Marketing Mix Paper
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Marketing Mix Paper
Introduction
What could possibly be important about the four Ps, and what do they have to do with this thing called the Marketing Mix? The Marketing Mix is a set of policies for the four Ps that is developed to meet the needs of a company or firms target market. The marketing mix should be reasoned, and internally consistent. The four Ps are; Product, Place, Price and Promotion. By using variations of these four components you have the ability to reach multiple consumers within your target market. It often takes experimenting and solid market research to creating a successful marketing mix that will increase desired results. The key is to not always depend on “one” mix, the combining and coordination of these elements will be more effective than depending on one. (Kotler, 2001)
A good strategy combines the marketing mix and the target market. The marketing mix is considered the core of a marketing strategy, and can initially be stated in general terms that become more specific as the mix is implemented. All elements of the mix must be compatible with each other and they must be appropriate for the target market. (About, 2006)
As an element of the marketing mix, price doesnt mean a specific price but rather a price policy describing the plan for how specific prices will be set. Price is a powerful tool, and should be set with certain objectives in mind. In the early stages of the product life cycle, high prices may be used in an effort to recover development costs early. Prices may then be lowered or the firm may move on to other markets in the early stages of development. In the early stages of the product life cycle, low prices may be used to rapidly expand the buyer base for the firms brand, making it more difficult for other companies and products to gain market share. Pricing can be used to indicate quality levels from luxury or economy. Pricing can also be used to clear out-dated or out-of-style inventory; converting it to cash for another round of buying and selling. (About, 2006)
As a part of the marketing mix, the term “product” refers to physical products as well as any services or conveniences that are part of the offering. Product offering include aspects such as function, appearance, packaging, service, warranty, etc. Accessories and services product-service offering involves a complex mix itself. (About, 2006)
Packaging is a part of the offering and also has elements that may be classified as promotion and/or place or distribution. Packaging may have attributes that affect the use of the offering, its storage, or separation into usage units. Size of usage or purchase units are mutually determined with packaging decisions. Package sizes are influenced by consumption behavior and in turn influence that behavior. Packaging is directly related to price because of its cost (both direct cost and indirect cost resulting from the impact or shipping and handling), and because of its direct relationship to the size of the purchase unit. (About, 2006)
Promotion is really itself a mix of elements that are used to inform and persuade. These include: personal selling, advertising, sales promotion, publicity, and public relations. Each has a role and each requires its own set of skills and resources. The different elements of the promotion mix can in some cases be traded one for the other. For example, more personal selling can compensate for reduced advertising. Personal selling involves a person making a presentation to a potential buyer. The presentation can be delivered face-to-face, by telephone, or by other electronic media. Advertising involves one-way communication, which is in contrast to personal selling. Advertising is paid communication consisting of messages distributed through print, radio, television, outdoor signs, or Internet media. In some cases, recorded messages are delivered through automated telephoning. As with other elements of the marketing mix, advertising should be appropriate to the target market. (BSU, 2006)
As with other elements of the marketing mix, place/distribution decisions are made with the objective of meeting the needs of the target market. These decisions include the choice of location where the product will be sold to the final consumer and the combination of elements of the distribution chain that will be assembled to get the product there. The elements of the distribution chain that must be considered are packaging, storage facilities, transportation, and the