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Kristin MacKenzie
UOP
MKT 421
Marketing Mix Paper
Wendy Wagner
May 8, 2006
A marketing strategy provides a big picture of what a firm can do in a specific market. When creating a marketing strategy, a firm must identify a target market and a related marketing mix. A target market is "a group of similar customers to whom a firm wishes to appeal," and a marketing mix is "the controllable variables the company puts together to satisfy this target group." (Perrault and McCarthy 36) Focusing on specific target customers can help a firm develop a marketing mix that satisfies those customers' specific needs better than another firm, making a firm less likely to face direct competitors.
"To find the best marketing strategy and mix, the company engages in marketing analysis, planning, implementation and control." (Armstrong and Kotler 53) A typical marketing mix includes "some product, offered at a price, with some promotion to tell potential customers about the product, and a way to reach the customer's place." (Perrault and McCarthy 36) Breaking down the marketing mix into these four basic elements ? product, price, promotion, and place ? helps simplify the selection of marketing mixes that will target the customers. "Components of each marketing mix element are combined to provide a cohesive marketing program." (Kerin et al. 45)
The Product part of the mix is concerned with developing the right "product" for the target customers. This could include a physical good, a service, or a combination of both ? anything that satisfies the customers' needs. Other areas covered by the Product element include feat ...