Marketing Mix Paper
Marketing Mix Paper
To develop a marketing research approach, a company will look to do a consumer analysis, an industrial analysis, and develop a marketing mix that will best suit the organization and the consumer. “In a consumer analysis, some areas to look at are demographics, psychographics, behaviors, and geographical consideration. In an industrial analysis, the company will do a competitor analysis,” (Perreault & McCarthy, 2004). Every organization has countless ways to try meeting the need of his or her customers. There are so many variables; a company needs to be able to organize them to simplify the selection for that organization’s marketing mix. All the variables are reduced down to four basic variables: product, place, price, and promotion. All other variables will be listed under these four variables. “All four Ps are needed in the marketing mix, and in fact, should be tied together,” (Perreault & McCarthy, 2004). This paper will discuss and describe the elements of the marketing mix. It will also describe how each one of the four elements of the marketing mix impacts the development of IKEA’s marketing and tactics. First of the four variables is the product. Developing the right product for the target consumer is the main area of concern for this variable. Some products can be tangible products that can be bought and sold. However, not all products are that of physical goods. Many products that are offered to the consumer are services. “Services can consist of completing someone’s taxes, performing yard work and landscaping, and legal representation. The most important thing is that the product or service satisfies the customer’s needs,” (Perreault & McCarthy, 2004). “Some examples of the product decisions to be made are brand name, functionality, styling, quality, safety, packaging, repairs and support, warranty, accessories and services,” (NetMBA,...