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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 industry. The marketing mix is also well know asthe four P's. What is interesting about her marketing mix is that the customer is not part of themarketing mix. (Perrault, Jr & McCarthy, 2005, 7/ch 2)Looking at the first element of themarketing mix will be the product or product life cycle... The product is what the company isknown for and is normally a good or service that is sold to the customer. The product life cycle isin theory the same as the product. According to www.marketingteacher.com, the product cycle isput into motion by having a developmental stage introduced. This stage is released into themarket. The idea is that the product will gain more and more customers as the product grows.Once the market stabilizes and the product becomes mature during the development period, thenthe product is overtaken by the introduction of superior competitors. The product then goes intodecline and is withdrawn. In some instances, the product maybe promoted again to regaincustomers. Some strategies that are used to promote are there for awareness. If the competitionis few a skimming price schedule is employed. The three major factors of the product aregrowth, maturity and decline.The next marketing mix piece that will be described is the pricing strategies. With pricingstrategies, there are many different ways that pricing strategies can be used, depending on thepolicy and strategy of the company. Some examples of pricing include premium pricing,economy pricing, price skimming, and value pricing. Other pricing strategies that can be usedare penetration, psychological, product line, optional product, captive, product bundle,promotional and geographical pricing, For example, product pricing is where there is a range ofproduct or services the pricing reflect the benefits of parts of the range. Another example isgeographical pricing where pricing is evident where variations in price differ around the world.The next part of the marketing mix that will be discussed will be the place. The place isalso known as a channel, distribution, or intermediary. According to www.marketing.com,this is the mechanism through which goods and or services are moved from the manufacturer orservice provider. There are six basic channel decisions that must be made. After the first sixchannels are decided, then a selection consideration is selected. The distributor must be familerwith the companies target consumer and segment. Lastly, the channel intermediaries must beselected. These consist of wholesalers, agents, retailers, and...

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