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Marketing Mix. Marketing Mix The marketing mix is primarily made up of four
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Submitted by khalay on April 22, 2008
Category: Business
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Marketing Mix
The marketing mix is primarily made up of four variables, and they are product, place, price, and promotion. The marketing mix is often described as a method used in developing a viable marketing strategy, with each ingredient being used different ways and at different times based on the product or service one is trying to market (QuickMBA, 2007).
In order for a company to achieve its goals, the company must have a strategy that mixes the correct elements of marketing. The term Marketing Mix refers to “the four Ps” of marketing which are product, price, place, and promotion (Kotler & Keller, 2006). When creating a mix, a company must keep their target market in mind. The company must also understand the needs of the customer then create marketing strategies that will satisfy the demand. The marketing mix should also meet or exceed the goals of that company (Kotler & Keller, 2006).
The marketing mix is the parameters that a marketing manager can control, subject to internal and external constraints of marketing environment. The goal is to generate a positive response from the target market (NetMBA, 2007).
The four elements relate to an organization's marketing strategy. Marketing is just one element of an organizations overall business plan. By understanding the product which the organization is producing, the company will be able to determine materials needed, staffing needed to produce the product, and establish the cost to produce the product. Marketing should not take over production, accounting, and finance of an organization. Marketing should be included in these functions to aid in direction and coordination. Understanding the marketing mix will put an organization on the road toward success and profitability (Perreault & McCarthy, 2004, 17).
Foot Locker is one of the top competitors in the athletic shoe industry. Foot Locker was introduced to the retail market in 1974 and has since grown to over...
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