Purchase Solution

marketing mix

Not what you're looking for?

Ask Custom Question

The company I am choosing for the below assignment is Best Buy.

(1) Introduction of what marketing mix is and how it ties into the body of the paper.
(2) The elements of the marketing mix (product, place, price, and promotion).
(3) In addition, select an organization with which you are familiar (BEST BUY) and describe how each one of the four elements of the marketing mix affects the development of the organization's marketing strategy and tactics.
(4) Describe how each element is implemented. Specifically identify your selected organization and the industry in which it exists.
(5) Conclusion and summarize main points of the paper.

Purchase this Solution

Solution Summary

The company I am choosing for the below assignment is Best Buy.

(1) Introduction of what marketing mix is and how it ties into the body of the paper.
(2) The elements of the marketing mix (product, place, price, and promotion).
(3) In addition, select an organization with which you are familiar (BEST BUY) and describe how each one of the four elements of the marketing mix affects the development of the organization's marketing strategy and tactics.
(4) Describe how each element is implemented. Specifically identify your selected organization and the industry in which it exists.
(5) Conclusion and summarize main points of the paper.

Solution Preview

Introduction

Marketing mix is a combination of product, price, place and promotion strategies adopted by any organization. Individually, each one is important but when all the four elements are properly mixed in the right proportion, they increase the value of the product and make it attractive to the customer. In other words, the concept of marketing mix is like a recipe in which all the ingredients should be put in the right proportion to get the best result. If any ingredient is missing or not been put in the right proportion the entire activity could turn out to be wasteful. Thus, it is important for any organization to have a right marketing mix. In this ever changing environment scenario, it is very important that marketing mix should be competitive. Moreover, it should be continuously reviewed so that the organization gets the competitive edge over others.

The elements of the marketing mix

Product, price, place and promotion are the four elements of marketing mix.
? Product: It is very important element of marketing mix. It is not just a physical object but a bundle of satisfaction that a customer buys. It represents solution to the customer problems. Product is a combination of tangible and intangible benefits. Now-a-days, since there is so much of competition product differentiation is very crucial for all organizations.
? Price: It is one of the most important elements of marketing mix. To a customer price always represent the product's value. For appropriate pricing decisions, marketer has to know his firm's cost functions, corporate objectives, government policy, competitor's pricing strategy etc. Pricing strategy of an organization is dependent on corporate goals and objectives, customer characteristic, intensity of inter ...

Solution provided by:
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
Recent Feedback
  • "Thank you. "
  • "Thank you"
  • "Thank you. I got 20/20 last week for my discussion you help me out with."
  • "Thank you. Great Job. "
  • "Thank you. Great Job. "
Purchase this Solution


Free BrainMass Quizzes
Managing the Older Worker

This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce

Transformational Leadership

This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.

Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

Employee Orientation

Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.

Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.