Marketing Mix
Marketing Mix
MKT421
June 12, 2013
Marketing Mix
This paper is going to discuss the marketing mix, also known as the 4 P’s. The 4 P’s are product, place, price, and promotion. There will also be an example of a business and how it has applied the marketing mix. The customer is the main focus when marketing. Everything is tailored to fit the wants and needs of the customer.
Product
The product is the goods, services, or a combination of the two that the customers buy from the company. The product is meant to satisfy customer needs. The product can be a physical object, such as a toy or car. It can also be a service such as a maid service or tax service. It can also be a combination of the two, such as a garage. They can sell you an oil change (service) or a set of tires (service/product).
Place
Place is the process of getting the product from the producer or distributor to the market place. Without having the place, the potential customer would have nowhere to purchase the product.
Price
Price is determined after there is an assessment on what the product cost to manufacture and distribute. The price has to be enough to make a profit. The price has to be right. If it is too high, the potential customers may feel it is too much to pay for this type of product. If it is not enough, the company could lose money producing the product.
Promotion
Promotion is the actual marketing of the product. Promoting the product before it is ever available to the public gets customers and potential customers excited about the release date. Promotion includes personal selling, mass selling, and sales promotion. Personal selling involves communication between the sellers and potential customers. It could be face to face, over the phone, or video chat via the internet. The main form of mass selling is advertising. Advertising on the internet, newspaper, television, or magazine reaches mass amounts of potential customer. Sales promotion includes coupons, contest, free
MKT421
June 12, 2013
Marketing Mix
This paper is going to discuss the marketing mix, also known as the 4 P’s. The 4 P’s are product, place, price, and promotion. There will also be an example of a business and how it has applied the marketing mix. The customer is the main focus when marketing. Everything is tailored to fit the wants and needs of the customer.
Product
The product is the goods, services, or a combination of the two that the customers buy from the company. The product is meant to satisfy customer needs. The product can be a physical object, such as a toy or car. It can also be a service such as a maid service or tax service. It can also be a combination of the two, such as a garage. They can sell you an oil change (service) or a set of tires (service/product).
Place
Place is the process of getting the product from the producer or distributor to the market place. Without having the place, the potential customer would have nowhere to purchase the product.
Price
Price is determined after there is an assessment on what the product cost to manufacture and distribute. The price has to be enough to make a profit. The price has to be right. If it is too high, the potential customers may feel it is too much to pay for this type of product. If it is not enough, the company could lose money producing the product.
Promotion
Promotion is the actual marketing of the product. Promoting the product before it is ever available to the public gets customers and potential customers excited about the release date. Promotion includes personal selling, mass selling, and sales promotion. Personal selling involves communication between the sellers and potential customers. It could be face to face, over the phone, or video chat via the internet. The main form of mass selling is advertising. Advertising on the internet, newspaper, television, or magazine reaches mass amounts of potential customer. Sales promotion includes coupons, contest, free
References: Perreault, W. D., Cannon, J. P., & McCarthy, J. (2011). Basic Marketing. Retrieved from The University of Phoenix eBook Collection database.