Marketing Mix

Marketing Mix

Marketing is the ability to get the right product, in the right place, at the right price, at the right time. The right marketing mix will meet the following conditions: the product has to have the right features, for example, it must have appeal and work well. The right price the consumer can buy in large numbers and will produce a healthy profit. The goods must be in the right place at the right time for optimum return. Making sure that the goods arrive when and where they are expected is critical. The target group needs to be made aware of the existence and availability of the product through promotion ("Marketing Mix ", 1995). A successful promotion will help a company to spread costs over an expanded output according to "The Marketing Mix and 4 Ps” (2011).

The Four P’s

Marketing is a necessary tool so that companies are able to expose its customers to their brand and make prospects aware of its services and products, Armstrong and Kotler (2009). Companies must utilize a marketing strategy also known as the marketing mix to meet the demands of its consumer. The most effective approach in how different companies choose to get their products and services to the marketplace is using product, place, price, and promotion these are considered the four P’s and is the best known way of describing the marketing mix according to (E.J. McCarthy, 1960). Successful companies create a well devised marketing strategy so that the marketing mix is properly managed and executed when creating new products and services and introducing and implementing those new products and services to the market.

Elements of 4 P’s of the Coffee Bean and Tea Leaf

An example of good product mix is the (CBT) Coffee Bean & Tea Leaf a specialty coffee shop that offers its customers a variety of coffee, tea, and food options along with accessories such as coffee mugs, tumblers, coffee makers, and gift cards. Customers don’t necessarily have to partake in a...