Marketing Mix
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In most businesses, large or small, their mission is to provide excellent customer satisfaction and service, while making a profit within the company. In every business there is some type of strategy plan that involves a marketing approach. It allows a company to promote their products not just in their community and surrounding cities, but abroad as well. A market strategy sets the objectives and goals that a business wants to obtain for the different product brands and services that it provides to its consumers, which could be through marketing, promotions, and sales. Then this information is used to develop a focused, strategic marketing mix to deliver the desired results within the organization.
A marketing mix is a very important building block in a marketing strategy plan. It is a vital piece of the puzzle in a marketing plan. As Perreault, Cannon, and McCarthy (2009) states “A marketing mix is the controllable variables the company puts together to satisfy this target group”. This may include: Ethnic group, age, gender, income level, marital status, family status (children or no children), buying habits, hobbies and interest, and political affiliations. For example, Target Stores would be a target market. Their products and services are tailored to fit everyone needs, no matter what ethnicity.
Another recognized element of the marketing mix, are the Four Ps, product, price, place, and promotion. This concept was created by Jerome E. McCarthy in 1960, and has been used as part of a marketing strategy for numerous of years. The product marketing mix is “concerned with developing the right “product” for the target market” (Perreault, et. al., 2009). Pg.36 Para. 4. This could include a tangible good, or service, or both, that meets the need of its customers. For example, the product of a Nail & Spa Salon offers messages in their spa chairs for relaxation, while receiving a pedicure. The Price marketing mix is what a consumer will pay for the goods or services from a retailer. “The price is reviewed to find the right pricing levels to make it appealing to target customers or clients” (ehow. 2011). This could include pricing strategy and penetration pricing. According to the text, Basic marketing: A marketing strategy planning approach: market penetration means trying to increase sales of a firms present products in its present markets ─ probably through a more aggressive marketing mix. (Perrault, et. al. 2009). Pg. 51. An example of this would be ATt&T Uverse cable services. They may offer you a program package that has HBO, and STARZ, at a lower price for three months, and after that the prices can sky rocket where you cant afford the services at all.
The Place marketing mix is geared to finding “the right places to distribute the product or service to reach the target audience are identified (grocery stores, online, direct mail, infomercials, etc.)” (ehow. 2011). A product is no good to a customer if they cant receive it when they want it. Not only is the place marketing mix important, but the distribution of the product as well, which includes “Logistics (transporting, storing, and handling products)” Perrault, et.al, 2009). Pg. 37. This is an important factor in the place marketing mix. It plays an important role in products getting distributed from retailers and than to the consumers.
The last building block of the marketing mix is Promotion. “In the context of the marketing mix, promotion represents the various aspects of marketing communication, that is, the communication of information about