Marketing Mix Paper
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Marketing Mix Paper 1
RUNNING HEAD: MARKETING MIX PAPER
MARKETING MIX PAPER
Tony Jones
Hayward State University
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Introduction
In this paper about the Marketing Mix, it will explain the elements of the marketing (product, place, price, and promotion). I have enclosed a chart about the Pricing Strategies Mix. I will also be selecting an organization by the name of Target in which I am familiar with and will describe the four elements of the marketing mix and how it impacts the organizations developmental marketing strategies and tactics.
Company: Marketing Teacher
Product
Based on the Marketing Teacher the product elements is a real physical entity that may be buying and selling. The Marketing Teacher talks how The Product Life Cycle (PLC) and The Customer Life Cycle (CLC) are involved in the marketing mix. The Marketing teacher also talks about how the product has to have three levels which are the core products, augmented products, and the actual product. These are considered as the “Three levels of a product” (Borden, 2000) A core product would be a product that you cannot touch because its valuable to us. The augmented product is the non-physical part
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of the product which consists of value. The actual product is the physical product in which we can get some use out of it.
Place
According to Neil H. Borden, place is known as a “channel, distribution, or intermediary” (Borden, 2000). Place is through goods and services which are moved from the manufacturer or service provider to the consumer. A channel distribution is when a set of institutions which performs activities to move a product and its title from production.
Price
Based on the Marketing Teacher website there are many ways to price a product. There are premium pricing, penetration pricing, economy pricing, price skimming, and product line pricing (Borden, 2000).
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Promotion
Promotion includes all the parts available to the marketer for marketing communication. In a promotion mix there are examples of what a promotion is. A promotion mix has to do with personal selling, public relations, advertising, and sponsorship.
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Company: NetMBA
The NetMBA which is know for being a Business Knowledge Center talks about the Four Ps of marketing and how the Four Ps “Are the parameters that the marketing manager can control”(NetMBA, 2007).
Product
To get the best product, there are several decisions to be made. For example like the quality, styling, packaging, and warranty of the product. Another decision would be to have a lot of accessories and services offered for the product. Having a warranty is the most important thing to get on an item that maybe is worth a lot.
Place
Distribution decision about the place is about getting the products to their customers. Some examples of the different types of distribution decisions are an order processing, transportation, inventory management and warehousing.
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Price
Some price decisions from NetMBA suggested that to come up with a pricing decision a company must have a pricing strategy. They also suggested that the price of the product should be flexible and affordable for consumers. They also suggested that their should be seasonal pricing on items that are not in season anymore and also to make sure that anything that come in a bundle has a reasonable price.
Promotion
Promotion represents marketing communication. Having communication and having information about the product will gain a great response from the company. Advertising, sales promotions, marketing communication budget are very important when representing marketing communication.
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Thee Four Ps Website
Product
From the four Ps marketing website their definition of a product is that the market size varies according to consumer preferences. That is doesnt matter which product they have to offer, make sure that the product comes from a reliable supplier that has high quality products.
Price
The price comes from how much the product should sell for. In considering prices, the organization should consider the “product, customers, competitiveness, and quality.”(Purdue, 2007)
Place
An organization has to find a place to sell their products, whether its in a shopping mall, a retail store, or in a grocery store. They have to find a place where people would embrace their product.
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Promotion
The products that people buy are promoted to bring in new consumers. Promotion requires an organization to have a lot of time. Also a promotion should be clear and t o the