Marketing Mix
Marketing Mix
MKT/421
May 23, 2011
Niesce Upshaw
One of the major factors of modern marketing is the development of an effective marketing mix. The marketing mix is made of the four P’s, Product, Price, Place, and Promotion. It is these four factors that are the groundwork for any business and often times is the major factor on whether a new business will succeed or fail. To really understand the marketing mix it is best to break down the 4 parts and see what makes up each element.
The first part of the marketing mix is the product. This is the good or service that the company offers to potential customers. It is not only the actual product but can also include the other benefits of the product such as warranties or other included features. For example Chevrolet sells the Tahoe in many different models which include various options but it also includes a comprehensive warranty that is also a part of the product. Many companies today also include a service plan to further enhance the product that they offer to their customers.
Price is the one element of the marketing mix that the business can have the most influence over. This can be changed very quickly and also can change as often as needed. The overall price of an item is affected by many factors which can include cost of the raw materials, cost to produce the product, overhead of the business, and also the cost associated with marketing and advertising of the product. With all of these factors and with the changes in the economy, it is very easy to see why price can change so often. Price also can be a major factor in customer’s purchasing so there is a very fine balance of profitability and top line sales that must always be kept in mind when looking at the price portion of the marketing mix. Also included in the price would be various discounts, specials, and possible payment or financing options. For example most major retailers now offer a store credit card to entice
MKT/421
May 23, 2011
Niesce Upshaw
One of the major factors of modern marketing is the development of an effective marketing mix. The marketing mix is made of the four P’s, Product, Price, Place, and Promotion. It is these four factors that are the groundwork for any business and often times is the major factor on whether a new business will succeed or fail. To really understand the marketing mix it is best to break down the 4 parts and see what makes up each element.
The first part of the marketing mix is the product. This is the good or service that the company offers to potential customers. It is not only the actual product but can also include the other benefits of the product such as warranties or other included features. For example Chevrolet sells the Tahoe in many different models which include various options but it also includes a comprehensive warranty that is also a part of the product. Many companies today also include a service plan to further enhance the product that they offer to their customers.
Price is the one element of the marketing mix that the business can have the most influence over. This can be changed very quickly and also can change as often as needed. The overall price of an item is affected by many factors which can include cost of the raw materials, cost to produce the product, overhead of the business, and also the cost associated with marketing and advertising of the product. With all of these factors and with the changes in the economy, it is very easy to see why price can change so often. Price also can be a major factor in customer’s purchasing so there is a very fine balance of profitability and top line sales that must always be kept in mind when looking at the price portion of the marketing mix. Also included in the price would be various discounts, specials, and possible payment or financing options. For example most major retailers now offer a store credit card to entice
References: Steves Blinds and Wallpaper. (2011) Retrieved from http://www.stevesblindsandwallpaper.com/ Armstrong, G., Kotler P. (2009). Marketing an Introduction. Prentice Hall. Ninth Edition