Marketing Mix Essay

The first element of marketing mix is product, which can be differentiated into three levels, which are core, actual and augmented. It can also be classified into consumer product or industrial products. Marketer need to focus on the products design, quality and features to ensure that they deliver the correct value.

Pricing is also another component in the marketing mix tools. Pricing can be influenced by internal factors such as marketing objective, or external factors such as the market and demands. Marketer must understand the factors and we different approach in deciding the price such as value-based pricing in luxury goods and going rate pricing in a competitive situation. For new products, marketer can use market skimming strategy or market penetrating price.

Place is also one of the component that marketer should consider carefully during designing marketing mix. It is the logistic activity that brings the finished goods to the customers. Hence, marketers should decide what type of intermediaries they should use such as company sales force, manufactures agency or industrial distributers. Marketers should also decide implement different distribution strategies such as the intensive distribution is suitable for tooth paste and chocolate.

Promotion also play an important role in marketing mix as it communicates the merit of products and persuade the targeted customer to buy it. Marketer need to familiar with the nature of intergraded marketing communication to carry out promotion. Information advertising can be used to increase the customer’s awareness and knowledge about the products.

If the market offering is service, its marketing mix will have extra three components which are people, process and physical evidence is the furniture or the environment of the service area which will deliver superior value to the customer. Process is a system developed by marketer in order to deliver value.