The Four Marketing Mix

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“The term marketing mix refers to a unique blend of product, place (distribution), promotion, and pricing strategies (often referred to as the four Ps) designed to produce mutually satisfying exchanges with a target market.”(Lamb,Hair and McDaniel, 2012, p.47). A marketing mix is important in business because it maximizes a company's chances of achieving steady, continual success in its operations. It also ensures that a company remains responsible to its customers by living up to its product claims.

“Product means the goods and services combination the company offers to the target market.” (Armstrong and Kotler,2013, p.52). The heart of marketing mix, the starting point, is product offering and product strategy. It is hard to design a place strategy, decide on promotion campaigns, or set a price without knowing the product to be marketed. The product includes not only the physical unit but also its package, variety, quality, design, features, packaging, warranty, after-sale service, brand name, company image, value and many other factors. (Lamb, Hair and McDaniel, 2012; Armstrong and Kotler, 2013).

“Price is the amount of money customers must pay to obtain the product.” (Armstrong and Kotler,2013, p.52). It is often the most flexible of the four of the four marketing mix elements- the quickest element to change. Price strategy includes list price, discounts, allowances, payment period and credit terms.
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Thus, Kellogg Company always gets the price right by examining customer perceptions, rival products, as well as costs of manufacture. The price is reasonable which makes their product affordable by people of all economic classes. Convenience products usually are not associated with a large price so companies must sell a large volume in order to make a profit. Kellogg’s also focuses on cost-effectiveness of its entire production and distribution line, so that their prices can remain

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