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Describe elements of marketing including the 4 P's

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Marketing Mix Paper

Using information from at least 3 defferent 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 organizations marketing strategy and tactics. Be sure to specifically identify your selected organization and the industry in which it exists.

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The solution describes elements of marketing including the 4 P's for Toyota.

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Marketing Mix for Toyota

The given study is grounded on the concept of marketing mix which is an inherent part of the marketing actions of the companies. The marketing mix is an accumulation of the four elements of the market such as product, price, place and promotion. All the four elements have equal implication for the effectiveness of the marketing strategy of the company. The companies operating in all types of the business industries make use of marketing mix in the formation of their various marketing strategies and tactics.

This can be understood in a prominent manner with the help of the example of Toyota motors which operates in the automobile sector. The company has gained a great competitive advantage through the implementation of the marketing mix in its different and diverse marketing strategies. Marketing mix renders Toyota with a number of competative advantages in different aspects of its marketing activities.

Marketing Mix is a very significant concept of the business progression. The products and services of the business organizations get a very effective strategic position in the market with the assistance of the application of marketing mix. Through correct diligence of the marketing mix, a company can have a well explicated marketing strategy and tactics through which the marketing aims of the company can be accomplished at the necessitated level (Kotler, 2002). The marketing mix is not an individual term but it is the assemblage of the various elements of the marketing.

It primarily piles up the 4Ps of marketing such as product, price, place and promotion. These four Ps have equal implication for the marketing of the products in different organizations (Peter & Donnelly, 2002). These quantifiable elements of the marketing mix can be used by a company for increasing its marketing effectiveness. With marketing mix, the company can have marketing information; in order to measure the results of the marketing activities on its sales. With this, it can evaluate the degree of effectiveness of its marketing activities.

The explanation of the four elements of marketing mix is given as under:

? Product: Product is the fundamental element of the marketing mix. In the product mix, both the physical goods and services are considered. The other elements of the marketing mix are also ascertained by the product mix. The product mix conveys all aspects of the product like product design, quality and manifestation, brand name of the company and services of the products.

? Price: Price is the second imperative element of the marketing mix. The price is specified according to the expected profitability and the keen competitors. This is considered as a critical element as it determines the ...

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