Marketing Mix
Introduction
One of the fundamental facts in marketing is that every product has a target audience. Rarely are there products that cross all age, gender, social background, ethnic group, etc., in their appeal. Although not impossible, if there ever were such products, they are extremely few and far between. Why is it important to understand that each product has a specific target audience? Because, without identifying the target audience, one is unable to utilize the marketing mix to build a successful marketing strategy. According to Perrault, Cannon, and McCarthy, the marketing mix is “the controllable variables the company puts together to satisfy this target group” (2011).
Marketing Mix The four Ps of the marketing mix are product, price, promotion, and place, and make up a large part of the marketing strategy. The marketing strategy surrounds the consumer, so when performed correctly, it should effortlessly catch the consumer’s attention and sell the product on its own. Although the four Ps of the marketing mix are obvious in their roles, they actually encompass more than what appears on the surface. The product is not necessarily a physical item, but whatever item or service is sold, and everything encompassed around it. This includes the quality of the product, the design, the brand name, the features, etc., even the return of the product if the customer is unsatisfied. The price involves the retail price the product is sold at, any discounts, sales, or financing of the product, including the cost of the product. Promotion of the product embodies all aspects of advertising and the public’s relationship with the product, including sales promotions and the sales force. The place is where the product is made, where it’s sold, and even the transport of the product.
Victoria’s Secret An example of an organization that has demonstrated a successful marketing strategy is Victoria’s Secret, however it was not always so. When the idea of
One of the fundamental facts in marketing is that every product has a target audience. Rarely are there products that cross all age, gender, social background, ethnic group, etc., in their appeal. Although not impossible, if there ever were such products, they are extremely few and far between. Why is it important to understand that each product has a specific target audience? Because, without identifying the target audience, one is unable to utilize the marketing mix to build a successful marketing strategy. According to Perrault, Cannon, and McCarthy, the marketing mix is “the controllable variables the company puts together to satisfy this target group” (2011).
Marketing Mix The four Ps of the marketing mix are product, price, promotion, and place, and make up a large part of the marketing strategy. The marketing strategy surrounds the consumer, so when performed correctly, it should effortlessly catch the consumer’s attention and sell the product on its own. Although the four Ps of the marketing mix are obvious in their roles, they actually encompass more than what appears on the surface. The product is not necessarily a physical item, but whatever item or service is sold, and everything encompassed around it. This includes the quality of the product, the design, the brand name, the features, etc., even the return of the product if the customer is unsatisfied. The price involves the retail price the product is sold at, any discounts, sales, or financing of the product, including the cost of the product. Promotion of the product embodies all aspects of advertising and the public’s relationship with the product, including sales promotions and the sales force. The place is where the product is made, where it’s sold, and even the transport of the product.
Victoria’s Secret An example of an organization that has demonstrated a successful marketing strategy is Victoria’s Secret, however it was not always so. When the idea of