Elements of Marketing Mix

In: Business and Management

Submitted By 1SHAN
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Elements of Marketing Mix
MKT/421

Elements of the Marketing Mix
Today’s high performance organizations are placing a high emphasis on marketing as a key to organizational success. The planning phase of the marketing management process is extremely important to effective marketing operations. Marketing planning involves setting objectives, evaluating opportunities, creating marketing strategies, preparing marketing plans, and developing marketing programs. Developing a market strategy consists of identifying a target market for a product or service, followed by building a marketing mix to reach the target group as creating marketing strategy is a key element in the process of market planning. The marketing mix and its elements make up the basic tactical components of a marketing plan. The elements of the marketing mix are known as the Four P’s including some products marketed at a price with some promotion to tell customers about the product and a way to reach the potential customers (Perreault, 2011). The idea that the customer is also an element of the marketing mix is a common misconception. The customer is in fact the target of the marketing mix. “The basic reason to focus on some specific target customers is so that you can develop a marketing mix that satisfies those customers’ specific needs better than they are satisfied by the competitors in the industry” (Perreault, 2011).

Elements of Product
The product element of the marketing mix refers to developing the correct product for the target audience. A “product” can refer to a good, service, or even both. It is important to note that product is not limited to physical goods. For example, Apple offers an individual training to its customers at a small fee.. This face-to-face training is to familiarize the customers with the Apple computer programs. The important thing to remember is that…...

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