Marketing Mix 3
The Four P's 3
Product 3
Place 4
Price 5
Promotion 6
Marketing Mix and the Market Plan 7
References 8
Marketing Mix
The marketing mix revolves around the customer and their desires and/or needs. Although the customer is not included in the marketing mix, the customer is the center of the marketing mix profile -- "The customer should be the target of all marketing efforts" (Perreault & McCarthy, 2005, p.38). The marketing mix is a piece of the whole picture constructing the marketing plan. Once the decision has been made that a new product or service is wanted or needed, the organization has to determine the target market: Who will use the product? What makes them use or buy the product? How do they expect to obtain the product? What price will they pay to have the product?
The Four P's
Deutsch: Klassischer Marketing-Mix Franzika eines ...
English: Representation of a Marketing-Mix with th...
The 4 P's for a good Politiv of Marketing-MixThe marketing efforts have been categorized into four basic components: product, place, price, and promotion (Four P's). By using the customer as the target for making decisions related to the product, place, price, or promotion--the manager also provides what Robert Lauterborn says corresponds with the "customers' four Cs: customer solution, customer cost, convenience, and communication" (as cited in Kotler & Keller, 2006, p. 20).
Product
The product the customer wants or needs is not necessarily a physical good; it could be the additional benefits one receives because of a service provided. For example, at Wal-Mart, the door greeter is a service provided to make customers feel appreciated and welcomed into the retail store. Another way to think about the product is to "define product as every want-satisfying attribute a consumer receives in making an exchange" (Kinnear & Bernhardt, 1990, p. 267). Other product decisions such as quality, features, packaging, and accessories also have...