decision. A company does not control the customer themselves; however, companies control everything else. The marketing mix variables are all inter-reliant. When used collectively, the marketing elements represent a definite mix. The elements within the mix are referred frequently to as the marketing mix. In defining the marketing mix, it is also essential to take into consideration the company competitor's marketing mix, the company's corporate objectives, and goals. The objective is to develop a mix, which unmistakably distinguishes one product from the competition at the same time taking into account the company's goals. For instance, one organization may wish to offer a high-end luxury brand of product, given that the competition is targeting the mass market, which is in harmony with the company's objective of owning the top-of-the-line products market of the category.ProductProducts or services must meet customer's requirements whatever the requirements might be. For example, an important aspect is function; a product should do what it says the product can do at the same time as what the product is expected to do. For example, Audi cars are popular because of Audi's high-performance. Appearance is also important. This is why, for example, consumers are prepared to pay premium prices for Gillette's high-end razors.PricePrice is not only a sticker price, or the price invoiced; price needs to be relevant to the product, service, and the market. For example, BIC the manufacturer of razors, pens, and lighters seeks to provide the world's markets with products at...

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