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Submitted by dollysalinas on February 4, 2007
Category: Business
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Marketing Mix
January 29, 2007
Marketing Mix
The "Marketing Mix" is a term used to describe the combination of tactics used by a business to achieve its objectives by marketing its products or services effectively to the customer. It is also known as the 4 P's Product, Price, Promotion, and Place. The marketing mix is also known as the 7 P's', when you add people, process, and physical evidence to the first four.
The importance of the marketing mix is for businesses to make sure they are marketing-
o The right product to
o The right person at
o The right price in
o The right place and at
o The right time (The Chartered Institute of Marketing,2004)
The mix of the 4 P's, must reflect the wants and desires of the consumers in the target market.
Marketing is about identifying, anticipating and satisfying customer needs. This is so we can get the right product or service. When you have the product or service, ask the customer what they think of it. Ask them if they are satisfied with the quality and with any support services provided. The customer needs must be met.
When we follow-up on the products we should analyze the profitability of each product or service. Check and see which products/services make the biggest contribution or provide the highest profitability. Are support services being offered with some of the products?
Place' is the means of distribution selected, depending on the type of product or service being marketed. The choice will impact on the pricing and promotion decisions. We need to ask ourselves, Are the customers for the products and services consumers or businesses? If they are consumers, we have three main options. First, are we selling to wholesalers who will sell to retail outlets who will sell on to the consumer? Second, are we selling direct to retail outlets or third, selling direct to the consumer? Place is a way of...
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