Marketing Mix

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Date Submitted: 09/11/2012 02:32 PM

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Marketing Mix

There are many marketing mix decisions an organization can make to satisfy their clients’ needs. Marketing mix consist of four elements: product, place, price, and promotion. To achieve the marketing objectives it is important that the strategy must include these elements. Rico’s Mexican Grill, an authentic Mexican restaurant will be used to describe how each of the four elements of the marketing mix affects the development of the organization’s marketing strategy and tactics. Also, how each element is implemented in the selected organization.

First, marketing mix is basically having an excellent product, being sold at the right price at the place while utilizing the right promotion. Operating a business is not as easy as it sounds, especially when there is so much competition in the market. Organization must obtain step-by-step process to understand what the customers like, what is a good value to the customers, and where the customers prefer to shop. The marketing mix is intended to help organizations to actively think about their marketing plan. Product element of the marketing mix defines the characteristics of the product or service that meets the customers need. Place element of the marketing mix refers to the location of the business. Location is the most important part of marketing mix. Price element of the marketing mix refers to the price of the product or service and the strategy that is being used. It is important that the organization chooses the right price for their product or service and still make profits. Promotion element refers to promoting the product or service by advertising or by word-of-mouth.

Furthermore, Rico’s has created a set of recipes that must be uniform at all nine locations. That way the taste is same whether the customer eats at the woodlands location or spring cypress location. Rico’s understands that there is a significant amount of savings by standardizing their menu. Rico’s is one of the best known Mexican...