Marketing Mix

Topics: Marketing, Pricing, Marketing mix Pages: 4 (1493 words) Published: July 7, 2006
Marketing Mix Paper
The marketing mix is probably the most famous phrase in marketing. According to Wikipedia.com, the marketing mix approach to marketing is a model of crafting and implementing marketing strategies. It stresses the "mixing" or blending of various factors in such a way that both organizational and consumer (target markets) objectives are attained (Wikipedia). "The elements are the marketing 'tactics'. Also known as the 'four Ps', the marketing mix elements are price, place, product, and promotion" (Marketing Teacher). In other words, "Marketing mix is a combination of marketing tools that are used to satisfy customers and company objectives. Consumers often call the marketing mix "the offering." By using variations of these four components a company has the ability to reach multiple consumers within the target market" (Lake, Developing). The most common variables used in constructing a marketing mix are price, promotion, product and distribution (also called placement or often referred to as the four Ps). This was firs suggested by Jerome McCarthy, and indicated that marketers have essentially these four variables to use when crafting a marketing strategy and writing a marketing plan. In the long term, all four of the mix variables can be changed, but in the short term it is difficult to modify the product or the distribution channel. McCarthy's four P's focus on marketing from the perspective of the marketer. It basically describes what variables marketers have to work with and to ensure that each variable is also seen from a consumer's perspective. "This transformation is accomplished by converting Product into "customer solution", Price into "cost to the customer", Place into "convenience", and Promotion into "communication". He calls these the four C's" (Wikipedia) . Creating a successful marketing mix that will increase results often takes experimenting and market research. There are many methods that can be used, both in person...

References: Marketing Teacher. Accessed June 29, 2006.
http://www.marketingteacher.com/Lessons/lesson_marketing_mix.htm
Lake, Laura. Developing Your Marketing Mix. About.com. Accessed June 29, 2006.
http://marketing.about.com/od/marketingplanandstrategy/a/marketingmix.htm
Marketing Mix. Wikipedia. Accessed June 29, 2006.
http://en.wikipedia.org/wiki/Marketing_mix
Newbiz Advisor. FW15-Marketing Mix. Accessed June 29, 2006. http://www.freeworldacademy.com/newbizzadviser/fw15.htm
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