Marketing Mix Research Paper Example | Topics and Well Written Essays - 1500 words

Marketing Mix - Research Paper Example 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 u p 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. The price of a product or service is thus a significant determinant of the sales value made. According to Ehmke et.al (2005), determining the price of a product or service is often a tricky as well as a frightening exercise for a number of business organizations. Pricing has to take into account a number of internal as well external factors such as actual costs, prices of competing products or services, expected profit margins, as well as the likely legal restricti ons. However, in theory, prices are determined by discovering what the customers perceive is the value of the product or service on sale. Researching customers’ (consumers) opinions regarding pricing is therefore important as this points out how they value, what they are looking for in a product or service as well as what they intend to pay (Ehmke et.al, 2005).Product price ought therefore to be right, as consumers need to purchase in large amounts to produce healthy profits. Place refers to the channels of distribution that a business organization employs in order to get its products or services to its customers. Ensuring the product or service is at the right place and at the right time involves the channels or system of distribution. The choice of the channel of distribution by an organization depends on various circumstances. For instance, a number of organizations sell their products or services to wholesalers who thereafter sell it to retailers. Other organizations, on the other hand, prefer selling directly to retailers or consumers (Ehmke et.al, 2005). Promotion refers to how a business organization informs prospective customers about the availability of products, its prices and its place. The purpose of promotion is to ensure prospective custo