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Submitted by paanez on April 16, 2007
Category: Business
Words: 1029 | Pages: 5
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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...
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