Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

MKT 421 Week 2 Elements+of+the+Marketing+Mix 2015 version

205 views

Published on

Sample content

Elements of the Marketing Mix

xxx

MKT 421

xxx

xxx

Elements of the Marketing Mix

High-performance organizations today know that their marketing is a key part of their success or failure. Planning marketing management in an effective way is the best way to ensure that your marketing operations are successful. Marketing planning means setting goals, evaluating new opportunities, crafting marketing strategies, making plans for marketing, and coming up with marketing programs.

Creating the market strategy is an important part of planning marketing. Developing the market strategy is begun by targeting the intended market for a service or product, and then creating a market mix that will appeal to the target market.

The marketing mix and the elements of that mix are the key components of the organization’s marketing plan. The marketing mix can be described in terms of the Four Ps. These are product, place, promotion, and price. The customer is not

Published in: Education
  • Hello! Who wants to chat with me? Nu photos with me here http://bit.ly/helenswee
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • Be the first to like this

MKT 421 Week 2 Elements+of+the+Marketing+Mix 2015 version

  1. 1. MKT 421 Week 2 Elements+of+the+Marketing+Mix Link : http://uopexam.com/product/mkt-421-week-2-elementsofthemarketingmix/ Sample content Elements of the Marketing Mix xxx MKT 421
  2. 2. xxx xxx Elements of the Marketing Mix High-performance organizations today know that their marketing is a key part of their success or failure. Planning marketing management in an effective way is the best way to ensure that your marketing operations are successful. Marketing planning means setting goals, evaluating new opportunities, crafting marketing strategies, making plans for marketing, and coming up with marketing programs. Creating the market strategy is an important part of planning marketing. Developing the market strategy is begun by targeting the intended market for a service or product, and then creating a market mix that will appeal to the target market. The marketing mix and the elements of that mix are the key components of the organization’s marketing plan. The marketing mix can be described in terms of the Four Ps. These are product, place, promotion, and price. The customer is not a part of the marketing mix, though many people have this perception. The customer is who is targeted by the marketing mix. “The basic reason to focus on some specific target customers is so that you can develop a marketing mix that satisfies those customers’ specific needs better than they are satisfied by some other firm (William D. Perreault, 2009).” The Element of Product The “product” in the marketing mix means coming up with the right product for the targeted audience. The product could be a service, good, or both. A product is not simply physical goods. “For example, the Product of H & R Block is a completed tax form. The Product of a political party are the policies it works to achieve. The important thing to remember is that your good or service should satisfy some customers’ needs (William D. Perreault, 2009).” Branding, packing, installation and warranties are also considered part of the product element of the marketing mix. Sikorsky Aircraft is one of the leaders in the rotary aircraft industry. Their product is a major part of their marketing mix. Sikorsky’s customers are commercial and military operations, and they have particular needs and wants in the products that they buy. Sikorsky has several kinds of helicopters and they are
  3. 3. presented and outfitted with different types of trim to suit their different target audiences. This fits the company’s marketing strategy, because Sikorsky needs to develop different products for different missions. Sikorsky knows that their customers expect safety, quality, and good se http://uopexam.com/product/mkt-421-week-2-elementsofthemarketingmix/

×