Marketing Mix

Running head: Marketing Mix

Marketing Mix

Brianna Hatchett

MKT/421

December 17, 2012

Allan Hopkins

Marketing Mix

Within most for profit agencies the targeted goal for the company is to seek increase in profits for the sale of a product or either a service. In order for most companies to gain success at selling services of products, there must be effective marketing strategies in place. Effective marketing is a procedure of communicating the value and importance of a service or product to clients and customers, and focusing on pleasing and satisfying the wants of those customers and consumers being served. Marketing includes all the activities a company puts into place to attract new customers and resell to the customers they already have. Marketing is a very important strategic measure needed to attract and retain customers. Marketing is more than selling a service or product it also includes: advertising, distribution, utilizing marketing research to determine needs and wants of clients. When considering a target population to promote a service or product it is vital to implement the price of the product, the perks and benefits of the product or service, promotion techniques, and the place for where the product or service will be offered.

The four areas listed above which include: price, product, promotion and place are also known as the four P's of the marketing mix. The marketing mix is a business tool used in marketing and by marketing professionals to help determine and identify a product or brand's offerings. The marketing mix outlines the efficiency of each of the marketing components in terms of its influence to sales-volume, efficiency and effectiveness. The marketing mix is a critical component in the development of marketing plans and strategies. The marketing mix encompasses all of the elements that impact an organization's ability to successfully take its products and services to market product, price, place and promotion; it is the effective mix, or combination, of all of these components not the success of any individual elements that contributes the most success to an organization. In order for companies to properly utilize the marketing mix, it's important to understand each component. One of the more popular companies that utilized the marketing mix to enhance sales and retain existing customers and attract new customers is the largest carry out pizza chain; Little Caesars Pizza (Skid, 2009). Little Caesars developed the $5.00 hot and ready pizza promotion which includes all factors of the marketing mix, which helped the company to be deemed as the "best value in America" (Skid, 2009).

The product is considered the item or service that a consumer wants or needs, the product can be intangible or tangible. The product must be appealing to the customer, to increase sales and profits. The product must be appealing to the customer, to increase sales and profits. In marketing it is important to establish bonds and generate value in a service or product. It is important to know the target population a product is being targeted to, because consumers normally center their buying choices on multiple criteria which include culture, a customer's