What Is An Example Of a Marketing Mix That Has a h Essay

896 WordsMay 1, 20124 Pages
ESSAY II POM UNIT 7 What is an example of a marketing mix that has a high price level but you see it as having good value? Explain in detail what makes it a good value. The 4 “P’s” are important for an organization to have a good understanding of the marketing mix. Each element is important when developing a marketing plan. Price: What is the highest amount that the customer will pay for the product or service? Many times setting the incorrect price level is the beginning of the end for an organization. An organization must be sure that the price is not too high or too low. Mistakes either way will hurt the organization’s income. When an organization is starting out, it is important that they focus their price levels on breaking-even. A break-even analysis is necessary to determine the price to set to avoid a loss. Product: What you are trying to sell to the customer. An organization needs to have an in depth understanding about what it is they are marketing. Development of the product’s size, quality, design, brand name, and packaging are important when trying to match with customer’s needs and wants. An organization should explain how their product’s features benefit the customer. Place: Where the customer meets the product. The question is how does the customer get to that place? An organization needs to make sure the product or service they are offering is in the appropriate location where its target markets can reach it. Promotion: The method in which the customer will gain knowledge about the product and be persuaded to purchase it. There are many different types of promotional activities that can be used to help gain knowledge, exposure, and desire to purchase. When planning these different activities, it is very important to estimate what they will cost and factor that into the organization’s operating budget. When working from a small

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