Marketing Mix

Topics: Marketing, Market economy, Strategic management Pages: 4 (1405 words) Published: December 2, 2012
According to Eddie Robinson, “The will to win, the desire to succeed, the urge to reach your full potential…these are the keys that will unlock the door to personal excellence.” In this competitive business world, it is imperative that business owners’ develop and create unique products in order to be differentiated from its competitors. Business owners can use a set of tools called the “Marketing Mix” to provide the unique quality that the item for consumption is a need. This tool is made up of a set of controllable factors that can be adjusted until the precise combination is established to satisfy the needs or wants of consumers in a particular target market while generating a profit. The Marketing Mix is made up of four factors. They are product, price, place and promotion. The product can be referred to as the physical product or service that satisfies what a consumer wants or need. Price refers to the amount that customers will pay for a particular good or service after taking into account factors such as profit, competitor’s response, business survival and probable pricing. The channel of distribution that serves as a means of getting the product or service in a convenient location to the target consumers is referred to as place. Promotion represents the methods of communication used to provide information of a particular good or service to its target market using various mediums.

The proposed product we have decided to discuss in this essay is a self-cleaning bathtub. This product would satisfy the wants and needs of luxury hoteliers and people who are interested in living a luxurious life around the world. Generally, majority of the people who perform cleaning services usually avoid the time of cleaning their bathtub because it is very tedious task and the effects of the noxious fumes from the cleaning products. The idea of a self-cleaning bathtub would solve these problems, while satisfying the many wants and in some cases, the needs of a wide...
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