The Marketing Mix Essay

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The Marketing Mix Business 235: Introduction to Marketing Instructor: Philip Heckman Hope Ricks January 12, 2013 The Marketing Mix To achieve the marketing objectives the strategy must include the different parts of the marketing mix. In this reading, the elements of the marketing mix which is product, place, price, and promotion will be defined and explained. I will be using McDonalds and my element to describe how each one of the four elements of the marketing mix affects the development and marketing strategy. .Marketing is having a great product, sold at a great price, using the right price and the right promotion. This all sounds easy but a great amount of work goes into marketing and for a company to be successful they have to know what the customer like, where they like to shop and what they consider a great value. This is where the marketing mix comes in. The marketing mix was intended to recommend that you have a well-adjusted mix of marketing activities within your marketing plan. The marketing mix as identified by McCarthy consists of the 4 Ps; product, price, promotion and place; and is a good way in outlining the marketing mix. Product – this element defines the characteristics of your product or service that will meet your customers’ needs. Price – this portion refers to the price of the product or service, including the strategy that is used. It is important to test numerous pricing stages in order to find the right pricing level that boosts the companies’ profits. Even if a cost is not charged for a particular service, it is important to know that this is still considered a pricing strategy. Promotion – this element refers to promoting the product and or service. Public Relations should be included to help promote, advertise, selling, sales promotions and atmospherics – that is, producing the true affects through the working situation.

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