Marketing Mix Ã¯Â¿Â½ PAGE \* MERGEFORMAT Ã¯Â¿Â½6Ã¯Â¿Â½
Running head: MARKETING MIX
Tiffany Nicole Jackson
University of Phoenix
05 July 2007
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...