The elements of the Marketing Mix refer to the tools that will be employed in the marketing efforts of a product, service or concept, to a particular targeted or segmented group. If the right Marketing Mix is used, it will aim all of the company’s efforts at satisfying it’s customers at a profit or other notable success. A typical Marketing Mix includes “The four P’s”, which are product, price, promotion, place and sometimes people. Since consumers are surrounded by the controllable variables of the Marketing Mix, a marketer/marketing team must pay particular attention to these variables when creating a marketing plan, before the implementation process. The ultimate goal in using a Marketing Mix is to, “create a product that a particular group of people want, put it on sale some place that those same people visit regularly, and price it at a level which matches the value they feel they get out of it; and do all that at a time they want to buy” (Mind Tools Ltd., 1995-2009). Some of the controllable variables associated with “Product” of the Marketing Mix are quality, product variety, size/portion, features, designs and any applicable warranties. The seller should be particularly concerned with what the potential customers needs are, and what particular features need to be included to accommodate the customers preferences. The seller may also concern itself with how their chosen product design compares to the competitors as well as the production costs associated with the product/service. The controllable variables associated with the “price” are the product price, competitor’s price, discounts/allowances, payment period, and credit terms. Price is very vital in the marketing process since it generates income for the seller and the price has to be a value to the consumer otherwise they won’t buy it. A question that the seller will want to know the answers to associated with costs is primarily, what is the value of the product/service to the...
References: Mind Tools Ltd. (1995-2009). The Marketing Mix and 4 P 's - Understanding how to position your market offering. Retrieved on December 19, 2009 from http://www.mindtools.com/pages/article/newSTR_94.htm
Kotler, P., & Keller, K. L. (2009). Marketing Management (13th ed.). Upper Saddle River, NJ: Pearson/Prentice Hall.
McDonald 's Corporation. (2009). Marketing Guidelines - About McDonalds 's. Retrieved on December 19, 2009, from http://www.aboutmcdonalds.com/mcd/csr/report/nutrition_and_well-being/promotions.html
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