Marketing Mix

Marketing Mix

Marketing involves many avenues in which to study. Marketing mix plays and important role to. Marketing mix’s role is to combine different tools to satisfy the consumer’s and to help the company to obtain the goals the company has set. The marketing mix is the set of four P’s, which are product, price, place, and promotion. The four P’s are adjusted just to the right combination that will serve the needs of the consumers for that particular product being sold. By using the four P’s businesses will have the ability to understand the consumer’s better within the targeted market. Possessing the ability to use the four P’s in a positive manner often has numerous results. The same goes for using the wrong configuration of the four P’s; this may lead to failure which could intern shut the company down. The best way to use this is to not get stuck on one type of marketing mix because if the product differs of the targeted market changes so should the mix. Each of the four P’s plays and important role that companies must take into account to be able to reach the goals set and is successful.

Product

The definition of product is a tangible, physical product as well as services needed or received (NetMBA Business Knonledge Center, 2010). Tangibles are most likely to be things that a consumer can use one of the four senses to register that it is something as in see, taste, fell, and smell. While worrying about the tangibles aspect what the company also needs to take into account is information about the product itself. Some of the things that are needed to be agreed on would be such things as the Brand name, styling, functionality, quality, safety, how to pack it, repairs for the product and help with the product, the warranty, and the accessories and services that will be provided. After all these components have been considered and decided on the next question would be is there a real need for this product. In the world today the economy is not an easy one to start a new product line. Consumers in today’s economy are only really purchasing products that are needed, because many do not have expendable income to spend. Companies really have to push the points that will make the consumer’s purchase the product and see the benefits of purchasing it.

Price

Price would be the amount of currency that a consumer will pay for the product or service. This part of the marketing mix has a big part of whether or not the company will be able to make it and reach the profit levels set forth. Deciding what the price of a product or service is not an easy task to undertake. Sure one could look at the product and say “well it looks like a $200.00 item,” but he or she would also have to take into account what is the strategy going to be. He or she would also have to set the suggested retail price, any discounts