Marketing Mix is a combination of the 4 P’s of marketing
Marketing Mix is a combination of the 4 P’s of marketing, namely, Product, Price, Promotion and Place to meet the best demand of the intended market (http://www.marketresearchterms.com/m.php). This indicates that these are the 4 essential areas that a marketer should consider when marketing for a specific product or service.
Product – refers to the commodity that is being sold. It is generally a tangible item being supplied, sold, or produced - Marketing Mix is a combination of the 4 P’s of marketing introduction. It can also be intangible in forms of services (www.bizjobs.com/business_glossary.php)
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Price – refers to the certain value of the commodity being sold or marketed. It is the amount that a customer has to give up, in exchange for the product, which may also include services as an intangible product (www.mcwdn.org/economics/ecoglossary.html)
Promotion – refer to the products exposure to the target market. It is also the image of the product that the customer are more interested in buying (http://www.fastlinksolutions.co.uk/marketia.htm) according to this, people are more interested to buy products that they see more often and consider as a superior brand. It indicates that customers would pay a higher price for a designer label that on an unknown brand, but have equal quality.
Place – also known as distribution and availability. Basically, it is the convenience of the product. It needs to be easy to buy, and needs to be available immediately.
Company that uses the Marketing Mix: Coca Cola
Pepsi, like most companies makes use of the marketing mix to market their products. Pepsi products are beverages. Pepsi’s prices are as competitive as those of its competitors. Pepsi’s promotions gives it an advantage over less know companies that produce similar products. The products of Pepsi are available at very convenient places, such as local stores, malls, streets, and restaurants.
Market Research Glossary of terms. Retrieved January 18, 2008 from http://www.marketresearchterms.com/m.php.
Glossary. Retrieved January 17, 2008, from www.bizjobs.com/business_glossary.php.
Economics Glossary. Retrieved January 17, 2008, from www.mcwdn.org/economics/ecoglossary.html
The Marketing Mix. Retrieved January 17, 2008 from http://www.fastlinksolutions.co.uk/marketia.htm#place.