Using information from at least three different sources prepare a 1400-1750-word paper in which you describe the elements of the marketing mix (product, place, 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. Describe how each element is implemented. Be sure to specifically identify your selected organization and the industry in which it exists. Also a minimum of three references are required.© BrainMass Inc. brainmass.com May 20, 2020, 6:04 pm ad1c9bdddf
Marketing Mix: Ford Motors Company
Marketing mix is the sole vehicle for creating and delivering customer value. The four key marketing variables e.g. product, price, place and promotion represent the marketing mix. All these variables play a valuable and crucial role in setting an organization marketing strategy and plan. In order to fulfill the ongoing requirement of the target market, the marketing management has to effectively control the elements of the marketing mix. It also helps in identifying the image or value of the product in the market place or in consumers mind. In the product, if the correct combination of the four P's are effectively conceived, then only it will be easy for the marketer to easily better their results and marketing potency (The Importance of Marketing Mix and the 4 Key Mix Elements, 2009).
Four P's of marketing mix is product, price, place and promotion. In order to understand the impact of marketing mix to develop the marketing strategies and tactics of an organization, I am going to analyze the various parameters that are associated with Ford Motors.
In 1903, Henri Ford in Michigan, United States of America founded the Ford motor company or Ford Corporation. The Headquarter of the company is situated in Dearborn, Michigan. The main work of the company innovates, formulates, and produces cars and trucks all over the world. Automotive and Financial services are the two key sectors in which the company flourishes its business activities (Ford Motor Company: 2008 Annual Report, 2008).
In the automotive sector, the company sells its products under the various brand names e.g. Ford, Mercury, Lincoln, and Volvo brand. Whereas the Financial services sector, it offer automotive financing products to and through automotive dealers. The mission of the company is to maximize its profit earning capacity by offering quality products all over the world (Ford Motor Company: 2008 Annual Report, 2008).
The company has more than 213,000 employees and this is an American multinational corporation, which is world's third largest automotive company. At the end of Fiscal year 2008, revenue of the company is $146.277 billion. The global marketing strategy of the Ford Motors stated that it aim is to increase the sales revenues by providing quality products at the reasonable price to the customers as per their needs or desires. If there is any changes in the combination of the marketing mix, it will alter the pre stated marketing strategy and tactics of the company (Ford Motor Company: 2008 Annual Report, 2008).
Impact of Marketing Mix Elements
The key elements of the marketing mix affect the development of the organization's marketing strategy and tactics in both the manners i.e. negative or positive because only right combination of the marketing mix will able to satisfy the needs and also raises the functioning or efficiency of the company. The marketing mix of the Ford Motors is as follows:
It is the vital element of the marketing mix because all other element of the marketing mix highly depends on the first P of the marketing mix i.e. product. The product is defined as the tangible or intangible element, ...
The solution provides marketing mix for Ford Motor Company. The expert describes how each element is implemented.