The Marketing Mix

Market Maturity Stage - industry profits declining; monopolistic competition or oligopoly and moving toward pure competition because a variety of "me-too" products are available and consumers begin to perceive them as "all the same," causing promotions to be persuasive and reminding in nature; price dealing and cutting common; product widely distributed.

Businesses will increase the production of goods and services that cost more money because they will be able to increase their profit margins. In the same way, when prices decrease they will scale back the production of those products because they will not be able to as much of a profit. Companies will always do what is best for them, and the number one reason for them being in business is to make money. What the consumer wants will always dictate they type and price of goods and services that are supplied. When a certain type of product comes out or starts to increase in sales it directly affects the market for that product or service. An example of this is when iPods came out and got very popular. The price of the product was high initially, but they were still selling very well. Apple increased its production because they were able to make greats profits from it. After this happened there was an influx of other mp3 players from a plethora of other electronics companies. Since they had new found competition, Apple was forced to lower the price of the item. Consumers still preferred the iPod over many of the other mp3 players on the market, and because of their presence, the iPod became much more affordable.

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.

In attempting to satisfy customers, businesses must consider not only the short and medium term needs but also the long term desires as it is vital to the long term success of the business and probably the best way to do this would be to link the different departments of the company together (i.e Production, Finance, Accounting, Personnel etc…) A company adopting this particular marketing strategy must not only satisfy its consumers ' preferences but it also must achieve the objectives that it hoped to achieve by using this strategy. The best way

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

The supply/demand dynamics for the industry’s product describes the wave, changes, or price signals that resulted from the ongoing changes in supply and demand of any individual product or a group of products. In other words, regardless of the volume of change in supply and or demand for any given product or group of goods, it ravishes a harmonize change in the other; these variances cause pricing signals

Broadly speaking, in order to maximise profits, different firms use distinct tools to perform strategy and decisions, such as SWOT analysis, PESTEL analysis and marketing mix analysis. In terms of the marketing mix, as an important concept in the subject of business studies, it refers to “a balance between the four main elements of marketing [is] needed to carry out the marketing strategy. It consists of the ‘4ps’: product, price, promotion and place” (Marcousé and Surridge et al., 2011:141). Firms can build an effective marketing strategy by using the marketing mix as a tool, and it is possible that business will fail if the marketing mix is not correct. The aim of the essay is to analyse elements of the marketing mix. Initially,

Due to the fact that all products are priced at market value, the consumer is more willing to purchase the item knowing that no one will offer a better price. In a perfect competition market the goal of the company is to maximize profits by ensuring production cost does not exceed revenues (calculating how much they can produce without losing money due to cost of production; MR=MC) and that consumer demands are met. Perfect competition markets are ideal because they tend to balance themselves out even though they have no barriers of entry (Hillman, 2014). Even if a company has a short run profit loss due to a period of high entry to market, at a certain point the revenues will equal market prices. Some companies will see it as a loss and will exit the market; hence allowing the prices to go back up and profits to be regained. The exiting of the market stops when every one of the firms remaining breaking even. If the businesses within the market are enjoying short-term profits this will increase entry to market; hence will decrease output from each company and decrease profits. This activity will end when the price of products equals total average cost and the economic profits are zero. The perfect competition’s long-term outcomes are two: allocative and productive efficiency (Hillman, 2014). Allocative efficiency is when a company’s output equals consumer demand, which eliminates the possibility of “deadweight”

The terms of ‘Marketing Mix’ was first coined by Neil Borden, the president of the American Marketing Association in 1953. It is still use today to make important decisions that lead to the execution of a marketing plan. The various approaches that are used have evolved over times, especially with the increased use of technology.

Another important step in personal selling is approach where a sales person has to make their first impression to be the best impression. The sales person has to treat the customer by smiling , by properly greeting . First of all the sales person needs to introduce himself and focus on the product . Once we come to know the customer is interested in the product then the sales person needs to do a presentation. They needs to explain clear about the features and all about the product. Then the sales person has to handle the questions from a customer in this regard. Before the sales person moving to close the sales they have to answer to any query from the customer.

Competition: As time goes on firms drop out until no one is producing the product.

The term “marketing mix” became popularized after Neil H. Borden published his 1964 article, “The Concept of the Marketing Mix”. Borden began using the term in his teaching in the late 1940’s after James Culliton had described the marketing manager as a “mixer of ingredients”. The ingredients in Borden’s marketing mix included product The Marketing Mix planning, pricing, branding, distribution channels, personal selling, Source: http://www.quickmba.com/marketing/mix/ advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. E. Jerome McCarthy later grouped these ingrediThe 4 P’s of Marketing ents into the four categories that today are known

This paper defines and discusses in depth the four stages in the Product Life Cycle. Most successful products pass through these four stages which are Introduction, Growth, Maturity and Decline and the following will help to distinguish the transition between each stage while presenting their differing components. Additionally, it will display the direction in which companies take when faced with being in each varying stage. An understanding of the outcome of each stage and the development process of all of the four stages will be exposed in this paper. Products are also utilized to show examples in their current stage. In closing, the paper will express critic’s opinions and information to

As a matter of fact, in the growth phase, the leader tends to protect and maintain his position, or might opt to enhance his product. He can also choose to withdraw and therefore cede his place to another competitor. The leader might opt to flee because for different reasons pertaining to the new entrants who might be stronger, bigger, and wealthier. The new entrants can gain more profit by investing in marketing campaigns (Wine & Dhar, 2011, p. 54). The leader who has ceded its place to another competitor might work towards repositioning its product to be a strong second or third product of choice for customers and therefore to make some profits and keep a market share (Wine & Dhar, 2011, p. 54). Followers in the growth phase have different options that depend on many factors. They might opt to exit the market and invest in different products, or they might imitate the leading product by creating a “me-too” product (Wine & Dhar, 2011, p. 55). Another option would be to fortify their position in the second or third place, or take a riskier option which consists of leapfrogging the competition (Wine & Dhar, 2011, p. 55).

The term “marketing mix” became popularized after Neil H. Borden published his 1964 article, “The Concept of the Marketing Mix”. Borden began using the term in his teaching in the late 1940’s after James Culliton had described the marketing manager as a “mixer of ingredients”. The ingredients in Borden’s marketing mix included product The Marketing Mix planning, pricing, branding, distribution channels, personal selling, Source: http://www.quickmba.com/marketing/mix/ advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. E. Jerome McCarthy later grouped these ingrediThe 4 P’s of Marketing ents into the four categories that today are