Marketing Mix Paper

Marketing Mix

UOP

MKT/421 – Marketing

Marketing Mix

Organizations must develop the art of knowing how to manipulate the four Ps (product, place, promotion, and price) to incite a customer's curiosity and then develop a long-range plan to keep them coming back. The key is giving customers exactly what they want by delivering quality products or services at the right price with good customer service. Creating that bond and developing a culture to let the customer know that he or she is part of the company's family will create customer loyalty.

The four P's recipe mix cooperatively blends to form a balancing set of decisions, actions, and inventiveness that are meant to enhance the positive impact of the four elements individually. When designed properly, this positive impact is directed to the customers within the target market and these customers respond positively in return

Marketing Mix: Product

The first of the four P’s in the marketing mix is product. Historically the thought was that the product would sell by itself, this might have worked when there was only one option in the marketplace. Now with all the competition, the global marketplace and the laws that have been established giving the consumers the ability to return products if unsatisfied that philosophy has changed.

Product refers to design, functionality, style, quality, packaging, warranty, and service. For example, a good product will give benefits to its customers making marketing easy. However, if a competitor has a similar product, also possessing good quality, then one has to differentiate their product from the competitor. Companies can differentiate their product for a competitor product by changing the design or offering better after purchase services or warranty benefits.

Products can range from simple every day items to high-end items such as home or vehicle purchases. If a company sells a service such as pet grooming, that may also be considered a...