Mkt421 Marketing Mix

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University of Phoenix MKT421 - Marketing Mix The marketing mix is comprised of four basic marketing strategies. The four strategies, which include product, place, price, and promotion, involve the decisions that a business must make to succeed. The marketing mix is reliant on how clear and defined the business’ target market is and how well the company directs the strategies towards its targeted market (Glenco McGraw-Hill, 3rd Edition). This paper will further define marketing mix, the four strategies, and conclude with a description of how the four strategies affect Polaroid’s decision to market the I-Zone camera. Once the targeted market is clearly identified, a company is able to satisfactorily apply the four market mix…show more content… Cost-plus profit pricing is used when a company adds the desired profit to the cost related to the product manufacturing. This price practicing is often used by city works. The third pricing alternative is value pricing. A company has the ability to base price on the value it provides to customers. Value pricing is often related to companies who provide innovative and creative technology advances (Glenco McGraw-Hill, 3rd Edition). For the I-Zone, Polaroid used a combination of cost-plus-profit and value pricing. The company marketed the I-Zone at a suggested retail price of $24.99, which included a trail pack of six exposure sticker film and two AA batteries. Polaroid’s Pocket Film has a suggested retail price of $5.99 for non-stickers and $6.99 for sticker film. The final strategy of the marketing mix is promotion. This strategy deals with how potential customers will be told about the new product, what the message will be, the delivery of the message, and the incentives offered by the company (Glenco McGraw-Hill, 3rd Edition). Successful promotion must reach a large percentage of the targeted market. Using radio as an example and considering the target market of 12 – 18 year olds, a company choosing to advertise via radio must consider the time of the promotions. If the company is promoting its product during the school year, it is highly unlikely that youth will hear the radio advertisement

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