Country Project Marketing & Finance PaperA marketing mix is the controllable variable the company puts together to satisfy a target group (Perreault, Jr. & McCarthy, 2005, p. 36). Marketing mix is also a concept that summarizes the basic elements of effective implementation of the fundamental variables of marketing. The strategy chosen by the organization is followed through to the customer. These fundamental elements are commonly referred to as the Four P's. Properly covering each of these elements ensures an adequate coverage of reaching multiple customers in each market. The flexibility and robust nature of the concept is its most powerful aspect. A full understanding of each of the elements can be formulated into a comprehensive marketing plan.
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 (Perreault et al, 2005, p.
36). On an International level the marketing mix is the set of choices the firm offers to its targeted markets. Many firms vary their marketing mix from country to country depending on differences in national culture, economic development, product standards, and distribution channels (Hill, 2005, p. 584).
Product:Market research leads to the development of the end product or service that will be available to the end user. This is the basis for the operation of the company. It can range from any type of goods or services that a customer might not readily know about. Product development is a large part of gaining a larger market share. Advancing product development can also be used as a highlight in a marketing campaign (The Business Bureau-UK, 2002). For Playtex the product mix includes all the skin/sun care products in the Banana Boat line. In 2006, the Banana Boat product line accounted...