The Marketing Process and the Four Major Components of the Marketing Mix
The marketing mix consists of a set of marketing tools that can be utilized by a firm to implement its marketing strategy based on the desires of the target market. There are four variables that composed the marketing mix that is referred too as the 4Ps which are product, price, promotion, and place. There are four variables that composed the marketing mix that is referred too as the 4Ps which are product, price, promotion, and place.The report offers various real-life examples of how the marketing mix has been applied by business firms in order to formulate effective marketing strategies. The perspectives of the company as well as the customer views are analyzed to find common grounds that can be used by a firm to achieve its goals. A marketing program must consider the perspectives of different stakeholders in order to minimize risks and provide businesses a marketing platform that can help improve a company’s sales and public image.Companies operating in the competitive business environment of the 21st century realize that in order to compete they must be able to reach the customer by implementing a marketing strategy that is aligned with their expectations. Each of the 4Ps of the marketing mix is tools that allow executives to identify the business decision that will allow a firm to reach its objectives. The product is the first P of the marketing mix. Product is not limited to tangible items and also includes the service industry. The product is the thing the company produces, thus the company’s success depends on it.There are different tasks and qualities associated with the marketing of the product. Product design, quality, and features are three variables that give a product its functionality and allow marketers to position it within the marketplace. High quality for example can use by the marketing people to develop a branding strategy that adds value to the product of the firm.