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Marketing Mix

Over the years, the marketing mix has extended past the popular 4 P's framework of the mix. Theorists have gone so far as to add the 5 P's and the 7 P's of marketing. In addition to the traditional product, price, place, and promotion; people, process, and physical evidence can now be added to the equation. Nevertheless the extended version of the mix is used in the event product developers comprehensive data to incorporate a product within and around communities.

Product-"The product is the physical product or service offered to the consumer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc."(FacWeb, 2011). The marketing mix revolves around the development, positioning, and implementation of a product. Before an organization can successfully launch a product, they must consider the following components of marketing which includes; product, price, place, and promotion. The beginning stages of the marketing mix is to understand and identify the initial concept of what the organization is trying to achieve and what products will be quintessential in enabling the organization to remain competitive. An organization's life-expectancy will ultimately depend upon what type of products should be launched in the industry. In addition to an organization's product placement strategy is the timing of product placement. An organization must determine if the product is placed in the appropriate time in order to generate the desired income. Many organizations succumb to failure by launching a much needed product at the wrong time. If an organization desires to launch a product at the wrong time chances are the product will no-longer exist, i.e. the product may be pulled from store shelves. Developers must ask the following questions such as; what is the marketplace in need of right now? What products can we offer consumers that will give our company a competitive advantage? Once the organization develops a consensus within the research and development department, the organization can begin to expand on the concept and begin the developmental process.

Price -The most fundamental element of the marketing mix is pricing a product. An organization must observe the market place, evaluate consumers in order to gain insight as to consumer purchasing patterns, and discover which pricing strategy is the most appropriate option that would enable the company to obtain a significant return on their investment.. All products have a customized pricing structure that are based on the following factors such as; consumer demographic, premium product integration, market share potential, competitiveness, economic variations, value, promotional, etc.
Place-"Another element of Neil H.Borden's Marketing Mix is Place. Place is also known as channel, distribution, or intermediary. It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer." (Marketing Teacher, 2011).

Promotion-This marketing element is an organizations opportunity to introduce a new product to the public, communicate the benefits of the product to the market place. The promotion aspect is a comprehensive public relations tool that expresses to the public the company brand, background, the product, and why consumers should purchase their product as opposed to the products of the competitor. Any product that enters the marketplace must have a strong promotional marketing campaign in order to ensure longevity within the market, There are various facets of the promotion mix of marketing that includes the following:
Personal Selling-this is where a sales person and/or entrepreneur builds relationships with new and existing consumers. Organizations such as; AVON, Triple A, and car dealerships tend to rely on the personal selling tactics of their sales men and/women for customer service sustainability. In essence personal selling enables an organization to create a positive reputation as a trusted source for business transactions.
Sales Promotion-An enticing method of alluring consumers to purchase a product or service. For example, Buy One, Get One Half Off, or $10 off first delivery.
Public Relations-defined as "the deliberate, planned and sustained effort to establish and maintain mutual understanding between an organization and its publics." (Institute of Public Relations, 2011).

AT&T Initiative

AT&T's marketing strategy and tactics encompasses every facet of the marketing mix, in fact, the mix contributes to the company's many successes. AT&T continuously develops new ways to function outside of the norm, in other words the company tends to think outside of the box, i.e. they are constantly working towards going above and beyond what is expected. AT&T's use of the marketing mix, allows the company to expand their global reach and to utilize additional promotional and advertising resources to get the word out about the company's new products and services. AT&T's marketing strategy enables the company to identify consumers within an untapped market. In 2008, the company decided to expand their reach to the Latino communities. In Los Angeles, the company showcased a bundled service offering, "'Paquetengas Más,' that includes high-speed internet, wireless service, television and land lines with five-cent per minute calls to Mexico." According to Rosa Esquivel (2008) AT&T's daily operations had to bring in a fresh new perspective with new technological advancements to bring to consumers. (Solmar, 2011).

Solution Preview

Over the years, the marketing mix has extended past the popular 4 P's framework of the mix. Theorists have gone so far as to add the 5 P's and the 7 P's of marketing. In addition to the traditional product, price, place, and promotion; people, process, and physical evidence can now be added to the equation. Nevertheless the extended version of the mix is used in the event product developers comprehensive data to incorporate a product within and around communities.

Product-"The product is the physical product or service offered to the consumer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc."(FacWeb, 2011). The marketing mix revolves around the development, positioning, and implementation of a product. Before an organization can successfully launch a product, they must consider the following components of marketing which includes; product, price, place, and promotion. The beginning stages of the marketing mix is to understand and identify the initial concept of what the organization is trying to achieve and what products will be quintessential in enabling the organization to remain competitive. An organization's life-expectancy will ultimately depend upon what type of products should be launched in the industry. In addition to an organization's product placement strategy is the timing of product placement. An organization must determine if the product is placed in the appropriate time in order to generate the desired income. Many organizations succumb to failure by launching a much needed product at the wrong time. If an organization desires to launch a product at the wrong time chances are the product will no-longer exist, i.e. the product may be pulled from store shelves. Developers must ask the following questions such as; what is the marketplace in need of right now? What products can we offer consumers that will give our company a competitive advantage? Once the organization develops a consensus within the research and development department, the organization can begin to expand on the concept and begin the developmental process.

Price -The most fundamental element ...

Solution Summary

Over the years, the marketing mix has extended past the popular 4 P's framework of the mix. Theorists have gone so far as to add the 5 P's and the 7 P's of marketing. In addition to the traditional product, price, place, and promotion; people, process, and physical evidence can now be added to the equation. Nevertheless the extended version of the mix is used in the event product developers comprehensive data to incorporate a product within and around communities.

Product-"The product is the physical product or service offered to the consumer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc."(FacWeb, 2011). The marketing mix revolves around the development, positioning, and implementation of a product. Before an organization can successfully launch a product, they must consider the following components of marketing which includes; product, price, place, and promotion. The beginning stages of the marketing mix is to understand and identify the initial concept of what the organization is trying to achieve and what products will be quintessential in enabling the organization to remain competitive. An organization's life-expectancy will ultimately depend upon what type of products should be launched in the industry. In addition to an organization's product placement strategy is the timing of product placement. An organization must determine if the product is placed in the appropriate time in order to generate the desired income. Many organizations succumb to failure by launching a much needed product at the wrong time. If an organization desires to launch a product at the wrong time chances are the product will no-longer exist, i.e. the product may be pulled from store shelves. Developers must ask the following questions such as; what is the marketplace in need of right now? What products can we offer consumers that will give our company a competitive advantage? Once the organization develops a consensus within the research and development department, the organization can begin to expand on the concept and begin the developmental process.

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