Part of marketing's goal is to reach out to target markets. "A marketing mix is the controllable variables the company puts together to satisfy this target group" (McCarthy & Perreault, 2004). These variables are known as the 4 P's (product, place, price, and promotion). This paper will describe the elements of the marketing mix in detail. Netflix will be used to describe how one of these elements can be used to create a unique selling proposition.
The concept of the marketing mix is simple and can be thought about using the following scenario:Think about the common mix - a cake mix. All cakes contain eggs, milk, flour, and sugar. However, you can alter the final cake by altering the amounts of mix elements contained in it. So for a sweet cake add more sugar! It is the same with the marketing mix. (Marketing Teacher, 2006).
Product is the item or service that is being marketed which involves quality and the different designs and features.
"Place is concerned with all the decisions involved in getting the "right" product to the target market's" (McCarthy & Perreault, 2004). Price involves both the cost of the item and the value that goes into it. Promotions involve communicating with target markets about a company's products/services. This is commonly done by various media advertisements. "It is important to know that a change in one "P" may cause a change in another" (UOP, 2006).
Netflix is an online movie rental company that has redefined how consumers rent movies. Customers can order movies from the comfort of their home and have them delivered to their mailbox in record time. This eliminates the time and effort it takes to go to the rental store.
The marketing mix elements are utilized to create differentiation among products/services from all industries.