Premium Essay

Marketing Mix Paper

In: Business and Management

Submitted By Paisley716
Words 1504
Pages 7
Marketing Mix Paper
Piña
MKT/421
June 6, 2011
Carlyn Carmichael

Marketing Mix Paper To achieve the marketing objectives the strategy must include different elements – that is the different parts of the marketing mix. In this reading, the elements of the marketing mix which is product, place, price, and promotion will be defined and explained. McDonald’s will be used in this reading to describe how each one of the four elements of the marketing mix affects the development, marketing strategy and tactics. Marketing is having a great product, being sold at the right price at the right place while utilizing the appropriate promotion. Sounds simple but a lot of hard work goes into these simple steps. A company has to go to great lengths to find what the customer likes, where they shop, and what they consider a good value. This is where the marketing mix comes in. The marketing mix was intended to recommend that you have a well-adjusted mix of marketing activities within your marketing plan. Reviewing these steps can help through the plans and avoid faults. The marketing mix as identified by McCarthy consists of the 4 Ps; product, price, promotion and place; and is a good way in outlining the marketing mix. Product – this element defines the characteristics of your product or service that will meet your customers’ needs. Price – this portion refers to the price of the product or service, including the strategy that is used. It is important to test numerous pricing stages in order to find the right pricing level that boosts the companies’ profits. Even if a cost is not charged for a particular service, it is important to know that this is still considered a pricing strategy. Promotion – this element refers to promoting the product and or service. Public Relations should be included to help promote, advertise, selling, sales promotions and...

Similar Documents

Premium Essay

Marketing Mix Paper

...Marketing Mix Paper The term “marketing mix” dates all the way back to the 1960 – 1970s. Neil Borden first coined this term in 1953, and constructed this terminology from James Culliton’s analogy of the marketing procedure being compared to a “mix of ingredients” (NetMBA, 2010). The term ever since has been used all the time when the topic of marketing is brought up. The marketing mix consists of 4 ingredients; often referred as the four P’s (this phrase is interchangeable with the phrase “marketing mix”). Culliton’s analogy was a perfect way to describe the components a marketing plan. The ingredients of a marketing mix can be thought as the ingredients of a cake; all of the ingredients are necessary for the cake to be tasty, However, if too much or too less of some ingredient(s) is/are included, then the cake will be ruined. One can tweak the formula for the cake specifically to enhance the taste of the cake in certain aspects (sweetness, flavor, frosting, etc.). This same concept can be applied directly into marketing; the same actions that one can take and the results in the cake scenario directly correlate to the results of the marketing plan. The four P’s of the marketing mix are price, place, product, and promotion. Each component has its importance, and it is utterly important that all of the components are given equal and abundant importance. The customer is the most important part of the marketing strategy but it isn’t included in the marketing mix because......

Words: 1621 - Pages: 7

Premium Essay

Marketing Mix Paper

...Marketing Mix Paper Debbie Hardison Mkt/421 Larry E, Moore May 15,2013 The Marketing mix is something that we use almost every day. The marketing mix helps place the correct product in the correct place, at the perfect price, at the exact moment. The mix includes the four P’s which has a definite positive reflection on making a business successful. The first P is Price. What is the significance of the creation or provision to the consumer? Are there customary price topics for merchandises or services in this district? Is the customer price merged? Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so advance you additional profit margin? What markdowns should be presented to trade consumers, or to other thorough sections of your shop? How will your fee equate with your opponents? The second P is promotion. Wherever and at what time can you get through your advertising communications to your objective market? Will you grasp your spectators by promoting in the media, or on television, or broadcasting, or on posters? By using straight marketing brochure? When is the greatest phase to endorse? Is there a certain time of year in the market? Are there any broader eco-friendly issues that propose or command the effectiveness of your market introduction, or the skill of later promotions? In what way do your opponents do their advertisings? And just how does that impact your decision of P.R. movement? The third P is Place...

