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MARKETING MIX
Introduction
Marketing is a mixture of complex elements. If all ingredients are not researched and investigated, it could mean a less than satisfactory outcome for any company. The most well known method of constructing a marketing mix is using what is called "the four P's". The elements, which make up the four P's are Product, Price, Place and Promotion. In this paper I will give a description of each element, three different companies definitions of the importance of using these elements, and an example of each element in a specific company.
Product
The term "product" not only refers to physical or tangible items, but also services. When making decisions on how one wants to market their product or service, some of the topics to think about would be the brand name, packaging, safety, quality, repairs and support, warranty and any accessories. The amount of thought or concern one puts into a product would have to depend on what it is and which company is trying to market it.
According to an Internet article (NETMBA), The marketing mix framework was more useful in the early days of the marketing concept. Today marketing is more incorporated into organizations and there is a wider selection of products and markets. Because years ago physical products represented a larger piece of the economy, some authors have attempted to extend the marketing mix.
Price
MKT 2
The second P in the marketing mix stands for price. With such a competitive market these days, finding the appropriate price is one of the most important factors when a company is planning to market a product or service ...