Marketing Mix

Marketing Mix

Steve Zimmerman

Marketing 421

Andrew Thraen

April 24, 2007

Marketing Mix

In order for a company to achieve their marketing objectives they need to have a strategy that includes different marketing elements. One of these elements is the marketing mix. The marketing mix is a combination of elements used in the sale of a product. The marketing mix is centered on combining elements to create a successful marketing mix that will increase sales. Achieving the desired results often takes experimenting and market research. The combining and coordination of multiple elements is more effective than depending on just one. By implementing both long and short term strategies, a business can attend to immediate sales goals while building a solid business reputation. A company needs to manage all aspects of the marketing mix so that the consumer is not being sent varied messages that can potentially cause confusion.

Historical Facts

The term marketing mix became popular after Neil H. Borden published the article The Concept of marketing mix in 1964. Borden began using the term in 1948 while he was teaching. Borden identified the ingredients of the marketing mix as follows:

Ð'* product

Ð'* pricing

Ð'* planning

Ð'* branding

Ð'* distribution channels

Ð'* personnel selling

Ð'* advertising

Ð'* promotions

Ð'* packaging

Ð'* display

Ð'* servicing

Ð'* physical handling

Ð'* fact finding

Ð'* analysis

Later, Jerome McCarthy grouped the ingredients into four categories that are currently known as the four P's of marketing. They are (1) product, (2) price, (3) promotion, and (4) place.

The Four P's

The goal of the marketing manager is to make decisions that create a perceived value and generate a positive response from the customer within the target market. The four categories, product, price, promotion, and place are the parameters that a marketing manager must control in order to generate the proper consumer response.

Products are the items that a business sells to a consumer. Historically the thought process had been that the product will sell by itself. Because of competition and laws established giving consumers the ability to return products the philosophy has changed. Products can range from produce people need every day to live or they can be very high end item, like a private jet. . If a company sells a service such as tax auditing, that may also be considered a product. Having the right product for the potential target market requires knowing what consumers need and want.

Place refers to how a business gets the product to the consumer. There are several ways to accomplish this, for example a brick and mortar building or the internet. It is important to know if the product is something that the consumers want to see or touch before purchasing the item. If so, the company will want to order and stock the product and sell to the consumer directly from the business location. If the product is something the consumer does not need to see before buying, the company needs to ensure that the product is delivered promptly and that the product is what the customer expected at the time of purchase.

Price is self-explanatory and important to the success of the business. If a company prices a product too high and they may not be able to sell a single item. If the price it too low the business can lose money on every sale once all the costs of doing business are calculated. The goal is to price the product low enough for the consumer to make the purchase, be satisfied, and make a profit for the company.

Promotion is how a business lets the potential customer know what is for sale. Techniques can include traditional marketing methods such as newspaper and television or less traditional methods such as personal sales calls and contests. The purpose of promotion is to inform the consumer about the product. The goal of the business is to create advertising that makes the consumer think about the product long after seeing or hearing the advertisement.

Gander Mountain

"We are dedicated outdoors people who help create outdoor memories. We are passionate about outdoor traditions and are the resource for know-how and the gear that makes outdoor experiences most fulfilling. We do this by sharing our knowledge and expertise and testing our limits on both a competitive, physical and mental level. We are passionate, genuine, skilled and devoted mentors who are experienced outdoors people." (Gander Mountain mission statement)

Gander Mountain

Gander Mountain is the leading specialty retailer that serves the needs of outdoor enthusiasts, with a particular focus on hunting, fishing and camping. Gander Mountain provides a unique retail experience founded upon a "We Live Outdoors" culture and theme. Each store offers a broad and deep assortment of competitively priced outdoor equipment, accessories, apparel and footwear, combined with