The Elements of Marketing Mix: An Overview

Product: - it is essential for a business or organisation to in-depth features, qualities and uniqueness of their product as compared to their competitors they are offering to their customer.

According to an article from ‘Supply & Demand Chain Executive’ written by (DelMonte, 2007) states what is the marketing mix: “is putting the right product in the right place, at the right price, at the right time.’ The marketing mix is an implement which is needed and it is much utilized in today’s working industries for managers to evaluate business targets such as sales and company’s profits, and also to assist in order to meet consumer needs effectively. It purposes is to satisfy the customer as well as the seller by using the marketing mix tool. The marketing is known as the ‘4Ps’, and it is made up of: place, product, promotion and price.

Marketing mix is used at the MARC facility to develop and implement a plan to achieve organization goals. The four variables product, price, place, and promotion are within the organization’s control and therefore, the mix of those four elements are key in marketing decisions. Marketing mix is the combination of all the experiences, tools, innovations, and creativity that the MARC uses to make consumers their clients. All four P’s are needed in a marketing mix they should all be tied together. Revenue, while promotion, place, and product generate cost. Producing, designing, distributing, and promoting products come with expenses.

In this paper about the Marketing Mix, it will explain the elements of the marketing (product, place, price, and promotion). I have enclosed a chart about the Pricing Strategies Mix. I will also be selecting an organization by the name of Target in which I am familiar with and will describe the four elements of the marketing mix and how it impacts the organizations developmental marketing strategies and tactics.

Mars-library, 2015, Marketing mix in marketing strategy: Product, Price, Place and Promotion, viewed 3 June 2015, < www.marsdd.com/mars-library/the-marketing-mix-in-marketing-strategy

defines who the customer is and what services and products the business intends to provide. It

A marketing mix consists of Product, Place, Price and Promotion. It is fundamental to understand these four elements for developing an effective marketing strategy.

Products or Services - meeting the various needs of the customers (i.e. logistics, distribution, commerce etc.) (P1)

Marketing mix is when the right product is put in the right place, at the right time, and at the right price. When an organization or company creates a product that attracts individuals and put it on sale or offer it to individuals it should may be place at a price in which it matches the value of the product and is worth what the consumers or individuals get out of it. The 4 Ps of marketing and the marketing mix are sometimes used as synonyms for one another because they are close to being the same thing. The 4 Ps of marketing mix are product, place, price, and promotion. Each component of the marketing mix has some type of importance and are given an equal abundance of importance. In the marketing mix the customer is the

The marketing mix is a combination of 4 P’s (product, price, place and promotion) that should be used in conjunction with each other to ensure a competitive edge over other companies. ‘The marketing mix is designed to produce mutually satisfying exchanges with a target market’.

These decisions include the choice of location where the product will be sold to the final consumer and the combination of elements of the distribution chain that will be assembled to get the product there. The elements of the distribution chain that must be considered are packaging, storage facilities, transportation, and the members of the chain itself: producers; brokers/wholesalers; retailers; and households. While packaging may also be considered to be part of the offering, it is an integral part of the distribution process. Inventory levels and financing of inventory are also critical elements of place/distribution. (About, 2006)

People refer to the customers, employees, management and everybody else involved in it. It is essential for everyone to realize that the reputation of the brand that you are involved with is in the people 's hands.

The marketing mix is a business tool that consists of four p’s, which are price, product, promotion and place. The marketing mix is useful in many different ways; this essay will analysing how the marketing mix is useful as a tool of analysis and how it will benefit the product. E. Jerome McCarthy, who was known as an American musketeer created this term ‘marketing mix’ in 1964 (van Waterschoot and van den Bulte, 1992) However in 1981 the four p’s had been extended to the seven p’s by Booms and Bitner (Vliet, 2013) The additional p’s, which have been added, are people, processes and physical evidence. The seven p’s have a great impact on the marketing side of a business because it helps businesses; plan every factor in the marketing prospect of the business.

According to the Economic Times, a marketing mix ‘refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.’ (http://economictimes.indiatimes.com/definition/marketing-mix).Define and critically evaluate the key areas of marketing mix that should be included as a part of successful marketing strategy: Use a case study to examine each area in detail.

The four P’s of a marketing mix are as follows, product, price, place, and promotion. Each of these offers a marketing parameter for the management and company team to control. With each marketing tool there are decisions that should be met as far as the business is concerned. Therefore, there is a list for each one that should be analyzed to meet the business standards.