The Marketing MixEssay Preview: The Marketing MixReport this essayAny company has a specific technique to start and how to promote its services or products. The most important techniques that the majority of the company uses and which is a very successful marketing method is the marketing mix (the four Ps). The four Ps is a very helpful way to use. The four Ps means Product, price, place and promotion. this research is about how can the marketers create a suitable marketing mix to a specific product and the research explains the branding, labeling and packing and how they affect the product.
The back ground of the four Ps as Chai Lee Goi states that “as a means of translating marketing planning into practice. Marketing mix is not a scientific theory, but merely a conceptual framework that identifies the principal decision making managers make in configuring their offerings to suit consumers needs. The tools can be used to develop both long-term strategies and short-term tactical programs.” In addition he also said that that marketing mix has lead the market since 1940s, marketing mix varies from firm to another according to the customers and the product itself and the four ps will change also with time. The managers cannot take a decision with only one of the four factor, they must have the four of them to be able to make a right decision (Goi).
The main idea of the marketing mix is explained by Cole Ehmke, Joan Fulton and Jayson Lusk who state that marketing the business is that how position it to be in a suitable place in the market; there are four main elements which are the Price, Product, promotion and Price. Each one is changeable to make it suitable to you to attract customer to your business, And also as Şenay Sadıç who states that the marketing mix is a very important thing in marketing, which help to clarify the way to reach to the market. The term, marketing mix, is primary said by Professor “Neil Borden” in 1964.
In the article “why do I need marketing strategy” it is explained the four Ps each one in detail: product, price, promotion and provide or (place).In addition to what it is stated In the article “the four Ps” that the marketing mix or as it is called the four Ps made marketing simple for the managers and the marketers, and help them to enforce their company. The article the 4 Ps applied to your business state that ” We have all heard of the four Ps: product, price, promotion and place. Its one of those things you learned in school and always thought, well thats nice, too bad it doesnt apply to the “real world”. Well, if manegers understand the four Ps and how they apply to the business they can streamline your marketing efforts, understand your customer needs, and increase sales. Şenay Sadıç explain that the marketing mix improvement for the market segment has to be in four steps: 1. Divide the market into four parts, 2.generate each one of the four elements, 3. Combine the four elements together to make the combined marketing mix, 4. apply the marketing mix to the real market conditions, in his article Determining the Weights of Marketing Mix Components Using Analytic Network Process.”
The first element of the marketing mix is the Product which is the most important P in the four Ps in the article “marketing four Ps: First steps for new entrepreneurs” Cole Ehmke, Joan Fulton and Jayson Lusk explain that the product is the services or goods the company produces. There are some elements added to the product aside from the product itself to make the customer attracted to it, such as wrapping. Also some other characteristic like quality, feature, options and brand names. This is a bundle of goods and services. The costumers are buying the product features and services. The package of the product must address a specific segment in the market. In the article “the four Ps” it is stated that the product which is one of the marketing mix which is the most important factor because that the thing that people will pay money to buy it. It is about the product or the service itself. And in which the marketing play an important role. Moreover, In the article “use the four Ps” it is stated that the product is what the firm is presenting to the target market, the firm need to understand the product they are offering and attach with the best promotion.
Michael R. McCunney and Alyssa A. DiRussoin the article explain that product in fact is the main characteristics of the product. The advantage the product is providing to the consumer and the main appearance of it. The second P is the price which is not easy to put it. It means what is the value of the product.
The second P in the marketing mix is the Price which is very hard to put a suitable price for the product. As it is explained by Cole Ehmke, Joan Fulton and Jayson Lusk who affirm that the price is a difficult task for any product because if the business put a low price it might destroy the picture of the product. Pricing must be accurate revealing the product. In their article marketing four Ps: First steps for new entrepreneurs. In addition to in the article “the four Ps” it is explained that the price is another significant factor in the four Ps u may use the price to achieve some of the company goals, but the firm can put just a low price because customers dont constantly judge the lowest price to be the best value. To put the right price there is 2 principles: price skimming and penetration price. also in the article “use the four Ps” explains that the customer pay an amount of money to by a certain product and use this product. The usual prices of products are monetary.
The third P is the “place” the place is where the product is distributed as it is stated by Cole Ehmke, Joan Fulton and Jayson Lusk in their article Marketing four Ps: First steps for new entrepreneurs who states that “”Place” refers to the distribution channels used to get your product to the customers. What the product is will greatly influence how you distribute it. If, for example, someone owns a small retail store or offers a service to your local community, then you are at the end of the distribution chain, and so you will be supplying directly to the customer. Businesses that create or assemble a product will have two options: selling directly to consumers or selling to a vendor.” And in the article “Use the four Ps” it is also stated that the placement is the spot where the product is distributed.
The fifth and last Ps: P and the “ place is where the distribution channel leads to more successful or longer-lived. The “Place” place, according to Cole Ehmke and Jayson Lusk, is where customers would like their product to come on. And if a local local market or a private store would need an offer which leads to more customers, the company will offer the offer from that day to day as long as demand matches demand and the demand is met by sales. For example, if your new restaurant is located on another street, the best way to create demand from it is to offer a restaurant offer which has a longer shelf life and is cheaper for customers.„„The „Place„ can also be used to create customers from a local vendor in the future.‟‟But the above example of a restaurant offering a location are not quite common. They don’t get a lot of sales for that price and most customers go to other shops for a cheaper price. They have a “location for” but for a price and not just anything to offer.⁜⁜And the location of that restaurant is usually your local market.⁚⁚⁚⁚ and the salespeople can be very knowledgeable about local and even state markets and have a good attitude towards those markets.⁜⁜⁚⁚⁚The place in the ⁚Place/Place⁚ for that customer is not sold directly to you, but to the customer’s business partner’s business partner.⁝⁝and the ⁚Place/Place⁞can be used a number of ways depending on what you are selling to a customer. and it is the place where the revenue and profits will be distributed.you can also sell your product through a local retailer or a private store and the money would then go to a local or private retailer.⁜⁜and in this case the distributor who would like their product to be distributed to your customer.ⅦⅦThese companies can sell other products in the same way, but those which are sold in this manner would not fit in with their business partner’s concept of what they are selling to you.ⅦⅦIt is important that you know the location of what you are selling and have a good attitude towards cities, etc., wherever there is one, that will help you as a result.Ⅶ&#