Running head: MARKETING MIX Ã¯Â¿Â½ PAGE \* MERGEFORMAT Ã¯Â¿Â½6Ã¯Â¿Â½
March 12, 2010
When planning a marketing strategy, an organization must consider certain elements that will enhance its product. Any organization that implements a viable marketing strategy will use a marketing mix that consists of product, price, place and promotion make up the marketing mix. Using these elements will help to ensure customer satisfaction. In this paper each element will be defined and an explanation of how these elements affect the development of the marketing strategy of an organization will be explored. The organization that I chose for this paper is Verizon Wireless.
Marketing Mix Elements
An article by 12Manage states that the marketing mix,
can be used by marketers as a tool to assist in defining the marketing strategy. Marketing managers use this method to attempt to generate the optimal response in the target market by blending 4 (or 5, or 7) variables in an optimal way.
It is important to understand that the Marketing Mix principles are controllable variables. The Marketing Mix can be adjusted on a frequent basis to meet the changing needs of the target group and the other dynamics of the marketing environment.
The four elements; product, price, place, and promotion of the marketing mix can be manipulated as the organization sees fit to help meet the needs of consumers and the organization. For example, if the organization determines that the price of a product in a certain location is too high or low, it may decide to make changes in pricing in that specific locale.
Product refers to the service or physical goods that a company markets for the benefit of the consumer. Developing the product includes packaging the product in a way that will...