MARKETING MIX

Marketing mix

Marketing mix or the 4 P's

Introduction

The marketing mix strategy consists of marketing tools that the firm uses to meet the demand of its target market. Marketing mix is used as a tool in the development of a marketing plan / strategy of a business, and serves a very crucial part when in the process of determining a certain brand or product's offering to the market. It is often use as a synonym with the traditional four P's which are the product, price, placement and promotion. Each part of the marketing mix plays a very important role in determining the value of the product. In order for the firms to market their product, the firm first needs to develop a successful mix of, using the most suitable kind of promotion for the product, selling it at the right place with the right price, and most importantly, on top of them all, determining the right product. To create a marketing mix which is the right for the business, they need to meet a number of conditions. First off, the product would need to have the right kind of features in it, which could satisfy the demand of the consumer and is able to provide the most value to them. For example, it must be able to work and look good as well to the consumer. Moving on, the price of the product also needs to be right, and should be able to meet the customers expected value. The goods then need to be available in the right place for the customer at the right time so that the consumer's needs are demands are met and is attainable for them when they need it. The final part of the marketing mix includes targeting the consumers who would be the primary market, and need to be made aware about the existence of the product in the market. Costs are able to be spread over a very large output with the help of a successful promotion (Naik, 2005). This part of the paper aims at examining the marketing mix of a restaurant business.

Discussion

Product

A product basically refers to an item that satisfies the wants and need of the consumer. Its characteristics include that it can be an intangible service or a tangible good. Tourism industries are service based and comes under the category of intangible product. And those products that have a sort of physical existence are the tangible products. All the products are subject to a life cycle and this includes a phase of growth which is followed by a phase of maturity and ending as the sales start to fall, towards an eventful decline period (Kotler, 2000).

For the restaurant business, the product is food. The most important thing is remembering the fact that the customers have a choice when the menu items are being offered to them. They have a number of different places where they can just spend their money. And because of this fact, the restaurant places a very considerable ...