Preview

Marketing Mix - Essay 4

Better Essays
Open Document
Open Document
1423 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Marketing Mix - Essay 4
Marketing Mix Strategy is an important part successfully operating a business and managers must learn to strategize to remain competitive in their respective markets. This paper will paper will discuss the four elements of the marketing mix, how they relate to an example of a real organization, and how the organization implements each element to attract as many customers as possible.
Elements of Marketing Mix: Product, Price, Place, and Promotion The elements of marketing mix are popularly known as the “4Ps”; they are product, place, price, and promotion. Organizational managers and their staff can easily control these four variables to serve their customer base better (Ehmke et al., n.d.). Managers must searcher for products that meet their customers’ needs and wants; in some instances, the product comes in the form of a service. After managers discover the desired product or service they must establish the proper price customers will be willing to pay. The manager must find the desired product at a reasonable price so they may convey a reasonable price to their customers. Placing the product in strategically throughout the store or on the store’s website can determine the success of the chosen product. Some customers may not be able or want to walk throughout the store to see the various products the store has to offer so placing items that may be purchased at the same time is important. For example, building a display of cake mixes and frosting feet away from the eggs may remind customers to purchase eggs along with the other ingredients important in baking their cake. Promotion has many aspects that include informing customers about what products and services the organization has to offer, where the product or service is located its price.

Organization, Its Marketing Strategy, and Implementation Wal-Mart is most widely known for its pricing and large selection of products; its “Rollback Pricing” has been the center of many commercial



References: Armstrong, G., & Kotler, P. (2009). Marketing: An introduction (9th ed.). Upper Saddle River, NJ: Pearson Education. Ehmke, C., Fulton, J., & Lusk, J. (n.d.). Marketing’s four p’s: first steps for new entrepreneurs. Unpublished manuscript, Department of Agricultural Economics, Purdue University, West Lafayette, Indianna. Retrieved from http://www.ces.purdue.edu/extmedia/ec/ec-730.pdf Investors. (2011). Retrieved from http://investors.walmartstores.com/phoenix.zhtml?c=112761&p=irol-irhome

You May Also Find These Documents Helpful

  • Better Essays

    Mkt 421 W2 Marketing Mix

    • 1487 Words
    • 6 Pages

    References: Armstrong, G. & Kotler, P. (2009). Marketing: An introduction (9th ed.). Upper Saddle River, NJ: Pearson Education.…

    • 1487 Words
    • 6 Pages
    Better Essays
  • Better Essays

    Strategic Marketing

    • 1041 Words
    • 5 Pages

    In order for an organization to reach its target markets, it must use the strategic marketing process to allocate its marketing mix resources. The marketing mix is elements, such as price, product, place, and promotion (also known as the 4 “P”’s) used in the make up the marketing process (Bayne & Hardin, 2002). It is important for an organization to have a good understanding of the marketing mix. Each element is important when developing a marketing plan (Bayne & Hardin). It is equally important to understand that to accurately utilize the marketing process; the organization must follow another process which consists of three phases and are usually formalized in a marketing plan (Bayne & Hardin). The phases are planning, implementation and control.…

    • 1041 Words
    • 5 Pages
    Better Essays
  • Good Essays

    4Ps. Marketing Mix

    • 706 Words
    • 3 Pages

    The target group needs to be made aware of the existence and availability of the product through promotion. Successful promotion helps a firm to spread costs over a larger output.…

    • 706 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Marketing Mix Paper

    • 1574 Words
    • 7 Pages

    In this paper about the Marketing Mix, it will explain the elements of the marketing (product, place, price, and promotion). I have enclosed a chart about the Pricing Strategies Mix. I will also be selecting an organization by the name of Target in which I am familiar with and will describe the four elements of the marketing mix and how it impacts the organizations developmental marketing strategies and tactics.…

    • 1574 Words
    • 7 Pages
    Powerful Essays
  • Better Essays

    Marketing Mix Paper

    • 1153 Words
    • 5 Pages

    Marketing is very important to all organizations, and it determines whether the business will be successful or not. “Marketing is the all-encompassing process of getting a product or service in the hands of your customers. The steps involved include market analysis, product creation, advertising strategy, and distribution (Jeanty, 2011).” The elements of the marketing mix help the marketing department market products or services correctly to make them the most appealing to consumers. There are four elements of the marketing mix, which are as follows: product, place, price, and promotion. The organization that was chosen to describe how each of the four elements of the marketing mix affects the development of the organizations marketing strategy and tactics is Wal-Mart. Wal-Mart was founded by James Walton and Sam Walton in 1962. There are about 5,000 stores in ten different countries, and about 3,000 different stores in the United States. Wal-Mart is way more profitable than their competitors such as K-Mart, Target, and Costco. The four elements of the marketing mix are very important factors for organizations that are trying to introduce a new service or product. The marketing mix ultimately helps define the marketing elements so that the product or service is successfully positioning the offer for the market.…

