The Marketing Mix Essay

1925 words - 8 pages

The Marketing Mix

Description of the Marketing Mix:

Marketing is the way in which a business promotes its products or
service.

Marketing is not solely selling the product; it is concerned with
identifying customers and satisfying their needs/wants at a profit.

Businesses have to sell what they produce/serve. To do this, marketing
decisions must be made, which involve:

PRODUCT - what products will be sold.

PRICE - what price those products will be sold at.

PLACE - where the best place to sell the product/service will be.

PROMOTION - how the customers will get to know about the product.

The above are known as the Marketing Mix.

Market Research:

Researching involves investigating a subject in order to find out
about it. Market research takes two forms…

QUANTITATIVE - finding out numerical information. Or information that
is definite and precise - based on facts rather than opinions or
choices.

QUALITATIVE - finding out opinions and reasons for choices.

This information can be collected using PRIMARY (field research)
and/or SECONDARY information…

1. Desk Research (secondary).

This involves the use of secondary data (information that is already
available - on databases or business directories, etc.). This
information can come from within the business, or from outside:

From outside the business…

This information comes from sources outside the business. It can mean
researching other products in the market, or sometimes even finding
out about another company.

In our case, it means e-mailing companies and researching the products
that they have on the market, via the Internet of via telephones.

From inside…

This information is readily available from inside the business. It can
come from invoices, accounts, selling patterns and suchlike.

[IMAGE]

2. Field Research (primary).

This involves collecting primary information. This is new data that
has not been compiled by existing sources. This Primary data is
collected through direct investigation - using one of the three
following methods.

Observation: Looking at how people behave when making a purchase, by
directly observing them, not interfering the purchase or becoming
directly involved. However, this does not reveal to the business WHY
the consumer is behaving in this manner.

Experiments: Experimental techniques are used by market researchers.
Launching a new product can often be very costly and therefore
manufacturers often test products to see if they will succeed or fail
in their target market. There are a number of ways in which this can
be carried out…

· Home placement tests - This involves asking a limited number of
potential customers to use the product for a certain amount of time,
for example a week or month. A trial test.

...

Find Another Essay On The Marketing Mix

The Marketing Mix Essay

673 words - 3 pages In order to achieve the marketing objectives, a corporation needs to have a strategy that includes different elements, the various parts of the marketing mix. The marketing mix reminds the corporation to get the balance right between the different elements. It is easy to assume that one part of the marketing mix is wrong when, in fact, it is another.Marketers have fours tools to use to develop an offering to meet the needs of their targeted

The Marketing Mix Essay

1204 words - 5 pages There are four elements to the marketing mix. These four elements consist of product, place, price and promotion, also referred to as the “four P’s”. All elements are just as equally important in contributing to the marketing success of any company. Technology Assurance Group, also known as TAG National is an organization that utilizes the marketing mix to remain a profitable organization. They currently have 117 members across

The Marketing Mix

2215 words - 9 pages The Marketing Mix Product The product is the most important aspect of the marketing mix. The product can be a service or even a holiday destination. Products have both tangible and intangible benefits. Tangible benefits include benefits, which can be measured such as the top speed of a car. Intangible benefits are benefits that cannot be measured such as the enjoyment the customer will get from the product. It is

The Elements of the Marketing Mix

1339 words - 5 pages This paper will cover the elements of the marketing mix with an organization which I haveselected that I have been familiar with. The company that I have selected will be UnitedParcel Service. I will breakdown and describe the marketing mix and discuss in detail theproduct, place, price and promotion parts of this mix.Let us first start with what a marketing mix is defined as. A marketing mix is known asone of the most used phrases in the

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

Sponsorship and the Marketing Mix Throughout Vodafone

2102 words - 8 pages Sponsorship and the Marketing Mix Throughout Vodafone Throughout the course of my investigation, I am going to look at how Vodafone uses the marketing mix and how this is beneficial to them as a company. Also how they get their message of the company across to the public. I intend to use both primary and secondary research throughout my investigation as it will be helpful in gathering my information. I aim to

The Oak Tree Ltd. Marketing Mix

611 words - 2 pages Centres, Furniture Stores and Specialist Garden Furniture Stores. The Oak Tree Ltd. recognizes the Internet as a growing distribution channel, too.The Oak Tree Ltd. is not only concentrates on creating a partnership with the customer, but also pays attention to its new business structure. The company now wants to expand into other countries and is initially targeting other EU countries. Ideally it would prefer to use a pan-European marketing mix, but recognises that may not always be possible. The parent company has agreed to fund any level of investment if it is convinced of the returns

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

Principles of Logistics and Marketing: The Marketing Mix

1345 words - 5 pages Discuss why Place, or Distribution, can become the element of the marketing mix that causes the biggest headache to the manufacturer.A Marketing Channel is a channel of distribution, or group of interrelated intermediaries which direct products to consumers Dibb & Simkin 1994A channel of distribution comprises a set of institutions which perform all of the activities utilised to move a product and its title from production to

The Marketing MIx of Absolut Vodka in the US

2247 words - 9 pages INTRODUCTIONThe aim of this essay is to critically analyze the marketing mix of a selected company that operates in a specific country, which in this case is Absolut Vodka in the United States of America. Absolut Vodka is a Swedish brand of vodka, produced in the southern part of Sweden. Building on a four century tradition of producing vodka, Absolut was created in 1877 and was introduced as its current name in 1879 by the entrepreneur Lars

The Importance of Branding in the Marketing Mix

2139 words - 9 pages know about the different branding terms and branding strategies you now know how important branding is to the marketing mix. A successful firm depends largely on its ability to attract consumers towards its brands. For a company to retain its current customers and make them loyal to the brand is critical for the company to survive. It all depends on the companies on which strategy they will use for their product. Every strategy has there advantages

Similar Essays

The Marketing Mix Essay 911 Words

911 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

The Marketing Mix Essay

1523 words - 6 pages The Marketing Mix The objective of this document is to gain an understandable idea of the marketing mix. The marketing mix is an indispensable element of every firm’s marketing arrangement. The marketing mix includes four key facets recognized as product, place, price, and promotion. The mix is the arrangement of the entire four groups in which a thriving marketing movement is generated. In an effort to identify with the elements of the

The Marketing Mix Essay 2239 Words

2239 words - 9 pages A war has been emerging in the business world and no organizations are looking to back down. Every company is gathering its tools and its top employees, planning intricate strategies and a marketing mix that will prove successful in battle…the battle for the consumer. Many have heard the term but have no idea of its meaning. The marketing mix is probably the most famous marketing term and includes four variables, or ingredients (product

The Marketing Mix Essay 1379 Words

1379 words - 6 pages The Marketing Mix Introduction Setting the right marketing mix for the product or service means that it including all of the important bases in marketing strategy. The marketing mix is generally established as the use and requirement of the 4P’s which is describing the strategic position of a product in the marketplace. One version of the beginning of the marketing mix starts in 1948 when James Culliton said that a marketing decision