As businesses and organizations strive to build a company "playbook" that satisfies the needs of the targeted customer's, an important element to consider in regard to accomplishing the goal is the marketing mix. A marketing mix is the controllable variables a company puts together to satisfy a targeted group (Perreault and McCarthy, 2005). A marketing mix can be used when a company is seeking to launch a new product or evaluating a current product to optimize the products impact on the targeted customer. Truthfully, yet simply put, developing an effective marketing mix will assist an organization or marketer with positioning a product to sell.
There are four essential P's that make up a marketing mix, product, place, promotion, and price. In the marketing mix, the product element involves developing the right product or service for the targeted customer. In the beginning, a marketer must conduct research to determine what customers will be interested in buying the targeted goods or services.
By analyzing the market and its requirements, a researcher will be able to change the product or develop the product in order to match the requirements of the people the company is aiming to attract (Business Bureau, 2002).
Some marketing scholars claim that products and services may go through a life cycle or phase. The release of a brand new product may be labeled as introductory and require the product to be introduced to the market and customers. If the product or service has been enjoying being the only one on the market, one may have noticed that others are also joining in and entering a competitive product or service and this will have an effect of the healthy sales you might be enjoying at the moment. This is known as the growth phase. How you react to this will...