Marketing Mix
Market Mix Paper The purpose of this paper is to describe the elements of the marketing mix which is product, place, price and promotion. In addition, selecting the organization whom I work for which is DirecTv and describe how each one of the four elements of the marketing mix impacts the development of DirecTv’s marketing strategy and tactics. This paper will also be describing how each element is implemented. The concept or term of “marketing mix” became popular after Neil H. Borden published his article in 1964, The Concept of the Market Mix. He later began teaching this term in the late 1940’s. The ingredients in Borden’s marketing mix included product planning, pricing, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. Not long after E. Jerome McCarthy grouped these ingredients into four categories that today are known as the four P’s of Marketing. These marketing decisions generally fall into the following four categories.
The first P is product and this term refers to tangible, physical product as well as services. Some examples of the product decisions to be made are brand name, functionality, styling, quality, packaging, and so forth. The second P is Price which includes pricing strategy, suggested retail price, volume discounts wholesale pricing, cash and early payment discounts, seasonal pricing, and so forth. The third P is Place or distribution which is about getting the products to the customer. Some examples include distribution channels, market coverage, specific channel members, inventory management, warehousing, distribution centers, order processing, and so forth. The fourth P is Promotion which represents the various aspects of marketing communication, that is, the communication of information about the product with the goal of generating a positive customer response. Some examples are promotional strategy, advertising, sales
The first P is product and this term refers to tangible, physical product as well as services. Some examples of the product decisions to be made are brand name, functionality, styling, quality, packaging, and so forth. The second P is Price which includes pricing strategy, suggested retail price, volume discounts wholesale pricing, cash and early payment discounts, seasonal pricing, and so forth. The third P is Place or distribution which is about getting the products to the customer. Some examples include distribution channels, market coverage, specific channel members, inventory management, warehousing, distribution centers, order processing, and so forth. The fourth P is Promotion which represents the various aspects of marketing communication, that is, the communication of information about the product with the goal of generating a positive customer response. Some examples are promotional strategy, advertising, sales
References: NetMBA Business Knowledge Center (2008). Retrieved October 29, 2008 from http://www.netmba.com/marketing/mix/ Lake, L. (2008), Developing Your Market Mix. Retrieved October 29, 2008 from http://marketing.about.com/od/marketingplanandstrategy/a/marketingmix.htm QuickMBA Knowledge to Power Your Business (2008) Retrieved October 29, 2008 from http://www.quickmba.com/marketing/mix/ Kotler,P. Keller,K. (2006),Marketing Management, Retrieved from the rEsource page on the University of Phoenix website on Oct.25, 2008. Perreault,W. McCarthy, J. (2005). Basic Marketing: A Global-Managerial Approach. Retrieved From the rEsource page on the UOP website. Global Advertising Strategies (2008). Retrieved October 29, 2008 from http://www.ethnicusa.com/en/portfolio/case_studies/directv/