Marketing Mix Paper
Kristin MacKenzie
UOP
MKT 421
Marketing Mix Paper
Wendy Wagner
May 8, 2006
A marketing strategy provides a big picture of what a firm can do in a specific market. When creating a marketing strategy, a firm must identify a target market and a related marketing mix. A target market is "a group of similar customers to whom a firm wishes to appeal," and a marketing mix is "the controllable variables the company puts together to satisfy this target group." (Perrault and McCarthy 36) Focusing on specific target customers can help a firm develop a marketing mix that satisfies those customers ' specific needs better than another firm, making a firm less likely to face direct competitors. "To find the best marketing strategy and mix, the company engages in marketing analysis, planning, implementation and control." (Armstrong and Kotler 53) A typical marketing mix includes "some product, offered at a price, with some promotion to tell potential customers about the product, and a way to reach the customer 's place." (Perrault and McCarthy 36) Breaking down the marketing mix into these four basic elements product, price, promotion, and place helps simplify the selection of marketing mixes that will target the customers. "Components of each marketing mix element are combined to provide a cohesive marketing program." (Kerin et al. 45) The Product part of the mix is concerned with developing the right "product" for the target customers. This could include a physical good, a service, or a combination of both anything that satisfies the customers ' needs. Other areas covered by the Product element include features, benefits, quality level, accessories, installation, instructions, warranty, product lines, packaging, and branding. The Place area is concerned with decisions involving getting the "right" product to the target customers ' Place, making it available when and where it is needed. Products reach customers through a channel of distribution, which
UOP
MKT 421
Marketing Mix Paper
Wendy Wagner
May 8, 2006
A marketing strategy provides a big picture of what a firm can do in a specific market. When creating a marketing strategy, a firm must identify a target market and a related marketing mix. A target market is "a group of similar customers to whom a firm wishes to appeal," and a marketing mix is "the controllable variables the company puts together to satisfy this target group." (Perrault and McCarthy 36) Focusing on specific target customers can help a firm develop a marketing mix that satisfies those customers ' specific needs better than another firm, making a firm less likely to face direct competitors. "To find the best marketing strategy and mix, the company engages in marketing analysis, planning, implementation and control." (Armstrong and Kotler 53) A typical marketing mix includes "some product, offered at a price, with some promotion to tell potential customers about the product, and a way to reach the customer 's place." (Perrault and McCarthy 36) Breaking down the marketing mix into these four basic elements product, price, promotion, and place helps simplify the selection of marketing mixes that will target the customers. "Components of each marketing mix element are combined to provide a cohesive marketing program." (Kerin et al. 45) The Product part of the mix is concerned with developing the right "product" for the target customers. This could include a physical good, a service, or a combination of both anything that satisfies the customers ' needs. Other areas covered by the Product element include features, benefits, quality level, accessories, installation, instructions, warranty, product lines, packaging, and branding. The Place area is concerned with decisions involving getting the "right" product to the target customers ' Place, making it available when and where it is needed. Products reach customers through a channel of distribution, which
References: Perrault and McCarthy. Basic Marketing: A Global-Managerial Approach. The McGraw- Hill Companies, 2004. Kerin, Hartley, Berkowitz, and Rudelius. Marketing. The McGraw-Hill Co, 2005. Armstrong and Kotler. Marketing: An Introduction. Prentice-Hall, 2005.