Marketing
Essay Preview: Marketing
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Running head: MARKETING MIX
In an organization it is important to include the marketing mix in all aspects of the decisions. The marketing mix is the combination of elements that frame the marketing strategy for a company in relation to their products and services in order to help them achieve their marketing objectives (
Product
The first “p” of the marketing mix is product. A good product makes its marketing by itself because it gives benefits to the customer. The product area involves the development of the right product for the target market. This could involve a good, a service, or both. In the development of the product it should take into consideration the needs of the customer. The customer will be the one who takes into consideration the entire product features in determining whether to buy the product. A product involves aspects such as instructions, accessories, benefits, quality level, branding, packaging, and so forth.
Product impacts the development of the marketing strategy because of its unique features. In 1997 Gold Canyon created a candle with double wicks. This unique feature would enable the candle to burn more efficient and longer. This would leave absolutely no candle wax residue on the sides of the candle glass. One of the other features of the products of Gold Canyon is that it has the worlds finest fragrance. The fragrance that is given off from the candle burning is so strong that it brings back those childhood memories.
Place
The second “p” of the marketing mix is place. Place is important because it involves the product being in the target markets place at the right time with the right quantities. It does no good to an organization or a customer if the product is not available when and where it is wanted. Product reaches its destination or place through channels of distributions. This could be other organizations or individuals that help transport the product from the producer to the end customer.
In the marketing scheme at Gold Canyon they had an effective channel of distribution of selling candles which was through a distributor model. In this model the distributor would submit an order to the corporate headquarters in Chandler, AZ where the order would be processed, fulfilled, and shipped to its destination. As soon as the order arrives at its destination the distributor would unpack all the boxes of product and move it into a candle room. Under each distributor would be several demonstrators who would call in an order and come to pick it up. The demonstrator would then distribute the product to the end customer.
In the current model at Gold Canyon it is a simple channel of product distribution. The channel of distribution now starts with a demonstrator placing an order via our Internet website which gets processed, fulfilled, and shipped. It could be a local customer who places an order where the information that is entered gets stored in a database. This database of information is tied directly to the demonstrator. This allows the demonstrator to know directly where the channels of distribution will be.
This channel of distribution allows for better time management, more selling opportunities, and better customer service.
Another aspect of our system is that it allows for precise management of our inventory. Based upon the orders that are fulfilled it gives our inventory management and production teams the capabilities to see the product that is selling at a faster or slower pace.
Promotion
The third “p” of the marketing mix is promotion. This involves telling the market or others through the channels of distribution about the product. This can involve acquiring new customers and retaining the current customers. In the promotion phase of the marketing mix there are three kinds of selling which