...The marketing mix is a combination of marketing tools that are used to assure consumers and satisfy company goals. The marketing mix can be considered the offering of the company to the consumer. This offer is controlled by the following elements often referred to as the four P’s: • Product • Price • Place • Promotion By using alternative mixes of these four elements you have the capacity to reach multiple customers within your target audience. Biodesign is an advanced tissue repair graft for use in soft tissue repairs by surgeons. It is a product which is owned by Cook Medical, a medical device company. Biodesign was a revolutionary technology that was first to market ten years ago and since then several competitors have come to the market. Since then Biodesign’s positioned has changed to meet the needs of today’s market. Creating a successful marketing mix that will lead to increased market share, often takes market research and experimenting. Biodesign is no different, extensive market research was conducted and several mixes were tested before the final combination was agreed upon. In the case of Biodesign, the product caters to a niche market, and the marketing mix matches that: the price is within market budget, they are distributing the product where it will be seen, and the promotion is geared to solve the problems that the audience is encountering. ***One of the main keys to the success of any marketing plan is the ability to work effectively in shaping...
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...in size and global reach. When Wendy’s or Burgers King are losing market share in 2006, McDonalds still increases its market share. Market share of McDonalds in the recent time is about 19% while Yum!Brands is 9% and both Wendy’s and Burger King is 2%. - Specialized training for managers McDonalds is very serious on training managers. This company has its own program to train managers the most professionally, which is called Hamburger University. As a result, McDonalds has many good managers who can help company development well. - McDonalds Plan to Win McDonalds customer – focused Plan to Win provide a common framework for its global business yet allows for local adaptation. Through the execution of initiatives surrounding the five elements of its Plan to Win – People, Products, Place, Price and Promotion – McDonalds has enhanced the restaurant experience for customers worldwide and grown comparable sales and customer visits in each of the last eight years. This Plan, combined with financial discipline, has delivered strong results for company’s shareholders. - Introduction of new production McDonalds is considered the first one enter to fast food industry. It initiates to other brand to enter this industry. As a result, when think about fast food, customers always remember McDonalds first. In fact, in some big countries, especially in US, McDonalds is the first...
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...Marketing Mix Crystal Watson MKT/421 February 6, 2013 Brandon Miller University of Phoenix Marketing Mix Marketing is a commonly misrepresented term in today’s business environments. Some organizations and most individuals believe marketing is just about sales and advertising. Often times having such a vague understanding of marketing can determine the success or failure of an organization. In fact, marketing is a much more complex subject and area of business. Known as the four P’s, the marketing mix is a set of four decisions that an organization must make before launching a new product or service. The marketing mix consists of four elements: Product, Place, Price, and Promotion (University of Phoenix, 2011).These four elements work together to assist in making the strategic decisions necessary to ensure a smooth introduction of a product or service. An organization must have a thorough understanding of these four elements as each play a key role when developing an organization marketing strategies and tactics. The pet industry is a steadily rising niche business sector. Climbing up to $50.82 billion in 2011 from $23 billion in 2000, makes the pet industry a hot topic for entrepreneurs and pet lovers alike. Although the pet industry continue to see an increase in revenue, according to the American Veterinary Medical Association (AVMA) American households owned 2 million fewer dogs at the end of 2011 than at the end of 2006 (U.S Pet Ownership & Demographics Sourcebook)...
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...Elements of Success Sal Torres MKT241 October 2, 2013 Gabby Schweitzer Elements of Success For marketers, the four P’s or the “elements of a marketing mix” is known as studying the right product, putting that product in the right place, at the right price, in the right manner. In simplest terms, the four P’s is as followed: product, place, price, and promotion. Implementing all four P’s can mean success for an organization. To the Hawaii Department of Education, executing each element precisely without mendaciousness is the difference between mediocrity and exceeding expectations. Even though Hawaii’s public school system graduate majority of their students, something needs to happen with the fraudulent spending going on to promote the very best education for Hawaii’s youth. To understand that idea, take a deeper look at each P and its importance it plays in marketing, the unethical structure, and the unsupervised supervised spending. Product Tangible goods like Boxing gloves, airplane, and a white t-shirt or services such as medical care, babysitting, or education is the product element a company markets. Take the school system for example. The school system has many product elements: the education itself; a simple set of tools one will need to be successful in their adult years and others like team sports, college prep courses, programs for at-risk youth, arts, etc., all supporting the source of the marketing mix. Not only do people use this product...
