Marketing Mix - Week 2

Marketing Mix

Rayyan Siddiqui

Marketing/MKT-421

April 10, 2009

Dyrren Davis

Marketing Mix

A successful marketing strategy is essential in the success or failure of any competitive company. In order to deliver the right product or service to its targeted consumers, and achieve greater profitability, the company must have a well-defined and researched marketing strategy. A well-designed marketing strategy also helps the company gain a competitive advantage in the business climate. The marketing strategy consists of two key components, the target market and the marketing mix (Perreault, Cannon, & McCarthy, 2009).

The target market consists of consumers to which the company markets its product or service. After identifying its target market, the company can proceed to the marketing mix portion of the marketing strategy. Marketing mix is defined as the controllable variables the company puts together to satisfy its target market (Perreault, 2009). The key components of the marketing mix are product, place, price and promotion. Although the consumer is not a component of the marketing mix, but is a key player in the marketing mix.

The developmental stage of the marketing mix is the product. It is in this stage that the company designs the product or service for its target market. It is crucial that the product or service offered must satisfy a need for the consumer (Perreault, 2009).

The next marketing mix component is place. This component ensures that the product or service offered reaches the target market, at the optimal time and location for the consumer. If a product is not readily available to the consumer, at the time of their need, is basically useless, regardless of the quality or usefulness of the product. An efficient and reliable distribution method is essential for any company, to successfully meet this component of the marketing mix (Perreault, 2009).

The price the company sets for its product or service is the third...