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    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.

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    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 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.

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