Marketing Mix Paper
What could possibly be important about the four Ps, and what do they have to do with this thing called the Marketing Mix? The Marketing Mix is a set of policies for the four Ps that is developed to meet the needs of a company or firm's target market. The marketing mix should be reasoned, and internally consistent. The four Ps are; Product, Place, Price and Promotion. By using variations of these four components you have the ability to reach multiple consumers within your target market. It often takes experimenting and solid market research to creating a successful marketing mix that will increase desired results. The key is to not always depend on "one" mix, the combining and coordination of these elements will be more effective than depending on one. (Kotler, 2001) A good strategy combines the marketing mix and the target market. The marketing mix is considered the core of a marketing strategy, and can initially be stated in general terms that become more specific as the mix is implemented. All elements of the mix must be compatible with each other and they must be appropriate for the target market. (About, 2006) As an element of the marketing mix, price doesn't mean a specific price but rather a price policy describing the plan for how specific prices will be set. Price is a powerful tool, and should be set with certain objectives in mind. In the early stages of the product life cycle, high prices may be used in an effort to recover development costs early. Prices may then be lowered or the firm may move on to other markets in the early stages of development. In the early stages of the product life cycle, low prices may be used to rapidly expand the buyer base for the firm's brand, making it more difficult for other companies and products to gain market share. Pricing can be used to indicate quality levels from luxury or economy. Pricing can also be used to clear out-dated or out-of-style inventory; converting it to cash...
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