The Marketing Mix
The Marketing Mix
The Marketing Mix
Marketing Mix is a way for the organization and the consumer objectives to be reached. It was developed by a man named Neil Borden in 1949 (NBA, 2005). It was formed by the idea of mixing ingredients like a cook would to make something that no one else has come up with. Borden came up with a plan that would satisfy the wants and needs of the consumer.
Marketing decisions are grouped into four categories known as the four Ps:
Product
Price
Place
Promotion
These four variables are called the marketing plan and can be altered in the long-term, but is harder to modify the product or the distribution because of time allowance. High search engine placement can produce both short term and long term results. Short term, you can gain immediate sales. Long term, results come as potential business partners find your site (Kyle, n.d.). Strategic planning is important when determining the channel the firm wants to go through.
Product
A product can sell itself if it is build well. However, according to Free World Academy at
The design of a product is very important. Clothes are an example of design. Clothes designs or styles are changing every day. A good design becomes a fad. 501 jeans are an example of a good design where all the young people wanted them for their own. If a product is well designed other companies cannot compete against them.
Packaging of a product is important in order to catch the eyes of the consumer. If the packaging is easy on the eyes and shows the consumer what the product is or does, consumers will be more apt to buy the product. If the packaging targets a specific segment of the consumer such as children and what catches the eye of the child, the product will sell quickly. An example of this is how cereal is packaged. The boxes might include cartoon characters, the use of the words such as: sweet, tasty, marshmallows, etc. which make a child want the product.
Safety is of great concern to the adult consumer. Car seats for babies are examine by the consumer for safety. If there are any recalls by the company for a car seat, the consumer may not buy from that company again for fear of their child’s life. It is important for the company to ensure safety of its product and testing must be thorough to ensure this.
Product environment includes warranties, a return policy, maintenance services, time payments and insurance connected with the product. Buying appliances can be included in this category. With the extra assurances included in the sales of the product, more consumers would be compelled to by it.
Price
Pricing decisions can include seasonal, bundling, price flexibility, suggested retail prices (NBA, 2006). Price reductions or sales encourage the shopper to act immediately. The customer which intended to buy something but had not yet done so would be more apt to buy the product if it is on sale (Kyle, 2006). Discount pricing would give the public an incentive to go during the off-season time so the place of interest can keep up the business during the slow times.
Place
The Charter Institute of Marketing describes place as the means of distribution selected depending on the type of product the company is marketing (CIM, 2004). The decision on the place to sell will make an impact on price and promotion decisions. Consumers and businesses are two places to consider when it comes to pricing and promotional decisions. Wholesalers and retail outlets have the company making the decision on what price to charge. If the company were selling to a wholesaler, the price would be less than selling to the retailers. Wholesalers and retailers need to be coaxed into stocking the product. If selling to a business, the company would sell directly to the business.
Promotion
Communicating information about a product to generate a positive customer response is what