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...

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