O’Connor

                                                                                                                   

Tom O’Connor

Cyril Rayan        

MKT/421

September 23, 2003

Marketing Mix

Marketing mix is a term used by businesses to promote their products or services. The various elements to the marketing mix are referred to as the four P’s: Product, Place, Price, and Promotion (Fastlink). These aspects are how customers learn about a company’s products or services.

The Product portion of the marketing mix refers to the researching of consumers’ product needs and coming up with a product that has the characteristics to accommodate those needs. This is a very important element of the marketing mix because it directly involves creating products and services that satisfy consumers’ needs and wants.

The Place portion of the marketing mix equation has to do with making the product available when it is desired and at a convenient or proper location. The product needs to be made available in sufficient quantities to satisfy customer needs. Putting the product in the customers’ hands can be the factor that makes the sale.

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The Price facet of the marketing mix is relative to the activities associated with establishing pricing policies and determining product prices. Price is a critical component of the marketing mix because consumers are concerned about the value obtained in an exchange. Price is also an important factor when considering the competition.

The Promotion variable relates to bringing information to the target customer concerning the organization and its products or services. That can mean increasing public awareness of a product or organization in such a way that the consumer is compelled to patronize that business. Promotion is a means to generate ...

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