Marketing Mix: Product, Price, Place, Promotion – Essay Sample, Marketing mix essay paper
Marketing mix essay paper
To Analyse the impact of digital marketing in consumer behavior, corporate model restructuring and identify the role cyber space in digital marketing. 2. Background: The marketing business functions are mostly … Continue reading “Impact of digital marketing in consumer behavior & corporate model restructuring”
Customer Need Fulfillment
Newness of Technology
Target market informs the second component of marketing research. Different goods and services perfectly fit different markets. For instance, a proprietor of a club business in some areas can consider more a market segment constituted by young people like college students than the elderly. Additionally, an owner of kindergarten or daycare can consider establishing such an investment near residential areas (Baines, Fill & Page, 2013).
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The term "marketing mix" became often used after a famous Neil H. Borden published his article titled "The Concept of the Marketing Mix" in 1964. It was not the first mentioning of this term, because Borden began using this term in the late 1940's when James Culliton had described the marketing manager as a special kind of "mixer of ingredients". Interpretation of those ingredients in marketing mix by Borden included not only product, price, place and promotion, but also planning, branding, personal selling, servicing, distribution channels, advertising, analysis etc. Thus, in this part of this project it is necessary to define the concept of the marketing mix.
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Product impacts the development of the marketing strategy because of its unique features. In 1997 Gold Canyon created a candle with double wicks. This unique feature would enable the candle to burn more efficient and longer. This would leave absolutely no candle wax residue on the sides of the candle glass. One of the other features of the products of Gold Canyon is that it has the world’s finest fragrance. The fragrance that is given off from the candle burning is so strong that it brings back those childhood memories.
According to Neil H. Borden, place is known as a “channel, distribution, or intermediary” (Borden, 2000). Place is through goods and services which are moved from the manufacturer or service provider to the consumer. A channel distribution is when a set of institutions which performs activities to move a product and its title from production.
According to Eddie Robinson, “The will to win, the desire to succeed, the urge to reach your full potential…these are the keys that will unlock the door to personal excellence. ” In this competitive business world, it is imperative that business owners’ develop and create unique products in order to be differentiated from its competitors. Business owners can use a set of tools called the “Marketing Mix” to provide the unique quality that the item for consumption is a need.
The term ‘Product’ refers to both tangible physical goods and services. The choices that are made concerning the product can be: brand name, design, functionality, protection, maintenance, packaging, guarantee, accessories and services. To define what the product is supposed to represent questions may be asked like: What does the consumer want from the product/service? What requirements does it satisfy? What characteristics is it supposed to have to meet customers’ requirements? How and where will the customer exercise it? What does it look like? How is it different from the one product of your competitors?
The second element in the marketing mix is price. There are many decisions regarding the price of a product. These decisions include "pricing strategy, suggested retail value, volume discounts, cash and early payment discounts, seasonal pricing, bundling, price flexibility, and price discrimination." () The price is what is "exchanged for the product." (Kerin et al, 2006) The marketing manager must consider things like the cost for customers to travel in order to purchase the company's products.
Paper instructions: Write a 1,400- to 1,750-word paper in which you describe the elements of the marketing mix: product, place, price, and promotion. Include the following: ? Select an organization with which you are familiar and describe how each one of the four elements of the marketing mix affects the development of the organization?s marketing strategy and tactics. ? Describe how each element is implemented. ? Identify your selected organization and the industry in which it exists.
Product: What the organization sell. When the Four P model was written the economy was primarily based on tangible products – soap, tools, and dryers. Intangible products and services, like software and insurance, make up much more of today’s economy.
Marketing Mix Essays: Over 180,000 Marketing Mix Essays, Marketing Mix Term Papers, Marketing Mix Research Paper, Book Reports. 184 …
"Strategic Marketing Mix Analysis", 18 October 2014, March. 2018,
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Marketing Mix essays
Marketing Mix - Free Essays, Term Papers, Research Paper.
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marketing mix essay paper
marketing mix essay paper