This website uses cookies to ensure you have the best experience. Learn more

Four Elements Of The Marketing Mix

1496 words - 6 pages

What does the phrase marketing mix mean? What is the purpose of the marketing mix? The marketing mix is a process most organizations use to bring a product or service to market. The four Ps is a good way to define the marketing mix tool. The four Ps or four elements of the marketing mix are product, place, price, and promotion, which are used to satisfy consumers’ needs and the objectives of the organization. After a target market is selected, “…the firm must take steps to satisfy [the customers] needs” (Kerin, Hartley, & Rudelius, 2009 p. 13). The basic concept of the marketing mix is to focus on what customers want and to keep customers satisfied. Although the marketing mix is a unique way ...view middle of the document...

The Role of the Four Ps
The first important aspect of the marketing mix is the tangible product. This first step for the marketer involves the decision-making process. The product should include tangible attributes. There are many product decisions to make such as, appearance, quality, and functionality. The function of a product must address the needs of the consumers. For example, high-tech devices such as an Apple iPod or a Microsoft Zune digital mp3 player have the tendency to attract tech savvy users. The target market suitable for this particular electronic product would be individuals in their 20s and 30s—Generation Y population. Hence, the mp3 product must have the right features. The features most consumers care about on an mp3 player are space capacity, battery life span, sound quality, screen size, and color. Touch screen, camera, and web access are additional features most customers care about as well.
Consumers choose mp3 players that do more than play music. For instance, when consumers travel, an mp3 player will be the ideal portable entertainment and communication product during a trip. Since most customers shop for mp3 players to suit their needs and sometimes their budget, companies market mp3 players by their brand name, their product detail, and their price. An effective method for the product enhancement process is for marketers to identify their targeted audience needs and to design a desirable product for their customers such as special accessories at a unique price.
The second significant aspect of the marketing mix is the price. This particular stage of the marketing mix involves price decisions. Pricing is an important element of the marketing mix because it involves a fee to deliver and promote a product. Accordingly, the pricing system is divided in two parts. The first portion of pricing is to decide how much consumers should pay for a product. This decision usually depends on the demand of the product. Therefore, businesses must apply a final price based on their objectives and targeted customers. Organizations must also remember that many customers are receptive to the value of a specific product and to the benefits offered by the product. The second section of pricing is to decide how a firm’s price will compare with its competitors. Consider Wal-Mart, for example, to set a price of a 42-inch Samsung television set in comparison with the competitors, Wal-Mart would offer a lower price or a similar price to match what their competitors are offering. This particular pricing strategy will allow the business to sustain a competitive advantage and increase sales. Supply and demand affects pricing of the product as well.
A good suggestion for the pricing aspect of the marketing mix is that the price should be based on the quality of the product and appeal to price sensitive customers. Moreover, to increase customer relations, the price of a product should be set at an affordable amount with the help...

Other Essays Like Four Elements Of The Marketing Mix

Hypothesis of Pepsi Co. Marketing Mix

2211 words - 9 pages variables like age, gender, location and income level. It can be found out what market characteristics your target market has. With market research companies can learn more about current and potential customers. The purpose of market research is to help companies make better business decisions about the development and marketing of new products. Market research represents the voice of the consumer in a company. A list of questions that can be

The Marketing Mix At Haagen-Dazs - and Beechdean Dairies"

574 words - 3 pages In 1990 the US company Haagen-Dazs appeared in Britain and created something which had never existed before: a mass market for luxury ice cream. These days British consumers spend £130 million on luxury ice cream each year."The Marketing Mix at Haagen Dazs" explores how Haagen-Dazs made themselves the market leader. It also compares and contrasts their marketing mix with Beechdean Dairies - a tiny UK ice-cream maker with big ambitions - it

The Elements of Article 91

552 words - 3 pages or is disrespectful in language or deportment toward a warrant officer, noncommissioned officer, or petty officer while that officer is in the execution of his office, shall be punished as a court-martial may direct. Part IV, Chapter 15, Para A, Page IV-21 Elements. Treating with contempt, or being disrespectful in language or deportment (conduct) toward a warrant, noncommissioned, or petty officer An individual can be accused of

The Four Functions of Management

969 words - 4 pages Functions of Management 1 The Four Functions of Management MGT/330 September 27, 2010 Carol Connell Functions of Management 2 Every company, no matter how big or small, sets organizational goals in which to achieve. Managers of these organizations are the individuals who are charged with meeting these goals in the most effective and efficient ways possible. Bateman and Snell hold that management is the process of working with

