Marketing Mix Paper
Marketing Mix Paper
Management expert, Peter Drucker says, “The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” Attaining such a vision is done with research and hard work on the part of marketing professionals. A product selling itself is ideal, but individuals who work in the field typically rely on the four key elements of marketing. The four key elements of marketing are commonly called the marketing mix. The marketing mix is four actions a company uses to research and promote its product. The 4 P’s that make up the marketing mix is price, product, place, and promotion. This paper will examine the 4 P’s of the marketing mix and how it pertains to Nordstrom.
The price of a product is what generates sales revenue, typically most important to a company. Through research of consumers’ opinions, two things can be shown, what they value and what they would be willing to pay for a particular product. The product is what is being sold. Figuring out how to make the product appealing enough for consumers to buy can also be problematic. A good product needs to be somewhat aesthetically pleasing and well functioning. Place in the marketing mix refers to methods of distribution. Choosing a form of distribution can be difficult and can vary from business to business, but must be put in place in order to get the product to the consumer. Promotion is communicating with consumers. Whether it be an ad, or commercial, promotion is extremely important to a business extending opportunity for sales.
Superior customer service is what makes Nordstrom a stand out among competitors. The company’s customer service model is so legendary that other companies try to emulate it. The retail corporation’s brand promise is luxury and highly personalized bend-over-backward customer service. For example, Nordstrom rolled out mobile point of sale devices for quick checkout. Colin Johnson,...