Marketing Mix
Marketing Mix
[Name]
MKT/421
February 6, 2013
[Instructor]
What is Marketing Mix?
Marketing mix consist of four controllable variables which surrounds the target market of the product or service. Process of finding the target market and its marketing mix is called marketing strategy. “The marketing mix—or the four Ps—consists of tactical marketing tools, blended into an integrated marketing program that actually delivers the intended value proposition to target customers “(Kerin et al., 2011, pg. 53). "The basic reason to focus on some specific target customers is so that you can develop a marketing mix that satisfies those customers’ specific needs better than they are satisfied by some other firm” (Perreault et al., 2011, pg. 35). “A typical marketing mix includes some product, offered at a price, with some promotion to tell potential customers about the product, and a way to reach the customer’s place “(Perreault et al., 2011, pg. 34). These are so called “four Ps” of marketing mix; product, price, promotion, and place.
Product
“Product means the goods-and-services combination the company offers to the target market” (Kerin et al., 2011, pg. 53). Product is not limited to the physical goods it can also be service, features, benefits, installation, warranty, or packaging just to name few. For example the product of Bryant Park Hotel in New York City is not just hotel room. It is as well airport shuttle, personal butler service, front desk service, room service, valet parking, free Wi-Fi, fitness and free drinks in the Cellar Bar. It is vital to develop the right “product” for the target market. “The needs of a target market often virtually determine the nature of an appropriate marketing mix. So marketers must analyze their potential target markets with great care” (Perreault et al., 2011, pg. 38). The Bryant Park Hotel’s target market are tourists visiting New York City. To narrow down this unambiguous group Bryant Park Hotel target visitors who desire
[Name]
MKT/421
February 6, 2013
[Instructor]
What is Marketing Mix?
Marketing mix consist of four controllable variables which surrounds the target market of the product or service. Process of finding the target market and its marketing mix is called marketing strategy. “The marketing mix—or the four Ps—consists of tactical marketing tools, blended into an integrated marketing program that actually delivers the intended value proposition to target customers “(Kerin et al., 2011, pg. 53). "The basic reason to focus on some specific target customers is so that you can develop a marketing mix that satisfies those customers’ specific needs better than they are satisfied by some other firm” (Perreault et al., 2011, pg. 35). “A typical marketing mix includes some product, offered at a price, with some promotion to tell potential customers about the product, and a way to reach the customer’s place “(Perreault et al., 2011, pg. 34). These are so called “four Ps” of marketing mix; product, price, promotion, and place.
Product
“Product means the goods-and-services combination the company offers to the target market” (Kerin et al., 2011, pg. 53). Product is not limited to the physical goods it can also be service, features, benefits, installation, warranty, or packaging just to name few. For example the product of Bryant Park Hotel in New York City is not just hotel room. It is as well airport shuttle, personal butler service, front desk service, room service, valet parking, free Wi-Fi, fitness and free drinks in the Cellar Bar. It is vital to develop the right “product” for the target market. “The needs of a target market often virtually determine the nature of an appropriate marketing mix. So marketers must analyze their potential target markets with great care” (Perreault et al., 2011, pg. 38). The Bryant Park Hotel’s target market are tourists visiting New York City. To narrow down this unambiguous group Bryant Park Hotel target visitors who desire
References: deMilleret, R. (2012). 2012 Manhattan hotel market overview. Mineola, NY: HVS Global Hospitality Services. Kerin, R. A., Hartley, S. W., & Rudelius, W. (2011). Marketing (10th ed.). New York, NY: McGraw Hill Irwin. Kotler, P. & Keller, K. L. (2012). Marketing management (14th ed.). Upper Saddle River, NJ: Prentice Hall. Perreault, W. D. Jr., Cannon, J. P., & McCarthy, E. J. (2011). Basic marketing: A marketing strategy planning approach (18th ed.). New York, NY: McGraw-Hill Irwin.