Marketing Mix

Essay by jmruizUniversity, Bachelor'sA+, March 2007

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An approach to achieve your marketing objectives can entail utilizing the marketing mix, which is a model of crafting and implementing marketing strategies. As it name states, it mixes or blends the various factors to achieve both organizational and consumer objectives. The object for the marketers is to target the market, understanding the wants and needs of the consumers or customers, then developing or formulating marketing strategies or plans to meet the wants and needs, achieving balance between the different elements.

The marketing mix, which is often referred to as "the 4 P's"; Product, Price, Place and Promotion and it is used to develop and evaluate a marketing plan and a way to carry out each strategy. Product refers to defining the product or service that will be offered to meet customers' needs and wants. It includes the features and benefits associated, such as quality, appearance, service, support, functionality, and the brand.

Price is choosing a pricing strategy, understanding the amount of money that will be charged for a product or service that is of value. It consists of determining the cost to offer or produce the new product or service, flexibility, special or seasonal pricing, discounts, and competitive pressure. The place, in this mix is referring to destination, examining locations, delivering the right amount of product or service from the best locations available. It must consider warehousing, distribution, storage, order processing and middlemen if necessary. Lastly, promotion is the communication that takes place to between the business and the potential customers and clients. It is the area for advertising, sales people, offering sales promotions, and publicity, generating a positive customer response ( and (University of Phoenix resource).

In reviewing the company Netflix, the marketing plan would have had to consider the 4 P factors in the marketing mix.