Marketing MixDetermining the proper marketing tactics for a product or service is a process that requires many steps to accomplish successfully. There must be an appropriate 'mix' of ingredients to meet the objective. The four main elements are product, place, promotion, and price. Different businesses and industries require a different mix, depending on the objective for the company. Each product, item or service needs to have the appropriate mix, or sales and revenues will not equal the desired levels. The other factor is the life cycle of the product. The mix has to change and vary depending on where in the life cycle a product currently resides. "The four Ps represent the sellers' view of the marketing tools available for influencing buyers. From a buyer's point of view, each marketing tool is designed to deliver a customer benefit." (Koffer, Chapter 1). The concept is that for a company to have success with a product, the marketing needs to be strategic in overall outlook, and tactical with each product, depending on where in the life cycle the product is. If the marketing isn't integrated, widely separated activates will not have the desired effect on product sales. The four P's and the life cycle are just one important component to truly integrated marketing management. The mix and life cycle will be examined and real world examples provided.
Product Life CycleA product or service life cycle is classified into four areas: market introduction, market growth, market maturity and sales decline. Understanding the marketing needs at each step in the cycle is imperative to success of the product or service. In the introduction of the product, Perrault et al. explain that product is one or few, and that as the product moves to the growth phase; marketers are concerned with building brand familiarity and loyalty. Continuing the cycle into maturity phase the product battles with competitors to retain identity in a crowded market, and finally during the declining...
References: rmstrong , G., & Kotler, P. (2005). Marketing: An Introduction. Upper Saddle River, NJ: Pearson/Prentice HallGarrett, S. Pharmaceutical Executive, 11 Steps to Successful Market Planning, June 2002, p 6, retrieved from ProQuest Database May 5, 2007.
Perrault Jr., W and McCarthy, J.E. (2004). Basic Marketing: A Global Management Approach. 15th ed. McGraw-Hill. New York.
Please join StudyMode to read the full document