Marketing Mix
MKT 421
Marketing Mix
Marketing Mix is product, price, placement, and promotion; these four fundamentals is the framework that is marketing mix. By using these four elements an organizations marketing department can come up with a better thought out and prepared marketing plan. When a marketing department has a better understanding on the market mix it can have a great effect on profit and sales for the entire organization. The main purpose of the marketing mix is to be able to put a company into different categories so that each department can be looked at to make the customer’s needs taken care of, by know the customer’s needs can help an organization plan around ...view middle of the document...
As an organization you also have to take into account how a consumer can afford the product and what is the high and low point a customer will pay to buy the product the company is offering.
The third part of the marketing mix is the place which looks at where a product should be and how much is needed to satisfy the consumer demand. It is not just that easy a company also has to see how they are going to sell the product to get it into the consumer’s hands, and if a company is selling direct to other business where is the best place to introduce their product to get the best return. Depending on what the product is or how a company sells their products warehousing and shipping has to be considered in the place part of the marketing mix. The most important aspect is choosing how and where a company is going to get the best return on their products to the consumers or clients. The final element of the marketing mix is the promotion of the product or service a company is offering. A company has to look at the advertising that best fits the product or service to be able to increase their visibility in the market and in return gets higher sales. By adding visibility in the promotion you will get more interest and action on the amount of product that is being sold or the return on service that a company is offering. More the consumers know about the product and understand the product or service that is being offered more will go and purchase the products. A company has to like at different types of promotion from TV ads, radio ads, and billboards, but also being able to understand how it is advertised in these different venues is very important also. An organization also has to look at their best options and price of the promotion, for example will they need to hire more employees.
The company that I see that the marketing mix works Apple Inc., they use all four elements product, price, placement and promotion. With their products they are top of the line that does not have many flaws to the product or operating system Apple products use. Apple also stays ahead of the curve and out in front with...