The Four Functions Of Management

1727 words - 7 pages The Four Functions of Management Management is the process of working with other and capital to achieve organizational goals. Also management is defining as creative problem solving. This creative problem solving is accomplished through the four functions of management: planning, organizing, leading and controlling. The intended result is the use of an organization's resources in a way that finish its mission and objectives. Every good manager

The Four Functions of Management

776 words - 4 pages The four functions of management are planning, organizing, leading, and controlling. To understand these functions you need to know that management is the process of working together with people and resources to accomplish organizational goals (Bateman-Snell, 2006). Even though the face of business is changing daily, these four time-tested principles still remain constant. In my pervious job as a junior accountant these four functions played a

Four Components Of A Legally Astute Social Media Marketing Manager

1914 words - 8 pages control consumer transactions that occur across state lines. Which branch of government can be the most effective at regulating consumer transaction via social media? Give an explanation of the agency relationship that exists between social media sites, and the businesses that use them. Discuss four Components of a Legally Astute Social Media Marketing Manager Facebook was created in 2004, it was originally for Harvard students. Since then

The Book Elements Of Style By

546 words - 3 pages The book Elements of Style by William Strunk Jr. and E.B. White is a book which talks about rules of the English language. Rules that are important in communication between one person to the next. In the book, White has his rules and Strunk has his own, but they come together to make the book more detailed. Strunk talks about things such as using 's when you are talking about plural, adding 's to make a noun possessive, putting commas where they

Four Principals of the Constitution of Us

1632 words - 7 pages Constitution: separation of powers and division of powers. The former one discusses the interaction among the three constituent elements of national government, while the latter one refers to the extent of power possessing by the federal government and specification of states' power. Both of the two principles function under one principle checks and balances. The second part of the Constitution is on the specification of rights and liberties for the

The Four Types Of Parenting Styles

942 words - 4 pages , permissive, and uninvolved parenting. Of the four parenting styles, two remain on opposite ends of the parenting spectrum. These two styles; authoritarian, and permissive both have deleterious results that are often visible throughout different developmental stages, such as rebellious behavior. As well each style has its own advantages such as; acceptance by peers with commonality. Child rearing for most parents is an evolving set of skills. It could

The Four Causes Of Speculative "Bubbles"

1561 words - 7 pages calm and (ii) the identification of assets that are at similar risk of sparking such speculative episodes. In this paper, we develop an inventory of technological innovations that ex post were revealed to be of substantial economic importance. Our initial findings are that bubbles appear under four important conditions. First, consistent with prior research (see esp. Kindleberger, 2005), there must be easy access to credit. Bubbles are rare

Related Papers

Marketing Mix Elements & Retail Petrol Outlets

1784 words - 8 pages satisfaction and ultimately maximising their return. A useful tool to ensure successfully positioning of their offer is the use of the four marketing mix elements. The four marketing mix elements, collectively known as the four P’s include Product, Price, Promotion and Place. This report provides an overview of each element and how they are applied to retail petrol outlets; sending an overall message to the consumer about quality, cost, performance

For A Retail Organization Of Your Choice Evaluate The Elements Of Its Retail Marketing Mix, In Terms Of The Effectiveness With Which They Are Used To Appeal To The Core Target Market

2593 words - 11 pages SCHOOL OF MANAGEMENT Learning to make a difference MKIB: 230 Retail Marketing Coursework assignment: “For a retail organization of your choice evaluate the elements of its retail marketing mix, in terms of the effectiveness with which they are used to appeal to the core target market” ZARA – flagship chain store List of Contents I. Introduction: 2 II. Background 2 III. Retail Marketing Mix 3 1. Merchandise

Tools Of The Marketing Communcation Mix

4945 words - 20 pages 2 ELEMENTS OF THE MARKETING MIX: The communication mix is made up of several elements that, when blended, using different quantities in different campaigns and their uses. The following shows the key to the communication mix.  Personal selling  Sales promotion  Public relations (Publicity)  Direct marketing  Advertising  Sponsorship  Packaging  Trade fair and exhibitions  Merchandising (point of

Marketing And The Marketing Mix Essay

792 words - 4 pages relations and personal selling. These four activities, often referred to as four ‘Ps’ of product, place, price and promotion, constitute the marketing mix. Within each of the variables there are a number of separate elements that can be adjusted: Product • quality • features, facilities offered • colour • guarantees and after sales service • size • packaging (sometimes treated as the fifth P) • name Price • level • discounts