Marketing Mix Of Marketing Management - 1005 Words

Marketing Mix in marketing management is used to attract consumers and for sales promotion, using the four basic elements/components of the mix, namely, Product, Price, Place, and Promotion (four Ps). A combination and fair application of these marketing essentials is called Marketing Mix. The four Ps may sound simple but are the crucial marketing algorithm elements. The four Ps must work together and if any on the Ps fail, the entire marketing mix is in fault state. Assuming that if we have all four Ps, the marketing mix will work perfectly is not true. Each of the four Ps has to be targeted towards specific customer segment and be in sync with other four Ps at the same time. The first P is â€Å"Product† not only includes the product or service but also defines the variety, quality, design, packaging, design, brand, warranties, returns, or anything that is a part of your product purchase and adds value to the product. The second Price P is â€Å"Price† and just like the concept of product, price is not simply the retail price. Instead, the price boundary covers the retail price, product discounts, bonuses, promotions, payment period and credit terms. All these options tend to either reduce the price or make the payment process easier for the customer. Going forward to the next P, â€Å"Promotion† is required to publicize the product about which a marketer is trying to convey to its target audience. Promotion can be achieved through advertising, sales calls, personal selling, salesShow MoreRelatedThese Elements Are the Basic Elements of Marketing Plan and Overall It Is Known as 4ps. (Marketing Mix, 2009) These 4 Ps Are the Parameters Through Which the Marketing Management Can Control Internal and External Constraints of the Target Marketing.1115 Words   |  5 Pages$Marketing mix is a marketing tool that is uses by the organization to fulfill its target customers and achieve its organizational goals. Marketing tools are classified under these four encompassing categories. * product * Price * Place ( distribution) * Promotion These elements are the basic elements of marketing plan and overall it is known as 4P s. (marketing mix, 2009) These 4 Ps are the parameters through which the marketing management can control internal and external constraintsRead MoreProdut P Is Most Important in Marketing Mix1186 Words   |  5 Pages‘P’ IS ALWAYS THE SINGLE MOST IMPORTANT ELEMENT IN THE MARKETING MIX Definition of Marketing Mix According to  Philip Kotler  -  Marketing Mix  is the combination of four elements, called the 4Ps (product, Price, Promotion, and Place), that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy Marketing Mix was first coined by Neil Bordon, the President of the American Marketing Association in 1953 and is referred to as the set of actionsRead MoreManagement Functions And Functions Of Management1381 Words   |  6 PagesThe term â€Å"Management† refers to the performance of some functions such as planning, organizing, controlling and directing by an individual or a group of individuals in order to achieve a common goal. Management is required when we work in group. Management functions cannot be performed in isolation . Management has been defined by a number of authors. Some of which are as follows: â€Å"Management is the art of getting things done through others† ---- Mary Parker Follett â€Å"Management is the coordinationRead MoreThe Relationship Between Strategic Planning And The Marketing Management Process759 Words   |  4 Pages MGMT 5302 – Marketing Analysis Final Exam Question #1 (6 points) Describe the relationship of strategic planning and the marketing management process. The strategic planning is a long look at the future or path of growth that the company wishes to go in. To achieve that growth or travel that path several objectives are needed to keep that company on the correct one, marketing management is a part of that process. If the market management is not adhering to the overall strategic plan of the companyRead MoreMarketing Mix : A Business Tool1726 Words   |  7 PagesThe term ‘Marketing mix’ is said to have first been used by Borden (1965). The term ‘Marketing mix’ was derived from the lone P (price) of microeconomic theory (Chong, 2003). The marketing mix is a business tool often used in marketing and by marketers. The marketing mix is important when trying to determine a product or brand s offer, and is often identified with the four P’s which are; price, place, promotion and product (McCarthy, 1964). Kent (1986) describes the four P’s as â€Å"the holy quadrupleRead MoreThe 4p Classification of the Marketing Mix Revisited1201 Words   |  5 PagesThe 4P s Classification of the Marketing Mix Revisited This article, addresses the prime classifications scheme in marketing, the 4P configuration of the marketing mix. The marketing discipline needs a strong classification of the marketing mix, not only to stimulate conceptual integration and purification of the discipline, but also for meaningful measurement of marketing mix efforts and their effects. Also, managers need a clear classification of all instruments at their disposal in orderRead MoreInternational Marketing Strategy1738 Words   |  7 PagesMARKETING ESSAY In affluent societies, one observes a growing fragmentation of markets, buyers requesting more and more products adapted to their specific needs. How can we reconcile this fact with the objectives of global marketing that emphasises a strategy of standardisation of products and brands across the entire world? Executive Summary: Companies developing a global marketing strategy must consider its impact and influence on the company. Crucial for development of global marketing strategyRead MoreCompany and Marketing Strategy: Partnering to Build Customer Relationships1465 Words   |  6 Pagesand how marketing works with its partners to create and deliver customer value 4. Describe the elements of a customer-driven marketing strategy and mix, and the forces that influence it 5. List the marketing management functions, including the elements of a marketing plan, and discuss the importance of measuring return on marketing investment Chapter Outline 1. Companywide Strategic Planning: Defining Marketing’s Role 2. Marketing Strategy and the Marketing Mix 3. Managing the Marketing Effort Read MoreWells Fargo771 Words   |  4 PagesApplications in Marketing 1104A-03 Marketing Management Project Type: Unit 5 Individual Project November 6, 2011 Wells Fargo is diversified financial service company providing investment banking, mortgage, consumer and commercial finance through more than 9,000 stores and 12,000 ATM’s across North America and internationally (Wells Fargo, 2011).Wells Fargo is the fourth largest bank in the U.S. by assets and the third largest bank Internationally (Marketing Mix, 2011). Wells FargoRead MoreThe Marketing Mix Of Borden1483 Words   |  6 PagesThe marketing mix was claimed to be introduced by Borden (1965) by himself and was suggested to him by Culliton (1948) as he described the action of a business decision-making as â€Å"mixer of ingredient†. The marketing mix is known to be a business tool to most, which needs to be taken under consideration in order for the business to be successful. The marketing mix was first originated from the single P, which was â€Å"Price† from the microeconomics theory (Chong 2003). Due to competiveness, new P’s were