Marketing Mix

Marketing Mix Paper

Laura Rhodes

MKT 421-Marketing

Macus Geier

September 7, 2006

I certify that I am the sole author of this paper and its contents and that any assistance I received in its preparation is fully acknowledge and disclosed in the paper with citations and references.

I also certify that this paper was prepared by me specifically for this course.

Student’s Signature ____________________________________________

Marketing Mix is a strong marketing tool that is use to combined elements to market profitable good and services. These tangible elements include product, price, place and promotion. Marketers view information for making better decisions and strategic marketing plans. A budget for these expenses must be included in the financial plans of any successful organization. The objective for marketing mix is to meet the needs and desires of target customers as well as delivering the product economical, fastest, and entertaining way.

A good product satisfies the needs of consumers by nourishing, protecting and saving time. When manufacturers understand the geographic areas, this helps them to determine what products to produce and introduce new opportunities. There are two basic types of product class; consumer product and business product. Consumers’ products are buying behavior but business products are how buyers see the products. Shopping, emergency, and impulse are some of the consumer products. Customers that shops for products feel that these shopping products are worth their time and effort. Emergency products are purchase when it is absolutely necessary only. Some products that are purchase quickly was strongly needed at the time are called an impulse product. Business products are products purchase by businesses that need to produce their own products. These products include installations, accessories, raw material, components, and supplies. Another business product that helps any organization to function properly is a professional service that supports a firms operation.

Branding, packaging, and warranties are all important roles of creating a product. When a customer sees a particular brand product, they see quality. The packages of a specific product inform, enhance, and promote the product to the customers. Warranties guarantee customer satisfaction and fix the problems that a customer may have with a product. Warranties also improve the appeal of marketing mix and customers do not mind paying for it. These types of service keep and attract customers. Products are identified by the use of a name, term, symbol or design which saves customer time while shopping for a specific product.

Pricing determines the level of profits for businesses as well as longevity. Lower, competitive, cost-plus-profit and value prices are some pricing strategies that are used to set prices for products. The price that is charged for products and services must include expenses, profit, intangibles, warranties, image and quality. Lower prices produces lower profit and are unappealing to investors. Competitive pricing occurs when the product is sold at the lowest price than the competitors. For example, Wal-Mart is a discount store that uses the competitive pricing strategy. If a customer purchases the same brand product at another store for a lesser price, Wal-Mart will let the customer purchase the same item at that price plus 5% less. Value pricing is priced according to how retail stores value their customers or a specific location. Most luxury items with good quality and are priced by value. Government agencies and other public works use the cost-plus-profit pricing strategy. This strategy includes setting the prices just to cover the fixed and variable costs with little profit. Also, they have access to the costing data system and they could check if a price is too high.

Reaching the customers in the right place is another challenge for marketers. The location would be an important decision for businesses. Where and how the customers take possession of products or services is also important A firm that uses a distribution channel that allows the customers to buy products and services 24 hours a day is completely satisfying the customer. Mail-order catalogs, internet or 24 hour retail stores are places that offers such services. The right location for merchandising business involves tradeoffs between customer convenience and rent expenses. Low cost space becomes important to the business profitability. Manufacturers must have