MKT/421 - Michael Wells
Marketing Mix Paper
Marketing Mix, sounds like the perfect recipe for success in the business world eh? Well, it is pretty close to a perfect recipe! A marketing mix is somewhat of recipe in many ways; it includes ingredients that when put together come out to produce a great product. Or, at least hoping for a great product. The ingredients in a marketing mix are product, place, price, and promotion. Should be fairly easy to remember this since all items start with P. When marketing a specific item or service, companies need to develop these ingredients so that a successful outcome is reached. To start with, the right product is needed. That product needs to be sold at the right price. The product will need to have the right location to be able to sell, and of course it needs the best promotion for that particular product.
The price - This is the single aspect of the marketing mix that actually creates a revenue as opposed to the others which are costs. The price of the item can usually be a determining factor in it’s value. However, this is sort of a catch twenty-two. It really is all about the costumer and what he or she thinks the value of the product should be. It is a good idea to research consumers idea on what the value of like products are, and also how much they are willing to pay. Pricing will most likely be conditional to the outside environment. For example, a bottle of water will probably be less valuable in the united states as it would be in a third world country. The place - This is comprised of a lot more detail then one would initially imagine. You have to factor in transporting and storing the product. Then it comes time on deciding how to make it receivable to the consumers. A distribution system will inevitably be very valuable in managing the product. There are also different ways to get the product to the consumers. A