OPPapers.com

Marketing Mix

A marketing mix is, “the controllable variables the company puts together to satisfy this target group.” (Perreault & McCarthy, 2004, p.36) And the target group referred to is the customers who a company wishes to appeal to or attract. These two parts are needed to create a marketing strategy. The four elements that make up a marketing mix include product, price, place, and promotion. The marketing world knows these elements as the “Four P’s” and following with brief descriptions, examples of and the impact of these elements to Dell Incorporated’s development of the marketing strategy and tactics used in marketing its products and services. The analysis also includes how each element is implemented within the company.
Marketing Mix Elements
Product
The product element pertains to the development of a product or service that customers need or desire. Decisions made with respect to product aspects include packaging, function, warranty, feasibility, dependability, and appearance. Keep in mind that a product is not always a physical thing but for example, can also be a service such as document preparation or delivery service. (QuickMBA, 2007, 3) Physical products should include warranty information, service and installation options, and detailed instructions. Service products should include the same type of information but also include a mission statement that details the integrity and ethical standards a company stands by.
Price
Pricing decisions include factors such as the competition’s pricing and a profit margin that is beneficial to the company. Other aspects to consider are financing options, leases, discounts, and customer reaction or acceptance. The geographic areas also impact pricing as the economy and cost of living affects areas differently. Prices set according to one area or target market may not appeal to customers in other areas that have higher costs of living. Flexibility in pricing is important in a marketing strategy....