Strategy and planning are used by marketers throughout the business world today and for the purpose of marketing and the management of marketing. Many strategies are used to target an audience towards a company product. These strategies are linked to the Marketing Mix which can be adjusted to meet the many varying needs of the consumer. By using the 4P's, businesses can offer product by what consumers want. The intent of this paper is to classify and illustrate the components that make up the Marketing Mix and observe what form the Marketing Mix takes on a specific organization.
The class reading states that the definition of Marketing Mix is 'the set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market (Armstrong & Kotler, 2009). In other words, whatever a firm can do to persuade some type of demand for its product.
The Marketing Mix is a great tool in creating, developing and implementing all sorts of marketing strategies. This Mix focuses on a combination of factors that make it easier to hit market objectives from an organizational standpoint.
The Marketing Mix term came about by a man named Neil Borden in an article he published in 1964 called The Concept of Marketing. He claimed that the concept came to him after he heard from a colleague about the mixing of 'marketing ingredients' (NetMBA, 2010). Borden included many ingredients, but narrowed them down to four categories: Product, Place, Promotion and Price.
The first ingredient, Product, is the product that the business wants to market to consumers. Many think that a great product will sell itself. On the contrary, many products are great, but that is all in the eyes of the consumer. The concept is to create...