Write 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 affects the development of the organization's marketing strategy and tactics. Describe how each element is implemented. Specifically identify your selected organization and the industry in which it exists.
Marketing is a process of identifying & satisfying the customer needs in a manner which is profitable for the organizations offering those products. It includes planning, executing, pricing, promotion, distribution of products & services in order to satisfy the customer needs along with organizational goals (Kotler, 2002). Marketing Mix is a critical aspect of marketing and it shows appropriate blend of elements of marketing which define positioning of the products or services.
The marketing mix consists of basically four elements or 4 Ps i.e. Product, Price, Promotion and Place. Through proper diligence of the marketing mix, a company can have a well explicated marketing strategy and tactics through which the marketing objects of the company can be accomplished at the necessitated level (Lancaster & Reynolds, 2005).
Subsequent are the four most important elements of marketing mix:
This element of marketing mix specifies the item that a manufacturer or businessman is selling. A product (or service) is developed or delivered to handle certain needs of the market. It is the cardinal element of the marketing mix. The other constituents of the marketing mix are also determined with the help of product mix (Kotler, 2002). The product mix of a product or service imparts all aspects of the product like product design, safety, quality and packaging, brand name and return of the products.
Price is determined by several factors like the price incurred, profits required, customer expectations and competitors. It is the second significant element of marketing mix. This is conceived as a critical element as it ascertains the purchase power of the customers up to a certain level. All the organizations try to keep their product prices reasonable in order to make them within the means of its customers (Lancaster & Reynolds, 2005). At the time of making determination about a product or service price more than a few factors are incorporated like discounts price, retail price, etc.
The place consists of activities through which the products or services become available to the customers. The place mix of a product or service assists in planning the distribution channel, which can be used for the delivery of the products and services. The significance of delivery of the right product at the right place makes this element more important and noteworthy (Kotler, 2002). Adoption of effective distribution channels is essential for all the business organizations in order to extend its target customers with right ...
This solution provides a paper describing elements of the marketing mix.