    • 1153 Words
    • 5 Pages
    Better Essays
  • Better Essays

    References: Armstrong, G. & Kotler, P. (2009). Marketing: An introduction (9th ed.). Upper Saddle River, NJ: Pearson Education.…

    • 1079 Words
    • 5 Pages
    Better Essays
  • Better Essays

    References: Armstrong, G., & Kotler, P. (2005). Marketing: An Introduction (7th ed.). Upper Saddle Lewis Retrieved November 19, 2010.…

    • 1150 Words
    • 5 Pages
    Better Essays
  • Best Essays

    Kotler, P. & Keller, K. L. (2006). Marketing Management (12th Ed.). Upper Saddle River, NJ: Pearson Education, Inc.…

    • 3474 Words
    • 14 Pages
    Best Essays
  • Good Essays

    Entrepreneurship Netflix

    • 579 Words
    • 3 Pages

    References: Lamb, C. (2006). Essentials of marketing. (6 ed.). Mason, Ohio: South-Western Cengage Learning. Retrieved from http://www.cengage.com/custom/static_content/OLC/1111400385/data/lamb56203_0324656203_02.01_chapter01.pdf…

    • 579 Words
    • 3 Pages
    Good Essays
  • Better Essays

    Market Research Analysis

    • 1136 Words
    • 5 Pages

    References: Armstrong, G., Kotler, P. (2010). Marketing: Ah Introduction, Revised Global 10th Edition. Upper Saddle River: Pearson Education.…

    • 1136 Words
    • 5 Pages
    Better Essays
  • Satisfactory Essays

    Marketing mix

    • 363 Words
    • 2 Pages

    The marketing mix is a business tool used in marketing and by marketeers . The marketing mix is often crucial when determining a product or brand 's offer, and is often associated with the four P 's: price, product, promotion, and place.[1] In service marketing, however, the four Ps are expanded to the seven P 's [2] or eight P 's to address the different nature of services.…

    • 363 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Toyota Marketing Mix

    • 1505 Words
    • 7 Pages

    The marketing mix is composed of four key elements to execute or examine for marketing campaigns. The chief goal of the marketing committee is to optimize the marketing mix. Marketers can enhance their outcomes and marketing value by implementing the right combination of the four P’s. Discrete alterations made to the marketing mix are looked at as tactical changes, while rendering huge changes to it can be considered strategic. The “Four P’s” of marketing are: product, price, placement, and promotion.…

    • 1505 Words
    • 7 Pages
    Better Essays
  • Good Essays

    Marketing Mix

    • 1407 Words
    • 6 Pages

    The main intention of market research is to analyze the demand of customers. In fact, consumers are so close with the market research and product development to their integration into the 4 Ps--that people might even be called: The fifth "P" of marketing. The four P’s of effective marketing mix strategy was developed by McCarthy. Focusing upon customers, company could take right decision for the customers, according to the right place and distribution outlets, and the proper way for approaching the products. Marketing is all about creating beliefs to drive buying. So whether they are focused on the product, price, place, or promotion, successful marketing strategies and tactics center on consumer beliefs.…

    • 1407 Words
    • 6 Pages
    Good Essays
  • Powerful Essays

    Marketing mix plays an important role in enhancing business efficiency of enterprises. Nowadays, it does apply to not only the material products but also the services, lodging service for example. The marketing mix has affected dramatically customer satisfaction, cutting edge of competitiveness of service enterprises……

    • 3892 Words
    • 16 Pages
    Powerful Essays
  • Good Essays

    Services Marketing Mix refers to the combination of marketing activities an organization engages in to promote and sell intangible services, as opposed to tangible products. Marketing professionals and specialist use many tactics to attract and retain their customers. These activities comprise of different concepts, the most important one being the marketing mix. Marketing strategy is integrated with the marketing program, or marketing mix. The marketing mix traditionally includes variables such as price, product, promotion, and place. For this reason, the marketing mix deals more with implementation, and is not defined specifically as part of marketing strategy. Marketing mix is frequently used in combination with strategy to help marketing managers promote their product and/or service and it provides a useful framework for decision-making. The first P, product, in the marketing mix involves determining the products or services to offer for sale. “The product area is concerned with developing the right “product” for the target market.” (Perrault & McCarthy, 2004, p. 38). The product refers to tangible products and intangible services. Marketing research is vital in developing the marketing mix and continues throughout the marketing process. Research allows the business to discover what products or services the consumer wants, needs or desires. “If you don't understand what the market needs first, you can't possibly put the Ps to work effectively” (Scott, 2004,).…

    • 762 Words
    • 4 Pages
    Good Essays

Related Topics