Marketing Mix

Marketing Mix

University of Phoenix

MKT/421 MARKETING

Introduction

Marketing mix is important for every company to choose which direction to go. The four p’s of marketing mix are product, price, place, and promotion. An evaluation mix of the four elements allows the company to achieve the expectations between the targeted customers and the organizational buyers.

Elements of Marketing mix:

* Product – The products or services offered to your customer: Their physical attributes what they do, how they differ from your competitors and what benefits they provide.

* Price – How you price your product or service so that your price remains competitive but allows you to make a good profit.

* Place (Also referred to as Distribution) – Where your business sells its products or services and how it gets those products or services to your customers.

* Promotion – The methods used to communicate the features and benefits of your products or services to your target customers (About.com).

Product

Product is anything that a company may produce or a service that occurs to fix a

specific problem. Companies that produce multiple products have an advantage in gaining the trust of customers. With each product a company produces a marketing plan must be in place for that item to secure the trust. If one product does not work properly, the customers would not think the other products the company produces are trustworthy.

There are different products made by separate companies that do the same function as others. These are name brand or generic, which to most consumers are a better buy because the generic is cheaper. In the marketing mix a company must have an understanding if they have a name brand product; to make sure the customers understand their product is superior to the competitiors.

Price

Price is the second step in the marketing mix. This area the most important one to ensure the company makes a profit. The customer base is looking for...