In today’s business world, for a company to achieve its goals, it must have a strategy that blends well with the appropriate elements of marketing. The term Marketing Mix is refer to a phrase that is used to describe the different kinds of choices that an organization has in bringing a product or service to a market.(Mindtools, 2010) It can also be known as the “the four Ps.” The “Four Ps,” are product, price, place, and promotion. For an organization to create a mix, it must focus on the target market and also understand the needs of its customers. This will help the organization create a strategy that will help to satisfy the demand of its customers.
The first of the “Four Ps” is Product; this is defined as what a firm offers to its customers in the form of a tangible good or intangible good. (MarketingMix, 2004) During this stage, an organization takes in consideration if they are going to provide a product or service. They would also decide what kind of product it will be, the color of the product, how it is branded, and even what it should be called.
The second P of the marketing mix is place. This element is relates to the distribution and availability of the product and services to the customers (Marketing Mix, 2004). Here, an organization would see where a buyer would look for these products and services. An organization would decide where the product would be in a specific store; as in a supermarket, online, or at a specialty store. Also an organization must take into consideration what areas a certain product or services would be successful, as in an expensive product such as a BMW dealer may not do well in a low-income area as it would in an upper class neighborhood.
Price is another element of the marketing Mix. This term is defined as the amount of money a customer would have to pay for a specific product or service. For example, in one location someone may pay a higher amount for a... [continues]
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