Marketing Mix Elements

Introduction

Marketing is everywhere in our society today. Considering the many varieties of products that are available and the ways that consumers can be reached it is vital that organizations maintain a strong and effective marketing strategy. Marketing is a societal process which discerns consumers' wants, focusing on a product or service to fulfill those wants, attempting to move the consumers toward the products or services offered (Wikipedia, 2008). The ability to effectively market to consumers involves a well put together marketing mix specific to the goods and services offered. The marketing mix is a group of factors that help a company or firm sell its products. Four elements are normally distinguished: getting the right product to the market; selling the product at the right price; ensuring that the promotion is right—that is, advertising and marketing for the product; and ensuring that the product is distributed to the most convenient place for customers to buy it (Encarta, 2008). Macy’s department store is an excellent example of proper use of a marketing mix.

Company Overview

Macy’s, Inc. was founded in 1929 and as of March 1, 2008 operates 853 stores throughout the United States, Guam and Puerto Rico (Macy’s Inc., 2008). Macy’s stands today as the nations largest department store retailer and the stores that operate under the Macy’s Inc. name include Macy’s Department Stores and Bloomingdale’s. Macy’s Inc. celebrated its 75th birthday in 2004, but its retailing roots extend far beyond that, stretching back to the middle of the 19th century when most of its department store franchises were founded. The company built on those traditionally strong franchises, calling on the experience and innovative retail strategies of each division to contribute to Macy's, Inc.'s overall success. As a result, Macy's, Inc. understands and meets the needs of American consumers in ways unmatched by any other retailer, anywhere (Macy’s Inc., 2008).

Product

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