Marketing Mix
Marketing Mix
Mkt 421
December 17, 2012
Scott Raasch
Marketing Mix
One of the traditionally used marketing tools by the firms to achieve its marketing objectives is the “Marketing Mix.” For growth and survival of an organization the marketing mix plays a vital role. A proper and carefully evaluated mix of these elements enables the marketer in achieving a consensus between the expectations of the target customers and the organizational objectives.
Elements of Marketing Mix
The 4Ps known as the marketing mix elements are the product, place, price, and promotion. Product is something that can be presented to a marketplace for awareness, acquirement, consumption, or use that may satisfy a need or want. It consists of ideas, persons, services, physical objects, and organizations. It relates to the entirety of “goods and services” that the target market is offered by a company (Kotler & Armstrong, 2011).
The most important choices to be decided by the marketer with regard to the element of the product are:
• Product satisfaction for customer wants and needs
• Product features to satisfy those wants and needs
• Product use by customer way of using and place
• Product appearance
• Product experience from customer use
• Product name
• Product branding
• Differentiation from competitors
Place relates to the gathering of actions or the way through which services and goods get to the customer or user. Through the provider from the manufacturer, it is generally called the “Intermediary” or the “Distribution channel.” It includes the logistics, transportation, inventory, locations, assortments, coverage, and channels.
The price element comprises key choices that have a bigger impact on the achievement of the marketing program. The marketer has to come to a decision on:
• Where the customer has to look for the product – this helps in deciding
Mkt 421
December 17, 2012
Scott Raasch
Marketing Mix
One of the traditionally used marketing tools by the firms to achieve its marketing objectives is the “Marketing Mix.” For growth and survival of an organization the marketing mix plays a vital role. A proper and carefully evaluated mix of these elements enables the marketer in achieving a consensus between the expectations of the target customers and the organizational objectives.
Elements of Marketing Mix
The 4Ps known as the marketing mix elements are the product, place, price, and promotion. Product is something that can be presented to a marketplace for awareness, acquirement, consumption, or use that may satisfy a need or want. It consists of ideas, persons, services, physical objects, and organizations. It relates to the entirety of “goods and services” that the target market is offered by a company (Kotler & Armstrong, 2011).
The most important choices to be decided by the marketer with regard to the element of the product are:
• Product satisfaction for customer wants and needs
• Product features to satisfy those wants and needs
• Product use by customer way of using and place
• Product appearance
• Product experience from customer use
• Product name
• Product branding
• Differentiation from competitors
Place relates to the gathering of actions or the way through which services and goods get to the customer or user. Through the provider from the manufacturer, it is generally called the “Intermediary” or the “Distribution channel.” It includes the logistics, transportation, inventory, locations, assortments, coverage, and channels.
The price element comprises key choices that have a bigger impact on the achievement of the marketing program. The marketer has to come to a decision on:
• Where the customer has to look for the product – this helps in deciding
References: Armstrong, G., & Kotler, P. (2011). Marketing: An introduction (10th ed.). Upper Saddle River, NJ: Prentice Hall. KFC (2011). History. http://www.kfc.com/about/history.asp