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Using information from at least three different sources, describe the elements of all 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.

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The response addresses the queries posted in 1074 words with references.

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The response addresses the queries posted in 1074 words with references.

//Before discussing about the marketing mix of the selected organization, we should understand the basic components included in the marketing mix. Marketing mix plays an important role in the development of the marketing strategy and tactics for overcoming the competition in the market. Therefore, firstly we will know about the market mix and its elements: //

Marketing Mix and its Elements

Marketing mix plays an important role in the development of the marketing strategy and tactics for the organization in the attainment of the marketing objectives. Effective management of marketing mix assists the organizations in effectively satisfying the target customers. The marketing mix includes the four components, which are product, price, place and promotion. Marketing mix of an organization consistently changes for managing the performance in the competitive market place. The marketing department of the organization should continuously monitor the variations in the demand and preferences of the customers (Sandhusen, 2000). The main aim of the marketing managers is to make effective decisions, so that the customers will attain positive value regarding the organization. The components of marketing mix are described below:

Product: It includes the offering of the physical products and services for the target customers. The marketing decisions for the products are based on the brand name, appearance, quality, packaging, accessories, warranty, etc.

Price: Price structure of the products and services is defined on the basis of the consideration of the profits and comparable prices with that of competitors. The marketing decisions for the pricing are based on the discounts, retail price, price flexibility, etc.

Place: It includes the distribution channel used for providing the products and services to the target customers. The marketing decisions ...

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Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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