Words: 431 - Pages: 2

Premium Essay

Marketing Mix Paper

...Marketing Mix MKT 421 March 18, 2013 Ken Metz Marketing Mix This paper will discuss how each of the four elements of marketing mix affects the development of Wesley Glen Ministries’ marketing strategy and tactics. It will describe how each element is implemented and the industry in which Wesley Glen Ministries falls under. The marketing mix includes the product, place, price and promoting. Wesley Glen Ministries is a nonprofit organization that is part of the South Georgia Conference of the United Methodist Church that has Personal Care Homes for adults with developmental disabilities. Wesley Glen Ministries offers 24/7 care in their personal care homes. The homes are staff around the clock 365 days a year. Other services that Wesley Glen Ministries offer are transportation to and from medical appointments, transportation to activities in the local community, like to church, to Special Olympic events, grocery shopping and any other activity the person served may want to attend. Wesley Glen Ministries also provides nutritional oversight for people served by cooking foods that are healthy or foods that are on a person served diet ordered by a doctor. An example would a low sodium diet or a low fat diet. Wesley Glen Ministries also provides exercise activities in their multimillion dollar Life Skills Center. They offer walking, treadmill, bicycling, weight lifting, volley ball, tennis and basketball. The Life Skills Center also has an educational room where a person......

Words: 1410 - Pages: 6

Premium Essay

Marketing Mix Paper

...Marketing Mix Paper In this day and age, finding a customer base is no long a assured. Consumers are becoming increasingly savvy, knowing exactly what they want and what they do not want. Just because a company makes a product, there is no guarantee that consumers will buy it. In order to survive in today’s business world, companies must be able to obtain new customers and keep their business. This has made research and marketing the main focal point of businesses of all sizes (Market Research Bulletin, 2009). To develop a marketing research approach, a company will look to do a consumer analysis, an industrial analysis, and develop a marketing mix that will best suit the organization and the consumer. In a consumer analysis, some areas to look at are demographics, psychographics, behaviors, and geographical consideration. In an industrial analysis, the company will do a competitor analysis (Perreault & McCarthy, 2004). There are many possible ways to meet the needs of customers. There are so many variables, a company needs to be able to organize them to simplify the selection for that organization’s marketing mix. All the variables are reduced down to four basic variables: product, place, price, and promotion. All other variables will be listed under these four variables. All four Ps are needed in the marketing mix, and in fact, should be tied together (Perreault & McCarthy, 2004). This paper will discuss and describe the elements of the marketing mix. It......

Words: 1416 - Pages: 6

Free Essay

Marketing Mix Paper

...Marketing Mix Paper El marketing es esencial para todas las empresas, sin ella la compañía probablemente no tendría éxito sin algún tipo de comercialización. El marketing no es sólo la publicidad como algunos podrían pensar, cuatro elementos componen el marketing mix. Se trata de productos, lugares, precios y promociones. Cada uno afecta el crecimiento de las estrategias de marketing de una empresa y tácticas de marketing de diferentes maneras. Una empresa que sabe todo acerca de la comercialización es el restaurante más conocido de comida rápida en el mundo: McDonald's. El producto es un elemento esencial que hace el marketing mix. “El área de producto se refiere al desarrollo del derecho del “producto” para el objetivo del mercado” (“”Perreault, Cannon & McCarthy, 2011). McDonald’s ha desarrollado el producto adecuado, sirve comida a millones de personas que consumen a diario en todo el mundo, el hecho es que el producto en general, es consistente y le gusta a la mayoría de las personas. “Los productos de McDonald’s son muy reconocidos, estos incluyen hamburgers regulares, hamburgers especiales como el quarter pounder y su especialidad el Big Mac por mencionar algunos. También ofrecen una variedad de comida de pollo, como los famosos nuggets y sándwiches de pollo, por la presión de la sociedad de esforzarse por comer más saludable, ofrece la variedad de ensaladas. Por supuesto sus sabrosos postres que son: sundaes, shakes, and apple pies, los productos de McDonald’s...

