Marketing Mix - Research Paper Example

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Marketing Mix

According to the research findings there are four significant elements of the marketing mix in as far as marketing a business organization’s products and services are concerned. These elements, also known as the four Ps of marketing include product, price, place and promotion. The marketing mix is therefore a combination of promotion, product place and pricing strategies intended to generate equally satisfying exchanges within a target market. According to Ehmke et.al business organizations have to design a successful mix of the product, price, place and promotion. Product refers to the goods or services offered by the business organization or firm to its customers. Other than the physical product itself, there exist also a number of elements associated with the product, which attracts customers. Other attributes of a product include features, brand name, warranties, options, services and quality. A business organization’s products appearance, support and function sum up what an organization’s customer is essentially buying. Successful business organization managers pay keen attention to the needs their product package addresses for their prospective customers as it is the right products that satisfy the needs of their prospective customers. On the other hand, price refers to how much a business organization charges its products or services. Out of all the elements of the marketing mix, price is the only one that gives rise to sales revenue since all the other elements are costs. ...Show more

Summary

This paper intends to provide a description of the various elements of the marketing mix. In addition, it will describe how each of the four elements affects the development of Kellogg’s marketing strategy and tactics as an organization, and lastly how each element is implemented. …
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