MARKETING MIX

Marketing Mix

Marketing Mix

Marketing mix or the 4 P's

Introduction

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. Marketing is a discipline that seeks loyalty and keep customers for a product or service, by meeting their needs, that is why constantly analyzes the behavior of markets and consumers. During the 1950s, Professor Neil Bourden of "Harvard Business School", redefined the position of Chief Marketing Officer of any company, developing the "Marketing Mix" as a basic tactic, in order to realize certain objectives and create closer ties with customers.

The marketing mix is a set of key elements with which a company or product will achieve influence the customer's buying decision. Bourden variables were developed by 12 at its origins: Product Planning, Price, Brand, Distribution Channels, Personal Sales, Advertising, Promotion, Packaging, Storage, Service, Distribution, and Research. The marketing mix appeal to different principles, techniques and methodologies to increase the satisfaction of the client from the management of the Four P. To be successful, the marketing mix must maintain consistency between its elements (does not make sense to position a product in the luxury sector and then try to compete with a low price). When working with the marketing mix, the expert must consider whether the ...