Marketing Mix Paper

Marketing Mix

The marketing mix is a term used to describe the broad concept that involved several aspects of marketing in hopes for achieving more revenue, customers, and keeping customer loyalty. The main point to marketing in general is to connect the services or products to the consumers to accommodate the needs of society. The marketing mix is in place to meet the needs of an organization's target market. The four aspects of the marketing mix are: product, place, price, and promotion (also known as distribution). The marketing mix is not limited to these elements and involves plenty of other components such as advertising, packaging display, planning, and management to name a few. The elements of the marketing mix have been being referred to as the “Four P's” since the 1960's.

When it comes to product, this means that it is an authentic good or intangible service that not only is mass produced, but at large quantities as well. When the marketing department of a company starts to discuss ideas for a new product or an already existing product, they also need to take packaging into consideration. Because every product or service has a life-cycle, (which means simply how the need for a product can change and also grow away from where the product has been made) the company must be able to maintain its competitiveness in the market by product differentiation (keeping your product unique). This is because every product's life cycle is “followed by a period of decline as the product approaches market saturation.” (wiki) An example of a tangible product would be cellphones or deodorant. Intangible products are non-material products that have no transfer of ownership of the products themselves or services in comparison to a tangible product like a motor vehicle.

The next step in the marketing mix is Place. This is a very important aspect of the marketing mix because location is key when it comes to selling a product. This refers to where the...