Words: 1552 - Pages: 7

Premium Essay

The Possibilities and Limitations of the International Marketing

...of the international marketing mix. 1 Increasing internationalization 16000 14000 1 Increasing Internationalization 2 The international marketing mix 3 Proposal for a conceptional model in billion dollars 12000 10000 8000 6000 4000 2000 0 World merchandise exports 14,851 7,377 3,676 1,838 59 84 157 579 1948 1953 1963 1973 1983 1993 2003 2010 1984 7. December 2011 2 2.1 Definition of the international marketing mix 1 Increasing Internationalization 2 The international marketing mix 3 Proposal for a conceptional model   The marketing mix Product Promotion Price Place 7. December 2011 3 2.1 Definition of the international marketing mix 1 Increasing Internationalization 2 The international marketing mix 3 Proposal for a conceptional model Basic development options: Standardization or differentiation. International marketing mix 7. December 2011 Chris'na  S.  Lunk  Business   4 2.2 The pros and contras of standardization 1 Increasing Internationalization 2 The international marketing mix 3 Proposal for a conceptional model   Pros •  cost advantages •  consistency in market appearance & image Contras •  dissatisfaction of customer requirements •  profond market knowledge of local competitors 7. December 2011 5 2.3 The possibilities and limitations of an international marketing mix 1 Increasing Internationalization 2 The international marketing mix 3 Proposal for a conceptional model   The optimal marketing mix: Appropriate......

Words: 785 - Pages: 4

Premium Essay

Marketing Mix

...THE APPLICATION OF THE MARKETING MIX AND EXTENDED MARKETING MIX FOR SERVICES IN A BUSINESS ORGANIZATION OF YOUR CHOICE The marketing mix refers to variables that a marketing manager can control to influence a brand’s sales or market share (Ellis, 2006). The marketer E. Jerome McCarthy proposed the four Ps classification in 1960, which has since been used by marketers throughout the world (Wikipedia, 2014). These variables are summarized as: product, price, promotion, and place (distribution). The 4P’s are also known as product marketing mix because their application is traditionally for marketing of products. Robert F. Lauterborn proposed a four Cs classification in 1990 which is a more consumer-oriented version of the four Ps (Wikipedia, 2014). They are: consumer, cost, communication and convenience. In this discussion we concentrate on McCarthy’s 4P’s. The extended marketing mix is, as the name suggests, an extension of the marketing mix which was traditionally for products (Bhasin, 2014). As services came more into the picture it was seen that the 4p’s could not justify the marketing mix. Bhasin further reports that the extended marketing mix was brought forward by adding the following 3 elements: Process, Physical evidence and People to make the 7P’s. These 3 more elements were necessary to explain the marketing of services. Therefore this extended marketing mix is also known as the service marketing mix. The marketing mix and extended marketing mix can be......

Words: 2792 - Pages: 12

Premium Essay

Marketing Mix Paper

...Marketing Mix MKT/421 Marketing Mix The marketing mix plays a vital role in the growth and survival organization. The Four P’S are known as the Marketing Mix, which is consisting of the following: Product A product is often created to fill a particular need in the marketplace. The product is the combination of all the contacts between the market and the marketer, through which goods are sought and purchase. At various point in the life cycle of a product, various marketing strategies become important. In early stages, advertising is essential to create product knowledge, while in later stage when the majority of potential consumers would have already bought the product, owner prices may be necessary to enhance further sales. Place A place is not where a business is located but where customers are. For a retailer like Apple Incorporated an ideal place is the global economy. Here place means the genuine physical position of the customer in a geographic area or along a distribution channel. Place is about product flow ensuring that product is disperse to the customer or consumer no matter the location throughout the marketplace. Price Price is a significant element of the marketing mix. The costs of placing a product on the market represents the base price, for if price fall below the cost, the producer ultimately will incur a loss. Most organizations tend to keep the prices of products within a price range to meet the means......

