Mkt 421 - Marketing Mix

Marketing Mix

Elizabeth Achhammer

Marketing MKT/421

November 14, 2011

Gary Crum

Marketing Mix

Marketing involves a large amount of work because the marketer must know what customers want and need and identify where these customers do the most shopping along with the price the customers will pay for the products. The marketing mix forms the entire promotional campaign of an organization. The marketing mix contains four broad kinds, or the four P’s: product, price, place, and promotion (Perreault, Cannon, and. McCarthy, 2011). These four elements are adjusted until the right combination is found that serves the needs of the product’s customers while generating optimum income (Business Dictionary, 2011). The marketing mix controls variables in marketing to satisfy a target group. This in turn allows an organization to develop plans greater to enhance not only profit but also performance in the organization.

Product

Product is any “good or service that most closely meets the requirements of a particular market or segment and yield enough profit to justify its continued existence” (Business Dictionary, 2011, n.p.). The product is concerned with developing the right product to target the market’s place, which requires an organization to determine what product or service is needed or wanted by customers. The products need to provide a service, cover expected needs for the customer, or deliver the expectation created by other elements in the marketing mix. Some items that need taken into consideration with an organization’s product are: service, benefits, branding, and packaging (Perreault, Cannon, & McCarthy, 2011). The product’s purpose is to satisfy the customer’s needs and wants so customers purchase the product and others marketed by the organization. Some products may need some work and may not take off right away. After the product is promoted and sold for a time it may need some improvements made to it, remarketed as a newer, better product than before. A good product makes its marketing by itself because it gives benefits to the customer.

Price

Marketing a product must have a pricing strategy so that the customers believe the product is a bargain with the organization instead of going to a competitor. Price is “a value that will purchase a definite quantity, weight, or other measure of a good service” (Business Dictionary, 211). Price forms the basis of commercial transactions and can be fixed by a contract that would be determined and agreed upon by a further date negotiated between the parties