Write a 1,400-1,750-word paper in which you describe the elements of the marketing mix (product, place, price, and promotion). In addition, select an organization with which you are familiar and describe how each one of the four elements of the marketing mix impacts the development of the organization's marketing strategy and tactics. Describe how each element is implemented. Be sure to specifically identify your selected organization and the industry in which it exists. Format according to APA standards with 2 or 3 references.© BrainMass Inc. brainmass.com March 4, 2021, 9:35 pm ad1c9bdddf
The response address the queries posted in 1947 words with references.
//In order to fulfill the given query, you are required to choose a Company in which, you can implement the elements of marketing mix (product, place, price and promotion). For this purpose, you must be having an understanding of 'Marketing Mix & its Importance'. I would like to assist you on this topic for enhancing your knowledge. In the following part, you will find an overview of marketing mix & its elements and in the next part, I will help you to implement these elements in an Organization. See the text below: //
Marketing Mix - The Four Ps
Marketing mix is a combination of four elements product, place, price and promotion. Marketing mix & the four Ps of marketing may be considered as synonyms. It is one of the most popular marketing concept terms, which assists the Management of a company to form & implement effective marketing plans or strategies (Kotler, 2002). Marketing mix helps a company to gain optimal response from the target market. The elements of marketing mix can be aligned according to the pace & requirements of marketing environment, in order to achieve pre-determined goals and objectives of an organization. The description of four Ps of marketing mix is as under:
Product: A product or service is that entity, which is made available in the market for customers by an organization. A company produces products & services in large quantity (Kotler, 2002). A customer makes up his or her mind to purchase a product or service on the basis of several factors such as quality, packaging, brand, functionality, after sale service, appearance, safety, styling, etc.
Place: Place in the marketing is the location, from where the customers can make purchases. It can be referred to intermediaries or distribution channels, which cover physical, as well as, virtual stores. A company works on this element of marketing mix on the basis of market coverage, warehousing, distribution channels, transportation, inventory, order processing, etc.
Price: Pricing is one of the very important & critical decisions for a company. Price is the amount, which a customer intends to pay for a product or service being offered by a company. It is very essential for a firm to set the prices of its products competitive for the customers and profitable for the company. There are several factors concerned with this element such as list price, discounts, pricing strategy, pricing flexibility, material cost, perceived value, etc.
Promotion: In the present era of cut-throat competition, promotional activities are very important for the companies, which seek to make a secure position in the market. Promotional activities are used to make customers aware about the product & services available in the market (Kotler, 2002). Promotional activities include advertising, selling, direct marketing, public relation, sales promotion, etc.
//As we have discussed the four Ps of the Marketing mix above, I expect that it is quite valuable for you to understand this concept. Before moving to the next part, I would like to suggest you to select a Company of your choice for the implementation of the elements of the Marketing mix. I am taking Wal-Mart as an example for this query. In the following part, you will come to know about marketing ...
This solution discusses the four elements of the marketing mix and explores how these elements have contributed to business success at Wal-Mart. The response address the queries posted in 1947 words with references.