Marketing Mix Research
Essay title: Marketing Mix Research
Introduction
To help firms setup a well around market strategy there are two important components the firms must identify. The two are target marketing and marketing mix, in this report I will focus on marketing mix only. The marketing mix insist firms with the right everything (right product, right price, right promotion, and right place); also known as the four “P”s, when deciding to introduce a product or service. Marketing mix is essential because the variables involved can be controlled by the firm to the target segment giving the firm some power over what product or service to present, at what price, how much promotion to conduct, and at which locations to present the product or service. I researched three different sources to help understand all four elements of the marketing mix and how much impact they have on the development of an organization’s marketing strategy and tactics. The organization I choose to help demonstrate how marketing mix is used in real work environment is JcPenney, a retail department store company.
Definition and History
The first source I came across for a definition of marketing mix was from Wikipedia online. The definition gives for marketing mix is, “a model of crafting and implementing marketing strategies,” (Wikipedia, 2006); its main concentration is on both the company’s and consumers’ needs be met. Wikipedia also discussed who developed marketing mix and the usage of the term. Wikipedia claims Neil Borden first coined the term in 1949, while have an interaction with a co-worker about the activities of business. The definition I think is more appropriated is from Ersource reading chapters, which defines marketing mix as controllable variables the company puts together to satisfy the target group (Perreault and McCathy, Jr., 2004).
First Source
The first element I looked about marketing mix was price from Ball State University online (BSU). The website informed me that price is concerned with setting up a policy describing the plan for how specific prices will be set and not just listing prices (www.bsu.edu, 2007). When discussing price and setting the policy things to consider are industry prices, limiting quantities per unit for buyers and consumers, set higher prices to recover cost, set lower prices to increase demand, or lower prices to clear out old inventory to make room for new items. Firms need to take into account as well what kind of product or service they are offering; luxury, inexpensive, bulk, and so on. The last detail to consider is if the firm is going to set prices depending on seasons, holidays, clearance items, and special buys, offer discounts depending on quantities purchased or for loyal customers.
The next element is product, which might be the least important element for BSU because of the small amount of information they provide. Dealing with the product element things to take into mind are features offered, image, warranties¬¬ after sales service or training for the customers¬¬, delivery, installation of the product, a combination of features, or specific features for each product (www.bsu.edu, 2007). Packing is an important aspect when thinking about product because it can help the consumer decide where to store the product. Plus the size of the packing can either attract the consumer or discourage the consumer from purchasing the product; also if there is special packing involved could affect the price of the product. The next element is promotion, which its purpose is to inform and pursue. Firms can use promotion for personal selling, advertising, publicity, and public relations (www.bsu.edu, 2007), and the different sources can be interchangeable from one another. The last element BSU discussed was place; which involves choosing the location for product to be sold at and how will the product arrive at locations. When mentioning place things to keep in mind are storage warehouse and cost, transportation, producers, retailers, wholesalers, and packing for shipment. Packing in this case deals with issues should as if product needs to be kept hot, cold, compact to prevent damage, and how many go in a box. Storage