Marketing Mix

Essay by tholtmotaUniversity, Bachelor'sA, April 2007

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Marketing is a form of communication a company will used to endorse a service or product. Marketing is the process of exploring what customers may want and how to meet their needs. It also involves making sure there is a profit to be made for the company. With marketing there is research done to decide on the "product", "price", how the product will be "promoted", and where it will be "placed" or distributed in the marketplace. This is process commonly called the "4 P's" of Marketing. (Armstrong, Kotler)ProductIdentifying what product will be marketed is the first element of the marketing mix. This requires the company to determine what item is desired by the customer to fulfill their needs. Product can also refer to a type of service that is provided. According to Perrault and McCarthy, (2004), "the product of a political party is the set of causes it will work to achieve" The overall objective is to promote a product that will suffice the wants and needs of customers.

PlaceThe next step is place. Place refers to the delivery of a product or service to a location that customers may obtain it. This step is needed to get the finished product from the company or origin to the consumer. Marketers need to consider the most efficient method to distribute an organizations product. They need to develop a strategy for a supply chain, identify the specific channel, inventory management, able to process orders and transportation to distribute the company's product.

PromotionPromotion is the third part of the marketing mix. It is how the marketer will communicate, inform and persuade customers to purchase a product or service. There are many ways in which to market the product. The marketer may use advertisements, promotions on sales, and individual to help promote the service...