MKT 421 Week 2 Individual Assignment - Marketing Mix

MKT 421 Week 2 Individual Assignment - Marketing Mix -...

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Marketing Mix 1 Running head: MARKETING MIX Marketing Mix University of Phoenix MKT/421 - Marketing
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Marketing Mix 2 Marketing Mix Organizations must develop the art of knowing how to manipulate the four Ps (product, place, promotion, and price) to incite a customer's curiosity and then develop a long-range plan to keep them coming back. The key is giving customers exactly what they want by delivering quality products or services at the right price with good customer service. Creating that bond and developing a culture to let the customer know that he or she is part of the company's family will create customer loyalty. The four P's recipe mix cooperatively blends to form a balancing set of decisions, actions, and inventiveness that are meant to enhance the positive impact of the four elements individually. When designed properly, this positive impact is directed to the customers within the target market and these customers respond positively in return Marketing Mix: Product The first P in the four P’s of the marketing mix is product. Historically the thought was that the product would sell by itself, this might have worked when there was only one option in the marketplace. Now with all the competition, the global marketplace and the laws that have been established giving the consumers the ability to return products if unsatisfied that philosophy has changed. Product refers to design, functionality, style, quality, packaging, warranty, and service. For example, a good product will give benefits to its customers making marketing easy. However, if a competitor has a similar product, also possessing good quality, then one has to differentiate their product from the competitor. Companies can differentiate their product for a competitor product by changing the design or offering better after purchase services or warranty benefits.
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Marketing Mix 3 Products can range from simple every day items to high-end items such as home or vehicle purchases. If a company sells a service such as pet grooming, that may also be considered a product. Having the right product for the potential target market requires knowing what consumers need and want. Marketing Mix: Place The second P in the marketing mix is place. The place element is also referred to as distribution. It is imperative that one knows how to reach the customer. Placement of the product is imperative and is where you can expect to find your customer and where the sale is realized. A business needs to be able to use the proper distribution channels in order to get the product to the customer. There are several ways to get the product to the customer; for example a retail location or an Internet based store. An organization has to find a place to sell their products, whether it is in a shopping mall, a retail store, or in a grocery store. They have
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MKT 421 Week 2 Individual Assignment - Marketing Mix -...

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