Marketing Mix

Topics: Marketing, Price, Pricing Pages: 4 (1182 words) Published: July 9, 2008
Marketing Mix and Nike
In order to determine the proper marketing method in delivering products it is vital to keep analyzing certain factors. These elements are often described as the Marketing Mix and consist of: product, place, price, and promotion. Product

It is essential to have a product and to be able to market it successfully to consumers. A product does not necessarily have to be a tangible good, but instead could be some service based good. Whether the good is tangible or not, it is important to understand what aspects of the product allow the company a competitive advantage (essortment,com, 2008). Some relatable questions are: What separates the goods from others already on the market? Is it of better quality? Or, is there a warranty or guarantee that will convince customers to purchase the particular product? Understanding the product will greatly influence the elements going into the marketing mix. For example, a high quality, not readily available product, such as a diamond, would be priced and marketing differently than a readily available product such as a cubic zirconium. Once a product is established and questions like the ones above are answered the other parts of the marketing mix become important. Price

As mentioned in the product element the type of good that will be marketed is going to affect the price of a product. What amount of price that is attached to a particular good will affect the public’s perception of an object? For example, high prices seem to portray a product has a higher level of quality, despite the fact that may not necessarily be the case. The pricing of wine is a good example. When a consumer purchases a more expensive bottle of wine, 50$ for example, the higher than average price suggests that this bottle of wine is indeed a superior bottle than the similar looking 20$ bottle. The majority of consumers would probably be unaware of the types of grapes that went into the wine, or perhaps even...
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