Topic > Marketing Mix - 1251

What does the phrase marketing mix mean? What is the purpose of the marketing mix? The marketing mix is ​​a process used by most organizations to bring a product or service to market. The four Ps are a good way to define the marketing mix tool. The four Ps or four elements of the marketing mix are product, place, price and promotion, which are used to satisfy the needs of consumers and the objectives of the organization. After selecting a target market, “…the company must take steps to meet [customers'] needs” (Kerin, Hartley, & Rudelius, 2009 p. 13). The basic concept of the marketing mix is ​​to focus on what customers want and keep them satisfied. Although the marketing mix is ​​a unique way to market a product or service, satisfying the needs and wants of consumers is the main goal of every marketer. Aspects of the Marketing Mix The best way to define a market is to recognize the needs and wants of consumers and then focus on satisfying those needs and wants. In today's advertising industry, marketers use the marketing mix as a tool to satisfy target consumers. Furthermore, the marketing mix contains controllable variables that are carefully managed by the company to meet the needs of a targeted audience. “In other words, a company has control over what product it produces, at what price it sells it, how it wants to place (distribute) the product and how it wants to promote it” (Food Export, 2011 para. 4) . Therefore, a good way to understand the characteristics of the marketing mix is ​​to identify its four special elements: the four Ps. The following is a diagram of the marketing mix formula (product, place, price, promotion) (See Figure 1) Figure 1 : Four elements of the marketing mix (Style, 2010) The goal of… middle of the paper… effective marketing tools to reach consumers” (Kerin et al., 2009 p. 13). Furthermore, the main recommendation for the marketing mix concept is to stay focused and go beyond the goal of selling a product. In other words, from a consumer perspective, identifying and meeting the needs of a selected target market and from a company's perspective, meeting financial and marketing objectives. “…[the four] elements [of the marketing mix] will potentially contribute to the success of the product…” (BusinessMate, 2010). Surely, the customer is the most important subject in the marketing process. Above all, the perception of the marketing mix is ​​vital in the marketing industry because the process will enable the organization to sustain customer satisfaction and maintain business success. Ultimately, the focus of the marketing mix is ​​meeting customer needs.