Elements of the Marketing Mix
Elements of the Marketing Mix
MKT-421
Elements of the Marketing Mix
Today’s corporations operate on the assumption that effective marketing is critical to their success. Effective marketing managers know that planning is essential to ensure effective marketing strategies. Effective marketing strategies involve clear goals and objectives while consider new opportunities regularly. Marketing strategy begins with research aimed at identifying the intended market for a product or service. Marketing managers then attempt to create a mix of marketing principles designed to capture the attention of the intended targeted market or customer. Effective Marketing strategies attempt to capitalize on a four point marketing mix. Those four points are often referred to as the four P’s: product, place, promotion, and price Kar, (2012). The aim of focusing marketing efforts on targeted groups is an attempt to provide for the specific needs of potential customers. Successful marketing strategies ultimately create the perception among the targeted base of fulfilling those needs better than other firms.
The Element of Product
Product is the first element in the marketing mix. Creating the right product or service is for the targeted group is goal of product creation. The right product can be anything from services to tangible goods or a combination of the two. For example, Sears not only offers major appliances but also provides technician services for warranty or repair issues on those same appliances. Whatever the product or service the goal is to fill a perceived need for the target group. Perreault, (2009). Branding, packing, installation and warranties are key elements to successful products and services. Sikorsky Aircraft is one of the leaders in the rotary aircraft industry. Their product is helicopters and is the center piece of their marketing mix. Sikorskys main customers the military followed by customers in the commercial and private sectors. Each have particular needs and wants in the products that they buy. The military’s focus is on utility and serviceability. However their same base model helicopters can be outfitted with different options to suit the various need of customers in the commercial and private sectors. This fits the companys marketing strategy, because Sikorsky needs to develop different products for different markets. Sikorsky knows that their customers expect safety, quality, and good service, so they take all of these aspects into account with their product.
The Element of Place
The element of Place in the marketing mix is everything that it takes to deliver the product to the target group or market. Products reach customers through networks or channels of