Marketing Mix
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Marketing Mix
Nikki Doolittle
MKT421
January 31, 2011
University of Phoenix
Michael Gaither
Marketing Mix
Marketing is found all around us. Every time we turn around we see a product being marketing in one way or another. Marketing can be found in several different media formats. To effectively market a product, companies need to take into consideration the four P's of the marketing mix and to find the proper balance of these four p's. These four P's are product, place, promotion, and price. Lets first look at each of these four items and see how they affect the business world when it comes to marketing. Product is simply the service or good that is being sold to meet someone's needs. Place is how the target is being reached. Promotion relates to how companies are selling the product to the customers. Price is marketing the product to entice the target audience to purchase it (Perrault, Cannon, & McCarthy, 2009). Businesses need to find the proper balance of these four p's to successfully reach their target audience and successfully market the product.
In day to day shopping who products are displayed in the store and advertised is a perfect example of the company using a marketing mix. How many times have you been looking at getting a new movie in the electronics department when right behind you or over your shoulder you see the large TV's. Or you are looking for outdoor furniture and you see a shiny stainless steel barbecue just calling your name. Stores such as Target, Wal-mart, and Home Depot use strategic placing of products to entice the sale of other items. For this explanation, we will use Target as an example. When you walk into the store each department is laid out in front of you. While it may seem like there is no logic to it, they have set their product placement in a specific way. You will find the jewelry and handbag department near the women's clothes, because we all know that when women go shopping for...
Nikki Doolittle
MKT421
January 31, 2011
University of Phoenix
Michael Gaither
Marketing Mix
Marketing is found all around us. Every time we turn around we see a product being marketing in one way or another. Marketing can be found in several different media formats. To effectively market a product, companies need to take into consideration the four P's of the marketing mix and to find the proper balance of these four p's. These four P's are product, place, promotion, and price. Lets first look at each of these four items and see how they affect the business world when it comes to marketing. Product is simply the service or good that is being sold to meet someone's needs. Place is how the target is being reached. Promotion relates to how companies are selling the product to the customers. Price is marketing the product to entice the target audience to purchase it (Perrault, Cannon, & McCarthy, 2009). Businesses need to find the proper balance of these four p's to successfully reach their target audience and successfully market the product.
In day to day shopping who products are displayed in the store and advertised is a perfect example of the company using a marketing mix. How many times have you been looking at getting a new movie in the electronics department when right behind you or over your shoulder you see the large TV's. Or you are looking for outdoor furniture and you see a shiny stainless steel barbecue just calling your name. Stores such as Target, Wal-mart, and Home Depot use strategic placing of products to entice the sale of other items. For this explanation, we will use Target as an example. When you walk into the store each department is laid out in front of you. While it may seem like there is no logic to it, they have set their product placement in a specific way. You will find the jewelry and handbag department near the women's clothes, because we all know that when women go shopping for...