Marketing Mix
Marketing Mix Michael Anderson MKT/421 May 30, 2011 Gabriel Renero According to the text-book Marketing an Introduction “Guided by marketing strategy, the company designs an integrated marketing mix made up of factors under its control—product, price, place, and promotion to find the best marketing strategy and mix” (Armstrong & Kotler, 2009, p. 47). In order to understand the marketing mix one must describe the elements of the marketing mix, how each element is implemented, and describe how each one of the four elements of the marketing mix affects the development of a company such as Pepsi –Cola Company’s marketing strategy and tactics. The marketing mix is probably the best-known marketing term. The Four P’s According to Mind Tools (2011), "Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market” (Understanding the Tool, para. 2). The best way to describe the marketing mix is by the four Ps. The first P (product) is not simply what a company is offering to sell the customer. The product According to Marketing Teacher (2011), has three levels “the core product, the actual product, and finally the augmented product” (Marketing Mix, para. 4). The core product is the benefit of the product for example the core product of a laptop would be convenience. The actual product is the tangible, physical product and the augmented product are things like the warranty and customer service. The second P (place) is not always the actual building a product is sold. The place also can be the channel how a product is shipped to the customer, for example a product can be sold direct to the customer or through a wholesaler. The third P (price) is just that the price of a product. According to Learn Marketing.net, “Pricing is one
References: Armstrong, G., & Kotler, P. (2009). Marketing an Introduction (9th ed.). Upper Saddle River, NJ: Prentice Hall.. Learn Marketing.net. (n.d.). learnmarketing.net. Retrieved from http://www.learnmarketing.net/Price.htm Marketing Teacher. (2011). Marketingteacher.com. Retrieved from http://marketingteacher.com/lesson-store/lesson-marketing-mix.html Mind Tools. (2011). Mindtools.com. Retrieved from http://www.mindtools.com/pages/article/newSTR_94.htm Pepsi Company. (2010). Pepsico.com. Retrieved from http://www.pepsico.com/Brands.html Pepsi Company. (2010). Pepsico.com. Retrieved from http://www.pepsico.com/Company/Our-Mission-and-Vision.html Pepsi-Cola. (2011). rochester.gillettepepsicola.com. Retrieved from http://rochester.gillettepepsicola.com/promotions-ads/current_promotions.php