The Mix
"Marketing Management" author Philip Kotler, says, "?Market innovation is gained by creating customer satisfaction through product innovation, product quality and customer service. If these are absent, no amount of advertising, sales promotion or salesmanship can compensate (guerrillamarketing.com, 2005)." When dealing with the marketing mix consider the four "P's". Product, Place, Price and Promotion are critical for a successful marketing plan. The goal for marketers is to have the right mix to provide the right solutions to fit the customers identified needs.
The Four P's
A product is a good or service a company uses to fulfill the needs of its customers. Just like life, a product goes through a life cycle as well. Any product or service goes through a beginning or development stage before it is introduced into the market. During this stage, it should be determined how this product or service is going to live out its life and what purpose it serves in the lives of the consumers. As it is introduced into the market it experiences forms of growth and more customers purchase the product until it stabilizes and no longer is the hot ticket. Once the product reaches the maximum growth potential it will decline until it becomes obsolete or the company decides to remove it from the market. This is an ongoing process as companies strive to come out with the latest and greatest.
Place is described as a, "channel, distribution, or intermediary. It is a mechanism through which goods and/or services are moved from the manufacturer/service provider to the user or consumer (marketingteacher.com, 2005)." Some things to consider when looki ...