Marketing Mix

1265 WordsJul 15, 20186 Pages
What does the phrase marketing mix mean? What is the purpose of the marketing mix? The marketing mix is a process most organizations use to bring a product or service to market. The four Ps is a good way to define the marketing mix tool. The four Ps or four elements of the marketing mix are product, place, price, and promotion, which are used to satisfy consumers’ needs and the objectives of the organization. After a target market is selected, “…the firm must take steps to satisfy [the customers] needs” (Kerin, Hartley, & Rudelius, 2009 p. 13). The basic concept of the marketing mix is to focus on what customers want and to keep customers satisfied. Although the marketing mix is a unique way to market a product or service, satisfying the…show more content…
The second section of pricing is to decide how a firm’s price will compare with its competitors. Consider Wal-Mart, for example, to set a price of a 42-inch Samsung television set in comparison with the competitors, Wal-Mart would offer a lower price or a similar price to match what their competitors are offering. This particular pricing strategy will allow the business to sustain a competitive advantage and increase sales. Supply and demand affects pricing of the product as well. A good suggestion for the pricing aspect of the marketing mix is that the price should be based on the quality of the product and appeal to price sensitive customers. Moreover, to increase customer relations, the price of a product should be set at an affordable amount with the help of sporadic price adjustment such as discounts and coupons. The place or location is the third vital aspect of the marketing mix. This step involves the availability of the product. In other words, an organization must set up a location where consumers look to buy products such as the internet, catalogue, or retail store. For instance, a placement for mp3 players would involve distribution activities to make the product available for the targeted consumers. Companies such as Sony, Apple, and Sylvania use a chain of intermediaries such as Best Buy, Radio Shack, and Wal-Mart to reach its

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