Marketing Mix

Essay by drauzenclauz70University, Bachelor'sA+, April 2005

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December 11, 2004

Marketing was born in the 1950s and can be characterized as the new psychological approach of making profit. Centering on the customer's importance, this new approach tries to offer the product at the right place, time, and price. Concentrating on Market-driven businesses, where the focus is the customer, all departments of the company are focused on their satisfaction. In trying to match their Marketing Mix with the customer's criteria, investing in research, and tracking market changes is of high importance. Nowadays, companies use people to forecast changes within the market by understanding a competitor's actions.

As consumers, we are often bombarded with advertisements through television, internet, newspapers, even billboards. Yet, the oldest form of promoting a product is oral communication. Personal selling is the intention to make a sale by the initial focus of developing a relationship with a potential buyer on a one-to-one basis.

A sales force who communicates with existing and potential customers is necessary to encourage intermediates into buying (or servicing) a product. Personal selling allows for a customer's needs to be personalized on a two-way process allowing direct and prompt responses from a sales team on any product issue. The drawbacks of employing a sales force are the cost of hiring, and providing incentives for employees. Additionally, salespeople can only call one customer at a time which, in reaching a large audience, is not cost effective.

Direct Marketing is concerned with establishing relationships between a business and its final customer. The Institute of Direct Marketing defines this as the planned recording, analysis and tracking of customer behavior to develop a relational marketing strategy. Television, radio, mail order catalogs, magazine inserts, "junk mail", and telemarketing are examples of promotional activities. With companies targeting individuals, direct mail is widely thought of as the...