Daryl Farrugia Monday @ 1:00 pm
"The Marketing Mix is a set of controllable, tactical marketing tools that an organization coordinates together to achieve the response it wants in the target market, to better set and achieve objectives and to better identify and satisfy consumer needs." Discuss giving suitable examples.
The title above is a very detailed description of the marketing mix which describes every capability of this powerful managerial set of tools. One should know that it is made up of 7 p's. Some people say that for goods they only use the first 4 p's but it has been realised that when offering a good, one is also offering a service, therefore one should try to satisfy his customers according to all the 7 p's, regardless the type of product in question.
The 4 p's are:
While the additional 3 elements which will make up the 7 p's are:
The Product is any good or service that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.
It includes physical objects, services, persons, places, organizations and ideas.
The Price is the amount of money charged for a product. It can also be looked upon as the sum of the values that consumers exchange for the benefits of having or using the product.
The Place is also known as the Distribution System. The place includes all those company activities that make a product available to target customers. In other words, this is the link between the organization and the final customer. It involves a process where by the right product is made available at the right time, in the right place, in the right quantities to the right target audience, using a...