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Marketing MIX

Marketing mix is the controllable set of activities that the firm uses to respond to the wants of its target markets. Create a report on the marketing mix and keep the following questions in mind:

-Describe what is meant by marketing mix.

-Describe and discuss the different elements of the marketing mix for a product of your choice.

-How does the marketing mix enable marketers to better serve their customers?

-How does the marketing mix enable marketers to increase their satisfaction and result in greater sales of their products?

-How would you use the marketing mix to select a new product or service?

â?¢How would you apply marketing mix to use a seamless value chain to transport the product or service to the customer?
Submit your report in a two- to three-page Microsoft Word document.

Solution Preview

A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion.

You can start out your paper by explaining that marketing mix is basically putting the right product in the right place at the right time.

The different elements of the marketing mix are: (Choose your product and then use the following information to explain what product you are interested in selling)

This information can be used to answer the following question: How does the marketing mix enable marketers to better serve their customers?

When marketing their products firms need to create a successful mix of:
the right product
sold at the right price
in the right place
using the most suitable promotion.

Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4 Ps is one way - probably the best-known way - of defining the marketing mix, and was first expressed in 1960 by E J McCarthy.
The 4Ps are:
Product (or Service)
Place
Price
Promotion

A good way to understand the 4 Ps is by the questions that you need to ask to define you marketing mix. Here are some questions that will help you understand and define each of the four elements:

Product/Service
What does the customer want from the product/service? What needs does it satisfy?
What features does it have to meet these needs?
Are there any features you've missed out?
Are you including costly features that the customer won't actually use?
How and where will the customer use it?
What does it look like? How will customers experience it?
What size(s), color(s), and so on, should it be?
What is it to be called?
How is it branded?
How is it differentiated versus your competitors?
What is the most it can cost to provide, and still be sold sufficiently profitably? (See also Price, below).

Place
Where do buyers look for your product or service?
If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a catalogue?
How can you access the right distribution channels?
Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalogue ...

Solution Summary

A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion.

You can start out your paper by explaining that marketing mix is basically putting the right product in the right place at the right time...

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