Marketing Mix
Essay Preview: Marketing Mix
Report this essay
Marketing Mix Paper
In this paper the author will describe the elements of the marketing mix (product, place, price, and promotion). In addition, the author has chosen the McDonalds organization and will describe how each one of the four elements of the marketing mix affects the development of the organizations marketing strategy and tactics. The author will also describe how each element is implemented. Lastly the author will specifically identify her selected organization and the industry in which it exists.
In 1964 the phrase marketing mix became trendy when Neil H. Borden published an editorial regarding the theory of marketing. Neil became proverbial with these expressions in the late 1940s for the reason that James Culliton used the correlation of the marketing manager being the “mixer of ingredients”. These elements included branding, distribution channels, product, planning, personal selling, advertising, promotions, packaging, display, servicing, Pricing, physical handling, and fact finding and analysis. These were subsequently positioned into four groups by E. Jerome McCarthy recognized today as the four Ps of marketing.
Product
When a business is prepared to initiate a new product into the market the cluster in control has a number of questions to answer before putting that product out there. The center inquiry involves the target market, the profit anticipated, the place of the product inside the market, and the ingredient that makes the product be prominent. An additional significant choice that the marketing director has to formulate is regarding branding. Brands contain the nearly all authority in todays setting; they can provide organizations with instantaneous sales.
The product mix presented at McDonalds consisting of hamburgers for instance The McDouble, the Big Mac, and The Quarter Pounder with Cheese. McDonalds presents an assortment of chicken products as well such as the skinless chicken sandwich, McNuggets, Chicken Selects, and the McChicken. A range of salads and desserts are presented, such as McFlurrys, shakes, cookies, apple pies and ice cream sundaes. McDonalds has also included a coffee line-up known as the McCafe which is moderately new to McDonalds product mix. The McCafe products offered contain espresso-based beverages, obtainable hot or cold such as the latte, cappuccino, and mocha. McCafe also has smoothies which are offered in wild berry, strawberry-banana or Organge Mango, and frozen strawberry lemonade along with frozen cherry which is also part of the product mix. McDonalds also also has a breakfast menu which is served from opening till 10:30am (McDonalds, 2011).
Pricing
Pricing is the first foremost significant ingredient of the mix. Price can produce revenue within an organization. The rest of the elements are unpredictable expenses. Pricing is the most significant for the reason that it costs to manufacture and generate a product or service. It costs to dispense the latest or renewed merchandise and it costs to promote and endorse the product. Pricing is the ingredient that supports the additional elements of the mix. Pricing is derived from supply and demand; this association has to be consistently impartial in order for it to work.
McDonalds offers an assortment of value items for the customers to choose from on their McValue menu. McDonalds offers a selection of value meals on all sides of McDonalds signature food. The combination mix products that are frequently obtained jointly, giving the customer the items at a discount price. In general, McDonalds pricing strategy is associated with locality, the precise price for the precise market (McDonalds, 2011).
Promotion
The promotion ingredient of the marketing mix stands for the resources by which
the product is advertized to the market. The vital objective of this communication is to notify