University of Phoenix
July 11, 2010
The marketing mix plays an important part in marketing. The purpose of the marketing mix is to use a combination of tools to satisfy customers and obtain company goals. Often the marketing mix is referred as the four P’s: product, price, place, and promotion. The elements are adjusted until a right combination is found that serves the needs of the product’s customers while generating optimum income” (Marketing Mix, 2010, p. 1). By using the four P’s, most businesses have the ability to connect with consumers within the targeted market. The ability to create a successful marketing mix often has good results. However using the wrong mix can lead to failed marketing strategies which can result in the business dissolving. The key is not to get stuck on one mix, the combination of elements often has better results than just using one. This research paper will review all elements of the marketing mix and how each one plays an important role that organizations must acknowledge in order to be successful. Product
“The term product refers to tangible, physical products as well as services” (NetMBA, 2010, p. 1). Tangibles are often referred to things that the customer can see, feel, taste and smell. In the beginning phase of the marketing mix, most corporations must first determine what the product will be before they can continue. After the product is determined, the question that arises is whether or not there is a need for such a product. Introducing a new product can be tough in today’s economy, consumers are only buying products that they need not want. Organizations must highlight key points on why consumers will need this new product and the benefits of purchasing it. Price
“Price is the amount which is paid by the customer to buy the product and service” (Sooper Tutorials, 2010, p. 1). This element of the marketing mix also plays an important role. Determining the price of a new product can...