Marketing mix is an approach used to reach a target market for the organization. The marketing mix is comprised of four factors; product, place, promotion, price, and commonly referred to as the four Ps. Market mix stresses the importance of blending each factor so both the company's and consumers objectives are met. Is there a particular formula which provides the right mix of each factor? So far, there seems to be more debate than answers to the question? This paper defines the factors involved with the marketing mix and an example of its implementation in the real-world.
ProductThe first factor of the marketing mix is product. Product is the development of a conception for a target market. A product does not always involve a physical good but, can include a service as well or combination of both. The product is usually the result of research in which a company can see an opportunity to profit.
Rarely would a company produce something on purpose that did not increase shareholders wealth.
When a company develops a product or service other considerations must be taken into account. Things such as feature and benefits of the product or service. Quality level which might set itself apart from the competition. Will accessories be required which might offer another source of revenue to the company? Is the consumer required to install or assemble the product and are appropriate user friendly instructions available? Warranties may help a consumer decide between identical products offered by two separate companies. The longer and better warranty offered for the same product could sway decisions to buy. Companies have also developed packaging to reduce theft of their product like compact disks which have theft deterrent devices. Finally, branding may sway a consumer between one produced by a well known company and one...