Marketing Mix

Essay by secondchildUniversity, Bachelor'sA+, November 2007

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Marketing Mix � PAGE \* MERGEFORMAT �6�

Running head: MARKETING MIX

Marketing Mix

Tiffany Nicole Jackson

University of Phoenix

Marketing

MKT/421

John Kautenberger

05 July 2007

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Marketing Mix

The American Marketing Association defines marketing mix as the mix of controllable marketing variables that a firm uses to pursue desired level of sales in a target market. The most common classification of these factors is the four-factor classification called the "Four P's": price, product, promotion, and place (or distribution).

Wikipedia's online free encyclopedia defines the marketing mix as the use and specification of the "Four P's" describing the strategic position of a product in the marketplace.

The textbook, Basic Marketing: a Global-Managerial Approach, states that a marketing mix is a component of a marketing strategy which also consists of a target market. A target market is a similar group of customers to which the company or firm wishes to appeal to.

A marketing mix is the controllable variables a company or firm puts together to satisfy a target group.

When developing a marketing strategy, you will need a target market and a marketing mix. You will need the marketing mix for the target market in order to determine how to satisfy a specific target group of customers. You will also need the target market to develop a marketing mix for a specific target group of customers. Basically these two components should factor each other.

A target market should be a homogeneous or similar group of customers. An example of a target market would be trying to market a service, a good, or a combination of both to a group of college students who live in dorms. If you change the parameters of the group to just college students it could be considered a mass market.

Now that you have...