Week 1 Individual Paper

Marketing Mix Elements and Affects

MKT/421

January 22, 2013

Charles Shillingburg

Marketing Mix Elements and Affects

In the marketing mix there are so many variations that go into satisfying the wants and needs of customers. Because of this there is a way to break the mix down into four basic variables. In this paper the marketing mix will be described in detail in regards to the four basic variables. Also, an organization will be selected and the four variables of the marketing mix will be used to describe how each of the four elements affects the development of the organization’s marketing strategy and tactics.

The first element of the marketing mix is product. Product is worried about developing the right product for the specified market is evaluated. The product that is offered to the market may be physical goods, a service, or both, and sometimes it’s not even a physical product at all. For example, the product of a checking account at a bank is a place to hold you money safely until it is needed.

The next element is place. Place is worried about everything that goes into getting the correct product out to the specified market at the right time. If it’s not available at the time the market wants it, then it will be replaces with the next best thing. Products are available to customers through distribution channels that get the product from the producer to the end user. Sometimes products t will end directly from producer to user but in a lot of cases products have to go through many channels first.

The third element is promotion. Promotion is concerned with letting the specified market or others in the distribution channel know about the product of choice. At times promotions primary concern is gaining new customers and retaining current ones. Keeping current customers is said to be cheaper than gaining new ones. When you think about promotion think about personal selling, mass selling, and sales promotion.

The fourth and...