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Marketing Mix
The marketing mix is "the controllable variables the company puts together to satisfy the target market" (Perreault and McCarthy, 2004). The target market is the group of customers the company wants to attract or appeal to with the service or product. The marketing mix includes four elements called the four P's of marketing: product, place, price and promotion. These four elements work together to produce a profit. Changing any one of the four will affect the results of the other three. The marketer uses the marketing mix to develop the marketing strategy; thus, determining the marketing mix is an important first step in the process. "It takes proper coordination, planning and use of each of these elements to reach the consumers in one's target market". (Lake, 2006).
Product
The first element in the four P's is product. Product is the "good or service for the target's needs" (Perreault, 2004). In marketing, product is not simply the physical item or service. Product refers to the features, benefits, quality, accessories, installation, instructions, warranty, packaging and branding as well as the physical good service or product lines. These variables can affect the end product and be a means to create differentiation if necessary. If a customer has the choice between two similar products, the marketer can offer qualities such as a better warranty, return policy or maintenance service to persuade the customer to purchase the product or service.
Place
In determining placement, the market will need to analyze not on location of the customer but also ...