Elements of the marketing mix
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Using information from at least three different sources, prepare a 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 organizationâ??s marketing strategy and tactics. Be sure to specifically identify your selected organization and the industry in which it exists
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This solution provides an explanation of the marketing mix and the impact the marketing mix has on the development of the organization.
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Elements of the marketing mix:
Product: The product is the item or service that the organization is offering to the company. The product or service is described by their physical attribute. What does the product do? How is the product different from its competitors.
Products can come in several forms. There are consumer products which can be categorized as "convenience goods". Convenience goods are goods or products that the target customer is willing to purchase, without learning much information about the product. These are products that they simply want. Therefore, for a company, these products are important to keep in stock. There are also "shopping goods". Shopping goods are products that the customer will research in detail, and try to understand more information about. An example of a shopping good would be purchasing a home.
"Products may be differentiated in several ways. Some may be represented as being of superior quality (e.g., Maytag), or they may differ in more arbitrary ways in terms of styles-some people like one style better than another, while there is no real consensus on which one is the superior one. Finally, products can be differentiated in terms of offering different levels of service-for example, Volvo offers a guarantee of free, reliable towing anywhere should the vehicle break down. American Express offers services not offered by many other charge cards"
Source: http://www.consumerpsychologist.com/intro_Product.html
Price: The price is what your product or service will sell for. You must ensure that your price is comparable to those of your competitors.
There are several pricing strategies in the marketing mix. They are listed as ...
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