Marketing Mix

Marketing Mix
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Marketing mix elements are also referred to as the 4p’s of marketing which are product, place, price and promotion. Product is the most important element in the marketing mix since it is the reason for the existence of other elements. A product is a tangible good or intangible service that a company offers in the market. For a product to qualify to be in the market it has to be of good quality and pass the market standards in which it can compete with other competitors products. A good product markets itself or rather sells itself. However, due to competition from similar and substitute products, which offer similar benefits as your product, a ...

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which gives a customer comfort when using it. Brand name matters a lot in products attributes. Customers tend to associate products names with things they like or do not like. Other brand names are associated with a quality product and therefore it is important to give your products a good brand name. Make the instructions and information on your product package clear.

Place refers to the distribution channels and the convenience of the product to the customer. Place should cover the transportation, warehousing, market coverage and order processing. Every marketing organization should identify its customers and make all the necessary efforts to ensure that the product reaches the customer and it is always available whenever the customer needs it. The place or distribution channels depend on the type of product and business location. There are various institutions involved in the distribution channel intermediaries, which range from wholesalers, retailers, direct marketing, ...

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price to a product for promotion reasons such as “buy one get one free”. Premium pricing involves giving a high price to a unique product despite the high difference with competitors pricing. In psychological pricing, a marketer uses prices such as $99, $199 or 99 cents so the consumer can respond in emotional basis (Marketing teacher, 2011)

Promotion is any strategic activity that increases the awareness of the availability of a product. Various promotional elements used have enabled the big companies to be great and known even worldwide. Without promotion, a company cannot grow and develop to greatness. Various promotional elements include; personal selling, sales promotion, ...

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PAPER DETAILS
Added: 8/30/2011 10:20:21 AM
Submitted By: joek
Category: Business
Type: Premium Paper
Words: 1607
Pages: 6

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