Elements of the Marketing Mix

Topics: Marketing, Frito-Lay, Lay's Pages: 3 (1084 words) Published: January 13, 2015

Elements of the Marketing Mix
Don Peterson
April 23, 2014
Dondrell Swanson
Elements of the Marketing Mix
This case will study describe the elements of the marketing mix. These four elements include product, place, price and promotion. This paper will include a description of how an organization’s marketing strategy is affected by the four elements of the marketing mix. Another aspect that this paper will include is a description of how each element is implemented in the company. One more topic that this paper will describe is the organizations name and industry in which it exists. The marketing mix is defined as a mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand. Several concepts and ideas are combined together to formulate final strategies helpful in making a brand popular amongst the masses to form the marketing mix ("Marketing Mix - Meaning and Its Elements", n.d.). The elements of the marketing mix are often called the four P’s of marketing (Perreault, Cannon, & McCarthy, 2011). First, Product is defined as goods that are manufactured by organizations for the consumer. Products can be two types, tangible and intangible. A product in a market place is something which a seller sells to the buyers in exchange for money. Price is defined as the money which a buyer pays for a product. The price of a product is indirectly proportional to its availability in the market. If a product is not readily available then the price goes up ("Marketing Mix - Meaning and Its Elements", n.d.). Place refers to the location where the products are available and can be sold or purchased. Here one is exposed to a physical building, or store, or one can purchase items on the internet. Finally, the fourth element is promotion. Promotion refers to the various strategies and ideas implemented by the marketers to make the consumer aware of their product ("Marketing Mix - Meaning and...

References: Marketing Mix - Meaning and its Elements. (n.d.). Retrieved from http://managementstudyguide.com/marketing-mix.htm
Perreault, W. D., Cannon, J. P., & McCarthy, J. (2011). Basic Marketing. A Marketing Strategy Planning Approach. Retrieved from The University of Phoenix eBook Collectioon database.
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