The term marketing mix is used to describe the all the options available to the marketing manager in order to market a particular good or service. It is often referred to as the 4P’s(i.e Product, Place, Promotion, and Place)
The Product Variable: This aspect of the marketing mix deals with researching consumers’ product wants and designing a product with the desired characteristics. This is a very important element of the marketing mix because it directly involves creating products and services that satisfy consumers’ needs and wants.
The Place Variable: To satisfy consumers (i.e their needs and wants), products must be available at the right time and in a convenient location. In dealing with the place aspect, a marketing manager seeks to make products available in the quantities desired to as many consumers as possible.
The Promotion Variable: This aspect relates to methods used to inform one or more groups of people about an organisation and its products. Promotion can be aimed at increasing public awareness of an organisation and of new or existing products. It can also be used to educate consumers about product features or to urge people to take an interest in that product.
The Price Variable: This aspect of the marketing mix relates to the activities associated with establishing pricing policies and determining product prices. Price is a critical component of the marketing mix because consumers are concerned about the value obtained in an exchange.
This marketing strategy is extremely important to the success of a particular good or service which in turn could determine the success of the organisation in the future. When marketing managers attempt to develop and manage their product it is extremely important that they look at various different aspects;
1. Those relating to the marketing mix: which the company has control over because they are able to develop their marketing strategies depending on the... [continues]
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