MKT421 Week2 individual assignment - 9433

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  • From: Business, Marketing
  • Posted on: Thu 03 May, 2012
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Write a 1,000+ word paper in which you describe the elements of the marketing mix (product, place, price, and promotion). In addition, select an organization with which you are familiar and describe how each one of the four elements of the marketing mix impacts the development of the organization’s marketing strategy and tactics. Describe how each element is implemented.  Be sure to specifically identify your selected organization and the industry in which it exists.

Solution Description

Introduction

The 4P’s of marketing mix have been in existence since 1960 in the United States. The 4P’s of the marketing mix are product, price, place and promotion. The marketing mix is a part of the marketing plan. The marketing mix model was initially made for the manufacturing industries but was later used by other industries too. (English, 2000)

Product

The product element of the marketing mix has to do with creating the product that is required by the target market. Product element may be a physical product or a service, or a combination of both. Whether it is a good or a service, it should be able to fulfill the needs of the target market. The product decisions include the branding, packaging and warranty elements. It also includes product quality and the management of new products. (Perreault, Cannon, & McCarthy)

Price

The price element of the marketing mix has to do with setting the right price in line with the current practices, using right discounts and terms of sales. If the right price is not set, the customers may not buy the product and all of the marketing effort may go wasted. (Perreault, Cannon, & McCarthy)

Place

The place element of the marketing mix is concerned with getting the correct product to the correct place. A product may not be of any importance to the customer if it does not get to the right place. Place element also involves the distribution channel used. A distribution channel has to do with getting the product from the manufacturer to the ultimate consumer. (Perreault, Cannon, & McCarthy)

Promotion

Promotion is all about reaching the customer by communicating the information about the product to the current or potential customers. The idea of this communication is to influence the behavior of customers.  The promotion element of the marketing mix communicates with the customers and tells them that a suitable product is available at the right place and within the right price. The promotion element of the marketing mix should not only be aligned with the other elements of the marketing mix and strengthen the strategy’s differentiation and the positioning but should also target the specific market. There are various methods of promotion. For example persona