Marketing Mix

Marketing Mix

Marketing is the action of placing the right product in the right place, for the right price, at the right moment. Companies must create or produce a product that targets a specific group of people at an affordable price, and place it where it will sell. Marketing mix is classified as the different types of choices a company will have to make in order to bring a product or service to market. Marketing mix can also be described as the 4 P's also known as product (or service), place, price and promotion. The following paper will describe each of four elements of the marketing mix and give examples of how these elements are incorporated into business marketing.

Product

A product in marketing is something that can be offered to a market that could satisfy a want or need for consumers. Many questions should be asked before deciding on a product, for example, what does a customer want from the product or service? What want or need will the product satisfy? What features does the product need to meet the needs of the buyer or consumer? What size(s), color(s) etc. should the product be? What will the name of the product be? And I believe the most important question of all is, how is it different from the competitors? The products or services are an essential part of the overall success of the company. The product must have the right characteristics it must look good and work well.

In the bar business, products play a vital role in generating revenue. If the bar does not carry the products that people want, they will not stay and enjoy more than one beverage. Through word of mouth, the bar may acquire a bad reputation for not having what people desire. Products come and go in the bar or tavern business. The trends of a new alcohol occur quite frequently, and it is imperative that we carry the newest trends. For example, when Red Bull first made an appearance in the United States in 1997, the most popular shot became the Jager Bomb. This was a trend for many college students and younger drinkers because the energy drink would keep you awake longer to party more. It was important that we had plenty of Jagermeister and Red Bull on hand in order for us to keep different customers in the bar and make a profit.

Place

Place is where the product will be on display for consumers to purchase. The place a company chooses to position inventory is another important aspect of the marketing mix. The placement portion of the marketing mix asks questions like, where do buyers look for the company's product or service? What kind of store should consumers expect to see the product in? And what do competitors do and how can the company learn from them? The proper distribution channels will benefit the company's success in the distribution and sale of their product.

In this case, the bar is the general place where products will be displayed. Vendors of many products leave advertisements for the bar to promote or market their product. For instance, Budweiser supplied our neon open sign, and Miller Beer provides us with large wall schedules for NASCAR and the Green Bay Packers. The placement of advertisements is important because you want to assure customers see them. Placing alcohol, candy and other snacks in the proper place is also important for sales. For example a Nacho machine placed on the back bar where people can see the warm cheese and chips. People see the warm cheese and chips and want them. Many times the right product placement will make people purchase things they didn't otherwise plan on buying.

Price

The term price refers to the amount of money or the price the company sets for the product or service. The price portion of the market mix looks for answers to questions such as is the product or service important to the buyer? Are there customary price points for the company's products or services to the buyer? How will our price compare to the price of our competitors? The price should be right in order for consumers to purchase large quantities of the product to produce a strong profit. The price for a product is usually set according to a company's average costs and on how much the customer is willing to pay as opposed to buying another brand. Setting the right price is imperative and without the proper research, analysis and strategic evaluation the organization will lose revenue.

Prices for products vary depending on location. Because the bar is in the country the prices need to stay low but competitive. The reason for this is to bring