Marketing Mix - 1477 Words

Marketing Mix Paper The marketing mix is probably the most famous phrase in marketing. According to Wikipedia.com, the marketing mix approach to marketing is a model of crafting and implementing marketing strategies. It stresses the mixing or blending of various factors in such a way that both organizational and consumer (target markets) objectives are attained (Wikipedia). The elements are the marketing tactics . Also known as the four Ps , the marketing mix elements are price, place, product, and promotion (Marketing Teacher). In other words, Marketing mix is a combination of marketing tools that are used to satisfy customers and company objectives. Consumers often call the marketing mix the offering. By using†¦show more content†¦Pricing: Price means the pricing strategy you will use. You have already fixed, as an hypothesis a customer price fitted to your customer profile but you will have now to bargain it with the wholesalers and retailers. In fact, you have to choose between three strategies: - Competitive pricing: If your product is sold at the lowest price regarding all your competitors, you are practicing competitive pricing. Sometimes, competitive pricing is essential. For instance, when the products are basically the same, this strategy will usually succeed. - Cost-plus-profit: It means that you add the profit you need to your cost. It is also called cost-orientated strategy and is mainly used by the big contractor of public works. The authority may have access to the costing data and should like to check if the profit added to the cost is not too high. - Value pricing: It means that you base your prices on the value you deliver to customers. For example, when a new technology has a very large success, you can charge high prices to the customer. This practice is also called skimming. It is easy when you are in the introductory phase of the product life cycle. Promotion: The function of promotion is to affect the customer behavior in order to close a sale. Of course, it must be consistent with the buying process described in the consumer analysis. Promotion includes mainly three topics: advertisement, public relations, and sales promotions.Show MoreRelatedHolden Marketing Mix1768 Words   |  8 PagesAssessment 2 Marketing mix Review and Recommendations Report My brand is V6 Holden Commodore Short review about Holden in Australia;- The history of Holden dates back to 1856 when it started as a saddler business in South Australia. Today Holden is one of only seven fully-integrated global General Motors operations that designs, builds and sells vehicles for Australia and the world. 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This paper wouldRead MoreMarketing Mix - 4Ps of Marketing Mix1219 Words   |  5 PagesMarketing mix can be describes as the use and specification of the 4 Ps describing the strategic position of a product in the marketplace†¦ A prominent person to take centre stage was E. Jerome McCarthy in 1960; he proposed a four-P classification which was popularized. (wikipedia.com) The marketing mix approach to marketing is a model of creating and implementing market strategies. The marketing mix stresses the mixing of different factors in a way that both organizational and consumer or target