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...Marketing Mix Shaunte Crump Marketing Mix Marketing is an important funcion to any organization. Marketing is defined as “planning and executing the conception, pricing, promotions, and distribution of ideas, goods, services, organizations and events. To create and maintain a relationship that will satisfy individual objective as well as the organizations. (Peters, S., 2005). Marketing is the driving force of any organization. There are four elements of the Marketing Mix product, place, price, and promotion. This paper will describe the four elements of the marketing mix, how each element is implemented in an organization, and how each element impacts the development of the organization’s marketing strategy and tactics. As an example we will use the organization that I work for Manufacturer Direct Sales Inc. Four elements of the marketing mix Four elements of the marketing mix include product, place, price, and promotion. Product is defined as “Bundle of physical, service, and symbolic attributes designed to satisfy a customer’s wants and needs.” (Peters, S., 2005). Place is defined as “Efforts to attract people and organizations to a particular geographic group.” (Peters, S., 2005). Price is defined as the exchange value for services and goods and promotion is defined a link between buyers and sellers that inform, persuade, and influence consumers to make a decisions regarding purchasing (Peters, S., 2005).Organizations use the four elements of the marketing...
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...Elements of Success Jonny Be Good MKT241 October 2, 2013 Dr. Watson Elements of Success For marketers, the four P’s or the “elements of a marketing mix” is known as studying the right product, putting that product in the right place, at the right price, in the right manner. In simplest terms, the four P’s is as followed: product, place, price, and promotion. Implementing all four P’s can mean success for an organization. To the Hawaii Department of Education, executing each element precisely without mendaciousness is the difference between mediocrity and exceeding expectations. Even though Hawaii’s public school system graduate majority of their students, something needs to happen with the fraudulent spending going on to promote the very best education for Hawaii’s youth. To understand that idea, take a deeper look at each P and its importance it plays in marketing, the unethical structure, and the unsupervised supervised spending. Product Tangible goods like Boxing gloves, airplane, and a white t-shirt or services such as medical care, babysitting, or education is the product element a company markets. Take the school system for example. The school system has many product elements: the education itself; a simple set of tools one will need to be successful in their adult years and others like team sports, college prep courses, programs for at-risk youth, arts, etc., all supporting the source of the marketing mix. Not only do people use this product...
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...Marketing Mix Marketing mix is a strategic mix of four adjustable elements product, place, price and promotion. The four elements in the right combination will generate most favorable income for the company. In order to find the right combination, organizations need to consider how each one of the four elements of marketing mix affects the development of the organization’s marketing strategy and tactics and how each is implemented. Hawaiian Airlines is a well-know company in the Hawaiian Islands. The company’s mission statement is to “grow a profitable airline with a passion for excellence, our customers, our people and the spirit of Hawaii” (“Mission, Vision & Values”,2012). In order to achieve the stated mission statement, Hawaiian Airlines has devised a creative marketing mix. The first element in the marketing mix is product. The product for Hawaiian Airlines is airline tickets. Some of the aspects Hawaiian Airlines marketing team researched were what the customer expected from the airline and what elements differentiated them from their competitors. Hawaiian Airlines concluded that customers expected affordability and quality customer service when purchasing from their airlines. Hawaiian Airlines is branded to represent Hawaii and the “aloha” spirit. Hawaiian Airlines’ logo which is a woman with a flower in her ear is a representation of the culture in Hawaii. The logo or image is the second product Hawaiian Airlines sells and it also differentiates them from other...
