A marketing mix defines the marketing strategy a business plans to use in order to sell their products or services to consumers. The marketing mix is a combination of the four PÃÂs of marketing, known as the product, place, promotion and price. By reducing the elements of the marketing mix into these four categories, management can manage the marketing plan more efficiently and develop an effective marketing strategy. No one element of the marketing mix is more important than any other element. The objective of a businessÃÂs marketing strategy is to develop a successful marketing mix using an optimal combination of the four PÃÂs.
ProductThe first P, product, in the marketing mix involves determining the products or services to offer for sale. ÃÂThe product area is concerned with developing the right ÃÂproductÃÂ for the target marketÃÂ (Perreault & McCarthy, 2004, p. 38). The product refers to tangible products and intangible services.
Marketing research is vital in developing the marketing mix and continues throughout the marketing process. Research allows the business to discover what products or services the consumer wants, needs or desires. ÃÂIf you don't understand what the market needs first, you can't possibly put the Ps to work effectivelyÃÂ (Scott, 2004, ÃÂ¶2).
The product category includes developing the physical good, the service or a combination of the two, which consumers want, need or desire. Developing the product can include making decisions regarding the features, accessories, quality, and benefits offered with the product. Other areas related to making decisions about the product or service includes installation, instructions and the warranty, if any, to provide with the product. Additional decisions regarding the product include creating a product line, designing the packaging and branding. Above all consumers must perceive a benefit in purchasing the product or service. Once a business has determined...