Words: 1373 - Pages: 6

Premium Essay

Marketing Mix

...Marketing Mix Janea’ Jackson MKT/421 Stephanie Jenson April 25, 2011 Introduction A marketing strategy provides an in depth look at what a company can do within the market. When creating a marketing strategy, the company must first identify the target audience and a related marketing mix. According to businessdictionary.com, the target audience is “a particular group of people, identified as the intended recipient of an advertisement or message.” The four P’s make up what is commonly referred to as the marketing mix, “a set of controllable tactical marketing tools - product, place, price and promotion - that the firm blends to produce the response it wants in the target market” (Armstrong & Kotler, pg. 51). Focusing on a specific audience can help a company develop a marketing mix that will satisfy the needs of this audience better than the competition. It is quite useful to reduce all of the elements in the marketing mix down to just these four basic marketing tools. These four tools are essential to the development of organizations' marketing strategies and tactics. This paper will describe the elements individually, as well as looking at an organization such as Wal-Mart, a national retailer, who individualizes the marketing mix to fit the company’s specific strategies and tactics. Breakdown of Elements So now let’s discuss the four Ps in further detail. The product tool is based upon the development of the right product. This product has to be appealing to......

Words: 1187 - Pages: 5

Premium Essay

Entreprenuership

...1 CONTENT PAGE 1. 2. Executive Summary Business Background 2.1. Company Name 2.2. Mission Statement 3. Industry Market Analysis 3.1. Industry Profile 3.2. Market Demographics 3.3. Industry Growth 3.4. Market Analysis 3.5. Lifestyle Trends and Its Impact 4. Competitor Analysis 4.1. Public Libraries 4.2. Schools (including night studies) 4.3. Positioning Marketing Mix and 5. Recommendations 5.1. Product 5.2. Participants 5.3. Physical Evidence 5.4. Process of Service 5.5. Pricing 5.6. Place 5.7. Promotional Mix 6. 7. 8. 9. Financial Highlight Sustainability Appendix References 10 10 11 12 12 13 13 14 17 17 18 37 3 4 4 4 5 5 5 6 7 7 8 8 8 9 2 1. EXECUTIVE SUMMARY In Singapore, the trend of students studying out has been increasing steadily. It has become a culture and a norm to study out. However, there is a severe lack of dedicated study space. Hence, Tables and Chairs is determined to change this situation. Besides profit oriented, Tables and Chairs also provides the unique opportunity for students to contribute back to society as a fraction of our profit goes to sponsoring a child. Our patrons include students of any level whom are seeking a space to carry out self study. Therefore our direct competitors in providing study spaces include Public Libraries and schools while indirect competitors include cafes and fast food restaurants. One unique feature of Tables and Chairs is that students will be able to pre-book their study spaces online. Our website also allows......

Words: 5271 - Pages: 22

Premium Essay

Entering the Foreign Market

...Entering the Foreign Market Principles of Marketing MKT 100 November 03, 2013 My company is called Henderson’s iPhone Store. We market all the latest versions of Apple smartphones. We will be marketing the new Apple iPhone 6 and entering all foreign markets. The target market for the iPhone is teenagers, college students, business class individuals, and adults. (Apple Inc., 2013). Our specific target market for this report is a married person, approximately 36 years old, and lives in a major city. This individual has a steady job, makes a solid income of about $65K a year. This individual likes to play sports, and has a very active social life. He has high goals which include gaining the experience which will assist him in landing his dream job with an income of over $100K yearly. Consumer’s behaviors include finding convenient mobile devises that offers more efficient ways for calling, messaging, and entertaining using a single button. These consumers are looking for the latest technology to satisfy their personal and social needs. Most of these consumers are affluent, and will purchase expensive products and brands which are shown as a status symbol (Apple Inc., 2013). Identifying the target audience is an important success factor for Henderson’s iPhone Store. Market segmentation can be used in many ways to construct the framework to influence their targeting activities. Understanding the market and the factors that influence consumer buyer behavior......

