Palm PreMarketing mix can be described as a compilation of many variables to satisfy the needs of target customers into four elements: product, place, price, and promotion (Perreault & McCarthy, 2004). Each of the elements provides the company with a strategy to define the target customers for a new product or service. Product, for instance, defines the features, qualities, desirability, and appeal of the product while place takes into consideration the resources necessary to produce, manufacture, ship, advertise, and sell the product. Promotion and price are set to attract the customers to the product and increase visibility and, therefore, sales of the product. An absence of any one of the four elements that make up the marketing mix can have an adverse affect on selecting a target audience and the overall strategy to market successfully a new product (Perreault & McCarthy, 2004).
Marketing mix are "the factors controlled by a company that can influence consumers' buying of its products" (Marketing, 2009, ÃÂ¶ 1).
Oxford also lists the four P's as the four components of the marketing mix and describes them similarly as Perreault & McCarthy. Oxford adds that the "potential profitability of a particular marketing mix and its acceptability to its market are assessed by marketing research" (Marketing, 2009, ÃÂ¶ 1). Oxford also extends the traditional description of marketing mix when marketing services to include three additional P's: physical evidence, people, and process. Physical evidence, people, and process allowing the potential customers to evaluate the service, who is providing the service, and the "overall experience provided by the service" (Extended, 2009, ÃÂ¶ 1). The addition of the three P's also aids in ensuring the customer all of the elements of the service operate efficiently and effectively (Extended, 2009).
D.M. Reid argues the point that success or failure of a new...