Marketing Mix

Marketing Mix Paper

The marketing mix are the components that a company puts together to satisfy a target group. The four elements of the marketing mix are product, place, price, and promotion. They are also known as the four P's. It is important for a company to have a good understanding of the marketing mix. Each element is important when developing a marketing plan.

The product "What you are trying to sell to the customer?" An organization needs to have an in depth understanding about what it is they are marketing to the public. Development of the product's size, quality, brand name, design, and packing are all important when trying to match with the customer's needs and wants. An organization should explain how their product's features will benefit the customer.

The place "Where the customer meets the product." Now, the question is how does the customer get to that place? A company needs to make sure the product and/or service they are offering is in the appropriate location where its target markets can reach it. An obvious example of a poor placement is developing a water park in Anchorage, Alaska. It is also important to look at the transportation, which could be necessary to reach its customers and the geographical barriers that might exist. For example, you might not get many customers if they have to travel on poorly lit and rocky road.

The price "What is the highest amount that the customer will pay for the product or service?" Many times setting the incorrect price level will be the beginning of the end for a company. An organization must be sure that the price is not too high or too low. Sometimes mistakes will hurt the organization's income either way. When an organization is starting out, it is very important that they focus their price levels on breaking-even. It is imperative for new organization's to use a break-even analysis to determine the price to set