The marketing mix is primarily made up of four variables, and they are product, place, price, and promotion. These variables are often referred to as the four P's. Many sources often describe the marketing mix as a recipe used in developing a viable marketing strategy, with each ingredient being used different ways and at different times based on the product or service one is trying to market. This paper will utilize three sources to describe the elements of the marketing mix. It will also describe how each one of the four elements of the marketing mix impacts the development of an organization's marketing strategy and tactics. Three Sources Describing the Marketing Mix
The article Developing Your Marketing Mix defines the marketing mix as "a combination of marketing tools that are used to satisfy customers and company objectives". The article describes how it takes proper coordination, planning, and use of each of these elements to reach the consumers in one's target market. The importance of the coordination of the elements is so that one can be sure they are not sending mixed messages to the consumer and confusing them, the elements should all contain the same message. Another important point that this article makes is that properly using the marketing mix to develop your marketing strategy, will help meet the nature and needs of one's specified target market.
Wikipedia.com defines the marketing mix as "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". The article summarizes how Jerome McCarthy who referred to the marketing mix as the four P's, defines how the elements are to be used. He states that marketers have these elements available to them to assist in developing a marketing strategy. However, the elements are more useful in developing long...
References: Lake, L. (2006). Developing Your Marketing Mix. Retrieved March 7, 2006, About.com website: http://marketing.about.com/od/marketingplanandstrategy/a/marketingmix.htm
Marketing Mix. Retrieved March 7, 2006, Netmba.com website: http://www.netmba.com/marketing/mix/
Wikipedia contributors (2006). Marketing mix. Wikipedia, The Free Encyclopedia. Retrieved March 7, 2006 from http://en.wikipedia.org/w/index.php?title=Marketing_mix&oldid=42518839.
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