Marketing Mix The 4 P's - MKT 421

1113 Words Jul 11th, 2006 5 Pages
Marketing Mix 3

The Four P's 3

Product 3

Place 4

Price 5

Promotion 6

Marketing Mix and the Market Plan 7

References 8

Marketing Mix

The marketing mix revolves around the customer and their desires and/or needs. Although the customer is not included in the marketing mix, the customer is the center of the marketing mix profile -- "The customer should be the target of all marketing efforts" (Perreault & McCarthy, 2005, p.38). The marketing mix is a piece of the whole picture constructing the marketing plan. Once the decision has been made that a new product or service is wanted or needed, the organization has to determine the target market: Who will use the product? What makes them use or buy the product? How do they expect to obtain
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Therefore, pricing decisions also must account for current practices in terms of sale such as discounts and markups, and the cost must be uniform to the marketplace. Wal-Mart does a good job at keeping up with the marketplace pricing and current terms of sale by consistently promoting their slash back of prices campaign (Perreault et al., 2005).

Promotion

Most commonly known to the consumer is the promotional piece of the market mix. For the manager trying to determine the best communication methods for promoting their product, promotion entails a lot more. "The marketing manager has four broad types of promotional devices available: advertising, personal selling, sales promotions, and publicity" (Kinnear et al, 1990, p. 465). Advertising and publicity are also known as mass marketing; reaching multiple targets simultaneously such as in television commercials.

The goal in promotion is to communicate a message to the target market telling them about your product. The market manager must know their audience and what communication method best fits their expectations. Personal selling can be a strong point for target markets where owning a television is more of a luxury than a necessity; in this case, door-to-door salespersons may be the best communication method. Promotion decisions also need to relate to the focus of the product is the company trying to acquire new customers or retain current customers.

Again,

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