Marketin Mix

MARKETING MIX

Introduction

Marketing is a mixture of complex elements. If all ingredients are not researched and investigated, it could mean a less than satisfactory outcome for any company. The most well known method of constructing a marketing mix is using what is called "the four P's". The elements, which make up the four P's are Product, Price, Place and Promotion. In this paper I will give a description of each element, three different companies definitions of the importance of using these elements, and an example of each element in a specific company.

Product

The term "product" not only refers to physical or tangible items, but also services. When making decisions on how one wants to market their product or service, some of the topics to think about would be the brand name, packaging, safety, quality, repairs and support, warranty and any accessories. The amount of thought or concern one puts into a product would have to depend on what it is and which company is trying to market it.

According to an Internet article (NETMBA), The marketing mix framework was more useful in the early days of the marketing concept. Today marketing is more incorporated into organizations and there is a wider selection of products and markets. Because years ago physical products represented a larger piece of the economy, some authors have attempted to extend the marketing mix.

Price

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The second P in the marketing mix stands for price. With such a competitive market these days, finding the appropriate price is one of the most important factors when a company is planning to market a product or service. If another company is selling the same or a similar item, one must consider if offering a lower price would be profitable or if charging a higher price would even be possible. Again, this decision would be based on what the product is and which company is trying to market it. A few examples of how a company decides on a price range is suggested retail, volume discounts and wholesale pricing, seasonal pricing, price flexibility and price discrimination.

Place

The nest P involved in the four P's of the marketing mix stands for place. The distribution decisions are very important because this is how the company gets their product to the customers. If you were trying to sell winter coats in Hawaii or water skis in the dessert, the odds of selling your product would be slim to nothing. When deciding when to market a product and where to distribute it, here are some of the factors you would need to consider. Distribution channels, market coverage, specific channel members, inventory management, order processing and transportation. The physical surroundings associated with service encounters can make all the difference in the success of a business.

Promotion

Promotion is the last of the four P's but is non-the less important than the others. When promoting a product or service some of the factors to consider would include

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strategy, advertising, personal selling and sales force, public relations and publicity and marketing communications budget. Promotion is a huge part of where the flashy billboards and the annoying jingles that we hear so often.

Fairchild Semiconductor and the marketing mix

A major contributor in the semiconductor industry is a company called Fairchild Semiconductor. Fairchild designs, builds, test, and packages microchips for many well-known brands of electronic manufacturers. Fairchild employs numerous engineers that come up with new product designs. The engineers then implement their ideas into existing products and the product line then builds