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...Marketing Mix Paper Within this paper the reader will find the elements of the marketing mix as it pertains to Northwood Realty Services in reference to product, place, price, and promotion. In addition, the reader will find how each of the four elements of the marketing mix effects the development of Northwood Realty Services marketing strategy and tactics. The reader will find how Northwood Realty Services implements each element of the marketing mix through marketing and research strategies. Northwood Realty Services Northwood Realty Services is a real estate agency established in 1956, serving customers in Eastern Ohio and Western Pennsylvania with 35 offices and 900 agencies within the local areas of the servicing regions (LinkedIn Corporation, 2011). Northwood Reality Services commitment to their customers is to ensure that buying and selling a home is more rapid, easier and a rewarding experience without the worries of the plugging economy. Despite the economic stance Northwood Reality Services “mission has remained constant unrivaled service, never-ending respect for customers, uncompromising integrity and ethics (Northwood Realty Services 2011, par.2).” Northwood Realty Services focuses on continuance complacency with the aim of sharing the enthusiasm, safety, reassurance and personal pride of owning a home with the new homeowners based on a trusted and confidence in a real estate agency. Northwood realty services strives on the present low interest...
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...The Marketing Mix is composed of four different elements which are also known as the four P’s. The four P’s are very important to an organization, especially when it comes to marketing products. The four elements of the marketing mix are Product, Price, Place, and Promotion. These four elements are essential for an organization to be both effective and successful in marketing their products or services. The four P’s are used in order to help an organization develop their marketing strategy for their products, this is also used to help the organization determine the appropriate market, and targeted demographic areas for the product. The first of the four elements found within the marketing mix is the product. The product is the most important element found within the marketing mix, because without a product or a service the organization would fail. When discussing the product an organizations marketing team works closely with all different areas within the organization in order to develop or enhance a product or service. The organization must first decide on a product, and how the product will be manufactured including how the production line will be assembled in order to achieve the final product. Understanding the product, and how the product works is also important when it comes to the marketing mix, because if the marketing team does not understand the product, then it cannot be successful when it comes to marketing the product and or implementing their marketing strategy...
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...The Marketing Mix Abstract The marketing mix also known as the four P’s of marketing is generally used by marketers as means to assist with implementing effective marketing strategies. When used efficiently and effectively to generate the optimum response within a target market, businesses are typically successful. The four P’s can be adjusted as needed by marketers to meet the changes and demands of consumers. These four elements consist of product, price, place and promotion. The product is the merchandise or service that is offered to consumers. The aspect of a product includes functionality, appearance, quality (value), service, support and warranty. Pricing involves the list price as well as discounts, financing, leasing and other options. Placement (place) in marketing consists of distribution channels, locations, logistics, and service levels including support. Promotion involves how consumers or a particular target market is informed and/or educated about a product or service. This would include advertising, public relations, sales, and media. According to Goi, the concept of the four P’s has been criticized in numerous studies. However, in spite of its insufficiencies, these four elements remain fundamental to the marketing mix (2009, p. 3). The Marketing Mix Marketing has been around for many years. It includes planning and implementing the proper marketing plan for an organization. For many, marketing only involves selling and advertising. However marketing...
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...The Marketing Mix The marketing mix is the variables that can be control by marketing managers to satisfy the needs of target customers. “A typical marketing mix includes a product, offered at a price, with some promotion to tell potential customers about the product, and a way to reach the customer’s place” (Perreault & McCarthy, 2009, p. 36). This paper the subject to describe is the four elements of the marketing mix; product, place, promotion, and price. In addition, the four elements of the marketing mix will be discussed on the impact in the development of Google’s marketing strategy and tactics. The Marketing Mix There are variables in marketing that can be control for the purpose of making a sale take place. The customer itself cannot be control but can be led by setting the right price, location, advertising, and product attributes. These variables are interdependent and can be used to solve a marketing problem. Product. “The product area is concerned with developing the right “product” for the target market” (Perreault, et al. 2009, p. 36). Customers have wants or needs that need to be satisfied through a product that can either be a physical object or service. A product can be any of the following three levels: 1) The actual product – has features and attributes unique to the customers’ needs (e.g. iphone from Apple) 2) The core product – meets customers’ needs while providing a benefit (e.g. efficient technology) 3) The augmented product – addition...