Words: 1302 - Pages: 6

Premium Essay

Service Marketing - Club Mahindra Resort

...Symbiosis® Center for Management and Human Resource Development (SCMHRD) Mahindra Holidays and Resorts Hospitality Industry 2011G31, Sandeep Karnawat, EXMBA 2011-14 Service Marketing Assignment -1 September 24, 2012 Contents Company 3 Domain Expertise 3 Mission 3 Vision 4 Business Model 4 7Ps of Service Marketing 5 Product 6 Place 7 Price 8 Promotion 8 People 9 Physical Evidence 10 Process 12 GAP Model of Service Quality 13 Customer Gap 13 Provider Gap 1, the Listening Gap 14 Provider Gap 2, the Service Design and Standards Gap 15 Provider Gap 3, the Service Performance Gap 16 Provider Gap 4, the Communication Gap 17 Bibliography 19 Company Mahindra Holidays & Resorts India Ltd., (MHRIL) is a part of the Leisure and Hospitality sector of the Mahindra Group and brings to the industry values such as Reliability, Trust and Customer Satisfaction. Started in 1996, the company’s flagship brand ‘Club Mahindra Holidays’, today has a fast growing customer base of over 147,000 members and 40 beautiful resorts at some of the most exotic locations in India and abroad. Domain Expertise Over the last decade, MHRIL has established itself as a market leader in the family holiday business. The company has followed a two pronged strategy – rapidly increasing its bouquet of resorts to provide more variety in holidaying options and enhancing its service levels to its members to provide delight at every point of......

Words: 3420 - Pages: 14

Premium Essay

Marketing: Marketing Mix In The Ice Cream Industry

...6.1 Marketing Mix Marketing mix is a set of controllable marketing tactics used by business to promote their product and achieve its marketing objectives. (L. Lake, 15 June 2017) Marketing mix is also called the 4Ps which consist of Promotion, Place, Product and Price. (M. J. Baker, 2001, p.54) 6.1.1 Product A product is the item that business makes with aim to fulfil the needs and wants of customers. It is also the item that business actually sold to the customers. For our company, our product is the ice cream. (Talloo, 2007, p.154) 6.1.1.1 Product Design- features and quality Our company has designed our products according to the features and quality that all range of customer desires. Our ice cream is made from natural fruits such as...

Words: 1497 - Pages: 6

Premium Essay

Marketing Mix

...Marketing Mix University of Phoenix MKT/421 MARKETING Introduction Marketing mix is important for every company to choose which direction to go. The four p’s of marketing mix are product, price, place, and promotion. An evaluation mix of the four elements allows the company to achieve the expectations between the targeted customers and the organizational buyers. Elements of Marketing mix: • Product – The products or services offered to your customer: Their physical attributes what they do, how they differ from your competitors and what benefits they provide. • Price – How you price your product or service so that your price remains competitive but allows you to make a good profit. • Place (Also referred to as Distribution) – Where your business sells its products or services and how it gets those products or services to your customers. • Promotion – The methods used to communicate the features and benefits of your products or services to your target customers (About.com). Product Product is anything that a company may produce or a service that occurs to fix a specific problem. Companies that produce multiple products have an advantage in gaining the trust of customers. With each product a company produces a marketing plan must be in place for that item to secure the trust. If one product does not work properly, the customers would not think the other products the company produces are trustworthy. There are different products made by......

Words: 1458 - Pages: 6

Premium Essay

Using Marketing Mix to Effectively Differentiate and Position Your Product or Service.

...How can the marketing mix be used to effectively differentiate and position your product or service? What exactly is this Marketing Mix? Borden (ND) first coined the term following a discussion with one of his colleagues, Professor James Culliton, in 1948 regarding one of his manufacturing costs studies. In Bordens paper he identifies twelve pertinent points that form the marketing mix for manufacturers : Product Planning Pricing Branding Channels of Distribution Personal Selling Advertising Promotions Packaging Display Servicing Physical Handling Fact Finding and Analysis This was narrowed down around the 1960’s by Edmund Jerome McCarthy to the 4P’s which are used to this day. McCarthy et al (2002) state these as being : Product - the goods or services offered by an organisation that can satisfy the needs of the end customer. Place (Involves channels of distribution, logistics and distribution customer service) - essentially making the product available to the end customer. Promotion - providing the information to the potential customers so that can make an informed decision and, hopefully, make the purchase. Price - inclusive of all costs prior to reaching the end customer including transport overheads, margins etc, this is the price the customers pay for the goods. Differentiation of your product or service can take place within any of the 4P’s, From a Product point of view you may be offering one that outperforms the competition or......

Words: 584 - Pages: 3