Loosely defined, marketing mix is a term applied to the combination of all elements used in sparking an effective and positive reaction from the marketplace. (Kotler, 2001) Those elements are commonly known as the four PÃÂs: product, price, place and promotion.
A product is a good or service offered within the marketplace for use, sale or consumption. In most cases, a product satisfies a need. Products can also include experiences, such as a visit to a theme park. Price refers to the monetary cost given in exchange for a good or service. Place refers to the physical location where products are made available for sale. Today, place can be a traditional brick-and-mortar store or dealership, or a Web site. The term promotion is applied to all communication efforts designed to persuade people to purchase a product or service. This includes advertisements, sales, rebates, financing programs and incentives. (Kotler, 2001)It is important to note that the four Ps are items the marketer controls and are subject to internal and external environmental constraints.
Developing a marketing mix is similar to designing a strategy, in that a large part of the marketing mix is choosing the ÃÂrightÃÂ product, making it available at the ÃÂrightÃÂ place with the ÃÂrightÃÂ promotion and the ÃÂrightÃÂ price. All of this is done as part of the effort to satisfy target consumer needs while still achieving the overall goals of the company.
I have written previously about Interco, a company that manufactures the brand of tires I purchased for my Jeep. I will use Interco as the organization and the tire business as the industry specified for this assignment.
ProductBased in Louisiana, Interco Tire Corp. develops high-performance tires for four-wheel-drive vehicles and all terrain four wheelers. With such a variety of vehicles that fit into those two categories,