Marketing Mix - the Four P's

Marketing has many definitions depending on who is asked. Marketing is used everywhere, people market themselves, companies market to make profits, and there are non-profits that advertise to obtain help and put out information. The marketing theory uses four elements called the marketing mix also known in the marketing world as the four P’s, which are product, place, price, and promotion.

Marketing can be described as advertisements of a product, where a company is trying to entice consumers to purchase that product rather than the competitions product. Marketing is not just making advertisements; marketing also includes research so that the company can gain information regarding trends in the marketplace and target groups.

Marketing deals with targeting and meeting consumer and social needs. Kotler and Keller (2009) define marketing as the process of planning and executing the concept, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy both individual and organizational goals. The American Marketing Association (AMA) defines marketing as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large ("Marketing Power", 2011).

Marketing is an important component for an organization to succeed. Marketing covers many aspects of the company including advertising, public relations, sales, and promotions. Marketing is important because it creates the company’s image and perception to their consumers and shareholders. Making consumers happy and purchase their products or services is one of a company’s main goals and marketing helps to provide this. Marketing uses research to identity what their consumers want; without this a company cannot survive. The strategy and research that a company uses when introducing their service or product is key to the success of that service or product. Marketing helps to create a need in the minds of consumers, without a need the consumers will not purchase the product or service. Marketing not only gets consumers to purchase a product one time, the goal is to obtain a loyal customer base, which is key for a long lasting productive business. Marketing is not the same for all businesses, what works for one company may not work for another.

In 1985 The Coca-Cola Company has watch their share lead over its main competitor slowly decline for 15 years in a row. The company and the marketing team thought it would be a good idea to change the formula of Coke. The Coca-Cola company and their marketing team researched their consumers, they had taste testing’s with the consensus that the new formula tastes better, thus the company decided to start advertising “New Coke.” Coca-Cola was sending a message to shareholders and consumers of the company that the company is ready to do whatever