Establish and Adjust Marketing Mix

Introduction

            There are four general categories into which market decisions can be classified into: product, price, place and promotion.  After the publication of the article The Concept of Marketing Mix by Neil Borden in 1964, marketing mix became a core language in marketing. According to him there are four core ingredients in marketing. To him these four P’s are considered as the parameters that all marketing managers should be able to control in relation to the external and internal constraints that are presented by the marketing environment[i]. The goal behind marketing mix is to be able to come up with decisions that are centered on the four P’s in relation to the customers and the target market so that a perceived value can be created thus being able to generate a response that is positive.

Evaluation of the Marketing Mix

            The product is considered as the physical commodity or a service that the entity offers to its customers. In relation to physical products, it may also refer to conveniences or services that are part of the offer to the customers. There are a number of aspects that revolve around product decision such as packaging, safety, styling, name of the brand, functionality, warranty and support and repairs. On the other hand, pricing decisions are based or should be undertaken with account of the profit margin and how the competitors are deemed to react in relation to the price that has been set. In pricing, there are a number of things that are entailed apart from the general price list such as the discounts, financing, price flexibility, bundling, seasonal pricing and price discrimination. While laying emphasis on the pricing decisions, the marketer is aiming at ways that can be employed in penetrating the market[ii].

Place an order with us to get a customized paper similar to this or any related topic. NB: The assignment will be done from scratch and it
will be 100% original.