Marketing mix is a business term that refers to the tool used in marketing. Utilizing marketing mix when determining a product or brand goes hand-in-hand with the 4P's price, product, promotion, and place. Marketing mix is required for organizations when planning or implementing new marketing strategies. When planning an effective market strategy it is essential to utilize these elements to develop an effective plan..
Elements of Marketing Mix
In business one may often hear the term the 4P's; this term refers to the elements within the marketing mix product, price, place, and promotion. Bose Corporation has spent large sums of money, time, and resources in developing a dependable product brand. A large number of people in the United States will recognize the name Bose. Dr. Amar G. Bose founder and chairman of a privately held company.
Dr. Bose who can be quoted in an 2004 interview in popular science magazine as saying "I would have been fired 100 times at a company run by MBAs but I never went into business to make money I went into business so that I could do interesting things that hadn't been done before.". Dr. Bose devotion to classical music along with his innovative engineering mine set out to create a music system that would give the listener sound equal to a live performance.
Dr. Bose product brand has steadily grown recognition over the years and is synonymous for high quality audio systems. Even though Dr. Bose has invented, developed, and produced many high quality in-home and commercial audio systems he will be synonymous with the acoustic wave music system. Rifkin (July 12, 2013),
When marketing any product the product must look good, work well, and speak to the consumer. Because Dr. Bose placed a high emphasis on creating a product that would surpass customer expectations many newly developed products have a stable architecture to launch from. Bose Corporation is unlike any business practicing in Massachusetts according to Kirsner (June 21, 2004. Bose invest 100% of their profits back into research and development. I have worked a Bose Corporation in the past an can personally say it is the only company that I truly believe has the customer needs and wants up of its own. I have witnessed personally and have been involved in transactions being done solely for the purpose of enhance customer satisfaction. The above-mentioned transactions were given to the customers at a loss for Bose; however, that level of customer satisfaction has a ripple effect across the entire Bose product line increasing customer loyalty. Over time these transactions will produce potential profit.
Bose Corporation target market is fast. Bose develops products for many different target markets. For instance, Bose creates a noise canceling headphones with the boom-mic for pilots. Bose also develop copyrighted headphones for the military as well as medical devices for the health care industry.Bose product and price range was developed towards customer looking for a quality product. These customers tend to feel comfortable spending a little bit more money for his or her product. Bose Corporation stands behind their product beyond the standard 30, 90, or even two-year warranty.
If a customer has a Bose product that they have owned for a long time even 10 years or longer, and they wish to upgrade this product Bose will accommodate. Bose will offer customers X amount of dollars for his or her outdated product towards an upgraded product. I have also witnessed this firsthand.
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