Marketing Mix

1491 Words6 Pages
Marketing Mix
MKT 421 Marketing

Companies today try their best to continue to keep up with the changes of services, products and technology. Companies rely on their abilities in marketing to keep consumers interested in their products and services. The success of a company may rely on the company’s marketing performance. Marketing planning starts by thinking of the targeted audience needs, strategies, and the development of the products and or service needed. Developing a marketing strategy will consist of the marketing mix.
The marketing mix is “the strategic plan that defines the company’s overall mission and objectives”. (Armstrong & Kotler, 2011) Sprint will be used as an example as to how they
…show more content…
In marketing a place is also known as the warehouse where, in this case, Sprint houses their phones for distribution so it is available for its customers.
Third P Element: Pricing
Pricing is a crucial part of the four Ps. Price is also considered a flexible marketing mix element. Marketers must consider the research, development, and services when pricing. In addition, marketers have to think about the how their company will price their products and services based on how much they will spend on fabrication and how competitors are pricing the same products and services. Customers are an important thought in the pricing process as well because they are the ones that are going to produce the revenue for the company. Marketers are also at the mercy of the economy; they will have to price low enough to get a good number of customers and gain a profit, but no low enough that they will get financially hurt in the process.
Producing the right or good price for products and or services a company might have to consider redesigning products and services that may already exist. Sprint might offer better phones at a lower service plan or a better service with less expensive plan. Many times Sprint offers free phones to get new customers to purchase their service plan. Customers are given several

More about Marketing Mix

Get Access