Organizations depict the customers they wish to serve and create the value for these customers through their marketing strategy. After the marketing strategy is defined the organizations and the marketing program is constructed the marketing strategy is put into action. The organization uses a set of tools to implement the marketing strategy which is referred to as the marketing mix (Armstrong & Kotler, 2005, p. 15). "The major marketing tools are classified into four broad groups, called the four Ps of marketing: product, price, place, and promotion (Armstrong & Kotler, 2005, p. 15)." Stonybrook Financial Services, Inc. is a wholesale mortgage company who specializes on home loans.
The first group included in the marketing mix is product. Most individuals view product as a physical item that can be purchased or merchandise; however, "Product means the goods-and-services combination the company offers to the target market (Armstrong & Kotler, 2005, p.
57)." Stonybrook Financial Services has developed a strong relationship with several companies to expand the products and services offered by Stonybrook. Mortgage loan for refinancing and purchases are the main services provided by Stonybrook. Stonybrook also offers financial advising, home inspections and home repairs from their affiliates. Having additional products and services allow a larger product field to satisfy the needs of more consumers.
The second group included in the marketing mix is price. "Price is the amount of money customers have to pay to obtain the product (Armstrong & Kotler, 2005, p. 57)." The price of the product or service is the total amount for materials, marketing, shipping and any other cost affiliated with the product or service. The price of similar items or services sold by competitors also influences the price of the products or services. Stonybrook Financial Services, Inc. has specific overhead that needs to be paid...