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How Four of the Marketing Mix Elements Combine to Make It a Success.

In: Business and Management

Submitted By patrickbourke
Words 985
Pages 4
The marketing mix is a combination of marketing tools that are used to assure consumers and satisfy company goals. The marketing mix can be considered the offering of the company to the consumer. This offer is controlled by the following elements often referred to as the four P’s:
• Product
• Price
• Place
• Promotion
By using alternative mixes of these four elements you have the capacity to reach multiple customers within your target audience.
Biodesign is an advanced tissue repair graft for use in soft tissue repairs by surgeons. It is a product which is owned by Cook Medical, a medical device company.
Biodesign was a revolutionary technology that was first to market ten years ago and since then several competitors have come to the market. Since then Biodesign’s positioned has changed to meet the needs of today’s market.
Creating a successful marketing mix that will lead to increased market share, often takes market research and experimenting. Biodesign is no different, extensive market research was conducted and several mixes were tested before the final combination was agreed upon.
In the case of Biodesign, the product caters to a niche market, and the marketing mix matches that: the price is within market budget, they are distributing the product where it will be seen, and the promotion is geared to solve the problems that the audience is encountering.
***One of the main keys to the success of any marketing plan is the ability to work effectively in shaping marketing mixes that meet the needs of your specified target market.
So let’s see how the Biodesign marketing mix works:
Product
In the past, the thinking was that a good product will sell itself. However, there are no (very few) bad products anymore in today’s highly competitive markets. This along with improved consumer rights in terms of product returns when the product is perceived as…...

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