FREE The Marketing Mix Essay (original) (raw)

Marketing is the total system of interacting activities designed to plan, price, promote and distribute products to present and potential consumers. At the heart of this system is the concept of the marketing mix, consisting of four components known as the four P's - product, price, place and promotion. Getting the right balance between these four factors is the difference between a successful and a failed result. .
Product.
Getting the product factor right is obviously critical. A product or service that really meets customer demands, and is both different and better than the existing competition, could be a winner. Product development is an important part of this, often the result of extensive consumer research implemented through surveys, questionnaires and flyers. The quality, style, servicing, packaging, warranty and labelling of the product can also be derived from the information gathered. .
Aside from the practical side of the product, we need to look at the creative aspect as well, as it is a well known fact that consumers not only buy products through their function, they are also lulled by the emotional image the product portrays. .
Think about cars for example. All are designed for the sole purpose of getting you around, so why do consumers choose luxury brands that often cost so much more? The answer is that they are buying status as well. And that's another aspect of the product offering. You need to give customers both functional and emotional satisfaction. .
Price.
The price of a product is often defined by the costs of the manufacturing, labour, transporting, promotion and packaging processes that have resulted in the final product. Another factor that is also taken into account is the profit margin instilled. .
Setting the right price of a product is a very significant issue contributing to the success of the product. The price often portrays an image concerning the quality of a product, as in if the cost was high, consumers would instantly think that it is a high quality product but if the price were low, then it would be useless.

1. Marketing Mix

The Marketing Mix The purpose of this essay is to explain the concept of a marketing mix. ... The marketing mix is made up of the four P's, product, price, place and promotion. ... The term "mix" evolved from the use of a cooking mix as a simile for a marketing program. ... The marketing mix alters under a number of circumstances. ... In conclusion, this essay has outlined the concept of a marketing mix. ...

2. Components of a Business Marketing Mix

The demonstration of the four components of marketing mix is given as under: Product Product is the key component of the marketing mix. ... Alternate components of the marketing mix are additionally learned by the item mix. ... Price Price is the second basic component of the marketing mix. ... Promotion Promotion mix is likewise exceptionally groundbreaking component of the marketing mix. ... The marketing mix, particularly the spot mix strikes the amplification procedure of the organization. ...

3. Marketing Mix

To satisfy those needs, the marketing team must make decisions about the controllable parameters of the marketing mix. ... These steps include: analysis of the situation to identify opportunities, the marketing strategy that is formulated, the decisions regarding the marketing mix, and the final implementation of the plan. ... The next step would be to make decisions based upon the controllable variables of the marketing mix that is comprised of the four Ps. ... The third P in the marketing mix stands for Promotions; this includes all of the tools available to the marketer for marketing comm...

4. Marketing Mix - Target, Incorporated

The marketing strategy and marketing mix involve the activities to create customer value and foster the relationship between buyer and seller. The marketing mix is made up of four main elements; product, price, place, and promotion. ... Marketing Mix Elements Product A good marketing strategy must have the decision on what product they are going to offer to the consumer. The product in the marketing mix strategy is the combination of goods and services a company will offer to the customer (Armstrong & Jotler, 2011). ... Conclusion The four principle elements of the marketing mix; product, plac...

5. Mc Donalds Application Of Marketing Mix

The "marketing mix", concept was introduced by Neil Borden in the 1950s, and the mix of different means of competitions was soon labelled the "Four Ps- - Price, Place, Product and Promotion. ... What key elements of the marketing mix contributed to McDonald's success? ... In McDonald's marketing mix "price- is closely tied with "promotion-. "Promotion- is an essential element of the marketing mix. ... This occurs when a firm has a marketing mix that the target market sees as better than a competitor's. ...

6. Sports marketing

So I am going to define what marketing is first, and then I am going to define what Sports marketing is. Marketing is an important business function. ... To perform the tasks which are associated with marketing, marketers rely on a marketing mix. The marketing mix describes how a business blends the four marketing elements- product, distribution (place), price, and promotion. ... Then, let us look at what Sports marketing is. ...

7. Direct MArketing

The concept of direct marketing overriding traditional marketing mix boundaries of distribution and communications has contributed to problems in accurately defining the term. ... This definition isolates a number of issues which distinguish direct marketing from other forms of marketing and communication. ... The direct marketing industry has been the fastest growing sector of marketing communications for more than a decade. ... The trend is already moving away from direct marketing as a stand-alone tactical element of the promotions mix towards integration and a more strategic role. The move...

8. Marketing Mix and Plans

A marketing mix is a tool used to effectively build a marketing plan. Marketing mix also known as the 4P's which are product, place, price, and promotion. These are the elements that drive the train, the marketing train. ... In order for your marketing plan or strategy to work all of these elements must be in synch with the other. ... That's called premium pricing, there is also economy pricing which just a way of keeping down the marketing and promotion price so you tag your product with a lower price. ...

9. DIRECT MARKETING

It is a form of non-shop' shopping and is sometimes referred to as precision marketing' or one-to-one' marketing. ... Direct marketing is not just concerned with marketing communications. ... Direct marketing comes in a variety of forms. ... It might be used to keep customers informed of new product developments or to send them specific discount offers. 2.1 Strategic Role of Direct marketing Direct marketing should not be used as a mere tactical marketing communications tool, but should be integrated with the rest of the communications mix. ... A leading trade magazine, Di...

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