Marketing Mix - Essay 4
Marketing Mix Strategy is an important part successfully operating a business and managers must learn to strategize to remain competitive in their respective markets. This paper will paper will discuss the four elements of the marketing mix, how they relate to an example of a real organization, and how the organization implements each element to attract as many customers as possible.
Elements of Marketing Mix: Product, Price, Place, and Promotion The elements of marketing mix are popularly known as the “4Ps”; they are product, place, price, and promotion. Organizational managers and their staff can easily control these four variables to serve their customer base better (Ehmke et al., n.d.). Managers must searcher for products that meet their customers’ needs and wants; in some instances, the product comes in the form of a service. After managers discover the desired product or service they must establish the proper price customers will be willing to pay. The manager must find the desired product at a reasonable price so they may convey a reasonable price to their customers. Placing the product in strategically throughout the store or on the store’s website can determine the success of the chosen product. Some customers may not be able or want to walk throughout the store to see the various products the store has to offer so placing items that may be purchased at the same time is important. For example, building a display of cake mixes and frosting feet away from the eggs may remind customers to purchase eggs along with the other ingredients important in baking their cake. Promotion has many aspects that include informing customers about what products and services the organization has to offer, where the product or service is located its price.
Organization, Its Marketing Strategy, and Implementation Wal-Mart is most widely known for its pricing and large selection of products; its “Rollback Pricing” has been the center of many commercial
Elements of Marketing Mix: Product, Price, Place, and Promotion The elements of marketing mix are popularly known as the “4Ps”; they are product, place, price, and promotion. Organizational managers and their staff can easily control these four variables to serve their customer base better (Ehmke et al., n.d.). Managers must searcher for products that meet their customers’ needs and wants; in some instances, the product comes in the form of a service. After managers discover the desired product or service they must establish the proper price customers will be willing to pay. The manager must find the desired product at a reasonable price so they may convey a reasonable price to their customers. Placing the product in strategically throughout the store or on the store’s website can determine the success of the chosen product. Some customers may not be able or want to walk throughout the store to see the various products the store has to offer so placing items that may be purchased at the same time is important. For example, building a display of cake mixes and frosting feet away from the eggs may remind customers to purchase eggs along with the other ingredients important in baking their cake. Promotion has many aspects that include informing customers about what products and services the organization has to offer, where the product or service is located its price.
Organization, Its Marketing Strategy, and Implementation Wal-Mart is most widely known for its pricing and large selection of products; its “Rollback Pricing” has been the center of many commercial
References: Armstrong, G., & Kotler, P. (2009). Marketing: An introduction (9th ed.). Upper Saddle River, NJ: Pearson Education. Ehmke, C., Fulton, J., & Lusk, J. (n.d.). Marketing’s four p’s: first steps for new entrepreneurs. Unpublished manuscript, Department of Agricultural Economics, Purdue University, West Lafayette, Indianna. Retrieved from http://www.ces.purdue.edu/extmedia/ec/ec-730.pdf Investors. (2011). Retrieved from http://investors.walmartstores.com/phoenix.zhtml?c=112761&p=irol-irhome