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...The Marketing Mix The Marketing Mix The objective of this document is to gain an understandable idea of the marketing mix. The marketing mix is an indispensable element of every firm’s marketing arrangement. The marketing mix includes four key facets recognized as product, place, price, and promotion. The mix is the arrangement of the entire four groups in which a thriving marketing movement is generated. In an effort to identify with the elements of the marketing mix every category should be examined independently and the link connecting each one of the marketing blend or mix must be tackled. First, product is the piece of the marketing mix that pertains to the blueprint and formation of the tangible item or service that is presented to the consumer. Therefore, product is noticeably vital to the remaining parts of the marketing mix because the creation offered will mainly be the foundation for producing the additional three elements of the marketing line of attack. Hence, the business is required to follow a line of investigation concerning the target market to come to a decision if a potential product is in fact wanted by the purchaser. Thus, if the company discovers considerable desire for the product then the company should advance toward the designing course of action. As a result, the firm will set the scale of the value concerning the product with the price of the product in an effort to realize a sense of balance that produces an item that is extremely appealing...
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...Marketing Mix MKT/421 February 20, 2012 University of Phoenix Marketing Mix Marketing is important to any organization small or large. It gives the organization the chance of promoting new products and services, and brings in more customers. “Marketing is the performance of activities that seek to accomplish an organizations objective by anticipating customer or client needs and directing a flow of need-satisfying goods and services from product to customer or clients” (Perreault, Cannon, & McCarthy, 2011, p.6). The purpose of the paper is to select an organization and describe the elements of the four P’s of the marketing mix. The paper will describe how each of the four elements of the marketing mix impacting the organization’s development in marketing strategy and tactics. The paper, based on the marketing mix will describe the implementation of each element. The History of Walmart and the four P’s of the marketing mix In 1962, San Walton became the founder of Walmart, and opened the company’s first discount store in Rogers, Arkansan. In 1968, the first full-time pilot was hired; who provided help to Sam was well as the opening of the first stores in Sikeston, Montana, and Claremore, Oklahoma. The first company officially incorporated Walmart stores Inc. on October 31, 1969 (Walmart Timeline, n.d). Walmart serves customers and members more than 200 million times per week at more than 10,020 retail units under 60 different banners in 28 countries. With fiscal...
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...Principles of Marketing, 16e (Kotler) Chapter 2 Company and Marketing Strategy: Partnering to Build Customer Relationships 1) ________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities. A) Benchmarking B) SWOT analysis C) Market segmentation D) Strategic planning E) Diversification Answer: D AACSB: Analytical thinking Skill: Concept Objective: LO 2.1: Explain company-wide strategic planning and its four steps. Difficulty: Easy 2) Which of the following is true with regard to strategic planning? A) At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company. B) A strategic plan deals with a company's short-term goals. C) The focus of strategic planning is to define a game plan for long-run survival and growth. D) The strategic plan is a statement of an organization's purpose. E) Strategic planning involves identifying segments of consumers with identical preferences. Answer: C AACSB: Analytical thinking Skill: Concept Objective: LO 2.1: Explain company-wide strategic planning and its four steps. Difficulty: Moderate 3) Which of the following is the first step in strategic planning? A) setting short-term goals B) developing the business portfolio C) defining the organizational mission D) formulating the key marketing strategies E) identifying...
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...The term "marketing mix" became popular after Neil H. Borden published his article The Concepts of the Marketing Mix in 1964. In this article Borden explains how he first began using this term in the late 1940's after James Culliton described the marketikng manager as a "mix of ingredients". These ingredients in Borden's teachings included product, planning, price, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding analysis. These ingredients were later grouped by E. Jerome McCarthy into four categories which we now refer to as the four p's of marketing (NetMBA 2007). The four p's of marketing make up the marketing mix which is probably the most well known of all the marketing terms. "Its elements are the basic, tactical components of a marketing plan. The four p's, of the marketing mix elements are product, place, promotion and price" (Marketing teacher 2009). These four elements create the marketing mix which impacts the development of any organization's marketing strategies and tactics. The concept is simple. Think about a cake and the components of a cake. There are certain ingredients that are required but one can alter how much of each ingredient is added. The same goes with marketing. The four p's are required but depending on the organization there may be more emphasis on one and less on another. But one thing remains the same, all four p's are necessary. "The majority of people...
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