Marketing Mix
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Marketing Mix
Ife Miller
MKT/421 – Marketing
October 18, 2011
Instructor: Michael Wells
Marketing Mix
The marketing mix is one of the most popular phrases in marketing. The marketing mix, sometimes called the 4 Ps, is an arrangement of tools that are used in marketing to satisfy a company and its objectives. When a company wants to market their products they need to find the right mixture that creates successful results: the right product sold at the right price using the most suitable promotion. In order to create the most appropriate marketing mix, a company has to meet certain conditions: the product must be right and have the correct features – for example, it must be appealing and have all of the features that the customer desires. The desired result is to get consumers to buy the product or service in large amounts to produce a sizeable profit.
The product or service must have the right price at the right time. Ensuring that the product or service arrives where and when they are needed and wanted is an important objective that needs to be achieved. The target market must be made aware of the product or service and its availability through advertising. Successful advertising aids a business in spreading costs over a large output.
The Elements of the Marketing Mix
The 4 Ps: product, place, price, and promotion are the main elements of the marketing mix. The product or service can named as any item that a specific market and industry requires as a want or need. For example, Wal-Mart is a whole sale distributor for name brands provided by other companies for distribution through their warehouses and stores. Wal-Mart offers products and services ranging from baby items to adult clothing, pet foods, health agents, and accessories, hygiene care products, grocery items, and car care services, beauty services such as manicures, pedicures, facials and hair styling salons. PetCo provides pet care items, foods, dietary supplements, pet grooming services, and accessories for the beloved pet owner. Wal-Mart provides the same items, minus pet spas for the best price available on the market based on their competition and competitors prices.
Wal-Mart is highly aware of its competitors in the same industry as well as isolated services and products that are distributed through independent sellers such as local hair stylist and nail salons, grocery stores and car services shops. Wal-Mart uses the marketing mix to combat and ebb this competition by providing the same products and services all in one place for very low prices. Wal-Mart has a low price guarantee and will match or beat competitors prices which is the basis of their marketing mix.
4-P Marketing Mix
Product
Product is one of the most important and critical factors in the marketing mix. When a company sells something that is really cool or something innovative that everyone wants to get t heir hands on, they flock to the company to buy it and try it out. Even if the company may be located at a great distance, the ads and or prices are can be premium and they love to buy the products or services from that store in particular. This is where “word of mouth” comes in strong. Once you tell you sister and she tells her friends, at least 5 out of 15 people will know about the goods and services at your company. When the product element of marketing mix is incorporated with the Internet, it can make your goods and services international when sold on a website. Wal-Mart has on of the vastest online shopping websites that offer everything from home furnishings, groceries, and clothing but not limited to pet supplies.
Price
Within the marketing mix, price is and outstanding factor when you have quality products or services to be offered. When you enter a store, the expensive items may be quite beautiful and eye catching but the bargain items meet you financial needs and are the ones that you will go for first. The pricing tool in the marketing mix is what can make or break a company. Expensive prices may make high sales but using the cheap pricing strategies will fit with supplies. Wal-Mart uses the pricing strategy by not only setting the lowest prices in their stores, warehouses and supercenters but by matching competitor prices.
Place
In the present day, the place element of the marketing mix is far more important then it ever has been before. Major retailers such as Wal-Mart ensure that their stores are of convenience to their customers and they dont have to go all over to satisfy their shopping needs or experience. Place in the marketing mix is not only location, but point of distribution for a companys products and services to the specified market and its customers. The Internet is another place that makes the point of supply and demand convenient to the public. The internet allows online shoppers to buy products from all around the world.
The place element of the marketing mix takes a grand approach to how customers can shop. For example, people who like to do window shopping like to go into the stores and look around. People who want to buy food or jewelry will also go into the store because they want to ensure the quality of the product so that they make a good choice on what they are buying. The lazy shopper or the shopper who doesnt have much time will shop online for electronics, bedding, pet items and accessories, or even clothing and shoes. Wal-Mart allows its customers the convenience and choice of in-store or online shopping.
Promotion
The promotion element of the marketing mix, better known as advertising is important to getting the products seen and directing the product at specific audiences such as specific age groups or people. People need an idea of what they are buying and what it looks like before they decide to purchase it or try it out. A company must find an effective way to promote/advertise their products. Marketing research grants a company the ability to determine which markets they want to target, what audience they want to approach with their products and what strategic approach to take in order to reach the specified audience. This marketing research gives the supplying company the information it needs on its competitors, what products they are offering,