Below is a free essay on "Marketing Mix" from Anti Essays, your source for free research papers, essays, and term paper examples.
As the industrial competition began to rise between companies, many questions were asked phrasing "why did company A attract more customers than company B"? Meanwhile, the answer for this question left several types of techniques in establishing, and accomplishing them.
Many companies uses these techniques to reach their desired goals, each with its unique some called "flavor". However, with competition ascending, these companies may divert towards different techniques or by developing their current technique to move towards their goals. Such techniques targets he markets; focusing on certain types in a certain community, or by other advanced proficiencies.
Phase 1: introduction to marketing mix
Marketing mix is probably the most important factor in the marketing term. Its elements are the basic, yet "tactical" components of the marketing plan; aka the 4P's. These four P's are the: Pricing, place, product, and promotion. However, some people also include three more principles which may be claimed as critical parts in the marketing mix. These three principles are: people, physical evidences, and processes.
Recall the figure above. Consider this figure as a "cake mix". As you may know, a cake consists of many ingredients such as eggs, flour, milk, and sugar. However, you can modify the final cake by adding more sugar to it. It is exactly the same as the marketing mix. So, for a high profile brand, you can increase the "promotion" to increase the "flavor" of the price respectively.
Phase 2: Pricing
There are many ways in pricing a product, which includes policies and strategies to pass on the goals.
The above figure is the "pricing strategies matrix". Below, are some various situations of pricing.
Sit/1: Premium pricing.