Marketing Mix

Marketing Mix

Marketing Mix
When you think of marketing what do you think the process of marketing is? Do you think marketing only means promoting an idea and concept to consumers to make them want to buy the product? Or do you think there is more to the marketing process? Marketing is actually built off of a foundation called the marketing mix. “The marketing mix The levels and interplay of the elements of a product's or service's marketing efforts, including product features, pricing, packaging, advertising, merchandising, distribution, and marketing budget; especially as these elements affect sales results (Lake, 2010)
It is one of the most popular theories of marketing because it has the fundamentals of basic and tactical components of executing a marketing strategy. The marketing mix is known as the four P’s which are price, place, product, and promotion.
By creating a lucrative marketing mix that shows results will often take a company many attempts. But, the theory behind the marketing mix is simple. Think about the marketing mix as another common combination, such as cookies. All the ingredients needed to make the cookies are eggs, flour, milk, sugar, and raisins. But, if you wanted to you could always alter the ingredients and substitute the raisins for the chocolate chips making the cake sweeter. The theory is the same when it comes to the marketing mix. The elements of the marketing mix are the same as making cookies.   Like the cookies companies are able to alter the price, locations of where the companies offer the product, the quality of the product, and promotions known as the marketing mix.
When examining product, all retailers need to understand the demographics of the locations of where their business is located which will help the retailer understand what consumers want; the services consumers are looking for, and if the product will satisfy the consumers needs.
By analyzing each product and the features they offer will help make a company more...