Marketing Mix

Length: 8 Pages 1992 Words

The Marketing Mix Marketing Management Introduction The Marketing Mix, a basic tool of Marketing managers, is defined by Microsoft Encarta World English Dictionary as: “mar•ket•ing mix (plural mar•ket•ing mix•es) noun mixture of marketing techniques: the particular mixture of marketing techniques, for example, pricing, packaging, and advertising, used to promote the sale of a product” (2000). Marketing Mix is also known as the Four P’s. The Four P’s stand for Product, Price, Place, and Promotion. This paper will look at the Marketing Mix by explaining what the Four P’s are and show how a business would use the mix to market a product or service. The Four P’s The Marketing Mix is used to market a product or service, this is done by using the Four P’s to establish what the Product is, the Price, the Place and the Promotion. Marketing managers bring the elements of the Four P’s together, combining them to achieve a greater result from their combination then each of the individual effects of the Four P’s (Anderson, Vincze 2000). The Four P’s consist of the following: • Product – This is the good or service that the company provides. However it is more then the product or service itself, Continue...

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There are several types of discounts; they are Trade Discounts, Quantity Discounts, Promotional Allowances, Location Discounts, Uniform Delivered Pricing, Zone Pricing, and Freight Equalization (Anderson 2000). 99, however the market would sustain a price of over 500 for the product do to the short supply. This type of promotion will require the business to maintain sales people, provide benefits and give them supplies in order to sell the productservice. oProduct Development - This is an area that has changed a great deal, in an effort to avoid marketing myopia; the product development has been geared towards consumer involvement, and feedback into the development of the products or service. Each one of the Four P's has sub-points and characteristics that impact the overall mix. Using this type of method reduces the needs of the business to have to run all the intermediaries themselves (Anderson 2000). This has passed saving on to consumers, increased profits for manufacturers, and allowed manufactures to recoup profit from items that were created less then perfect. Promotion - This is the last Marketing Mix element; it is made up of many methods of communicating with and influencing consumers. Products or services go through channels to reach consumers. Creating the Pricing Strategy The business now must look at the pricing strategy, and create one that will coincide with the product strategy. Either case it will be created under the Promotion plan, or the Integrated Marketing Communications Strategy. Businesses will create a strategy for each of the four P's, creating their overall market mix strategy. This works well with large ticket items, complex items, and personal items.


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