In Marketing, “the four “P’s” make up what is called a marketing mix and so it is useful to reduce all the variables in the marketing mix to four basic ones: Product, Place, Promotion and Price” (Perreault, 2004). These four elements of the marketing mix impact the development of any organization’s marketing strategies and tactics. We will examine the elements of the marketing mix individually and what they mean as well as identifying an organization such as Abercrombie & Fitch, a retail clothing chain store, whose marketing strategies and tactics are based upon their own marketing mix.
Let us begin with the first element of the marketing mix; Product. “Product may involve a physical good, a service, or a blend of both. Keep in mind that Product is not limited to physical goods” (McCarthy, 2004). Product can include but not be limited to: physical goods, services, features, benefits, quality level, accessories, installation, instructions, warranty, product lines, packaging and branding. With any product however, the goal is to satisfy some need of the customer.
The second element in the marketing mix is Place. “Place is concerned with all the decisions involved in getting the “right” product to the target market's Place. A product isn't much good to a customer if it isn't available when and where it's wanted” (Perreault, 2004). It has to do with something called a channel of distribution; which “is any series of firms (or individuals) that participate in the flow of products from producer to final user or consumer” (McCarthy, 2004). This can include many retailers and wholesalers or if it is through the internet then it is a direct channel. Place can include things such as: objectives, channel type, market exposure, kinds of middlemen, kinds and locations of stores, how to handle transporting and storing, service levels, recruiting middlemen and managing channels.
“The third P—Promotion—is concerned with telling the target market or... [continues]
Cite This Essay
(2008, 10). Marketing Mix Paper. StudyMode.com. Retrieved 10, 2008, from http://www.studymode.com/essays/Marketing-Mix-Paper-168733.html
"Marketing Mix Paper" StudyMode.com. 10 2008. 10 2008 <http://www.studymode.com/essays/Marketing-Mix-Paper-168733.html>.
"Marketing Mix Paper." StudyMode.com. 10, 2008. Accessed 10, 2008. http://www.studymode.com/essays/Marketing-Mix-Paper-168733.html.