Marketing Mix Paper
The concept of marketing is very broad. There are many things to consider when effectively introducing a new product or service into the market. Most important is the marketing mix made up of the four Ps; product, place, promotion, and price, which are the controllable variables in a marketing strategy. (Perreault, W. & McCarthy, J., 2005) These four Ps are the parameter that an organization can control, subject to the internal and external constraints of the marketing environment. The goal is to make decisions that center the four Ps on the customers in the target market in order to create perceived value and generate a positive response.
Business of all types and sizes, including non-for-profit organizations, use marketing in their local, regional, national, and global operations to direct the flow of product from the manufacturer to the ultimate consumer. IKEA, a furniture retailer and franchisor, provides an excellent case study in the application marketing mix.
The term product refers to the 'total concept' that is sold. The total product consists of both tangible and intangible parts. In general terms, product also refers to the needs-satisfying offering by a business to consumers. Product is therefore more than the physical thing sold by business. (Perreault, W. & McCarthy, J., 2005) Examples of product include: brand name, functionality, styling, quality, safety, packaging, repairs, warranty, accessories, and services. The conditions a product is sold under will change over time, which refers to product life cycle. Product life cycle consist of four different stages; introduction, growth, maturity, and decline. (www.netmba.com) To be able to market its product properly, an organization must be aware of the product life cycle of its product.
IKEA's core product is furniture retailing, such as computer tables, organizational tools, kitchen, bathroom, lighting, sofas, textiles,