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Marketing Mix or Marketing Stimuli - the Elements of the Marketing Mix

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Marketing Mix

The marketing mix or marketing stimuli is a marketing concept that includes the basic, tactical components used in creating a successful marketing plan. The components of the "marketing stimuli consist of the Four Ps: product, price, place, and promotion (Armstrong & Kotler, 2009, p. 131)". The components of this mix can be altered and the end results changed. In this paper I will discuss the elements of the marketing mix, discuss an organization I am familiar with and describe how each of the elements of the marketing mix affect the development of the organization's marketing strategy and tactics, and describe how each element is implemented.

The Elements of the marketing mix

The marketing mix consists of four elements, sometimes known as the four P's. These elements include product, price, place and promotion. Each one plays a large part in making up a successful marketing plan. A marketing plan can be altered by changing the composition of any one of these elements. Not only can the marketing plan be altered by changing each of these elements, each element must be fully considered in order for a marketing plan to be successful.

Product is the tangible product that is manufactured on a large scale or an intangible product which is service based, such as tourism or hospitality. A product can be a physical item that a business has for sale or a service that is available to the consumer or another business. Regardless of the business type, a product is always offered. Many organizations choose a product that is in high demand or that they can use as a niche in order to gain a customer base that has no-where else to find this particular product.

Price is the amount that a customer or consumer pays for a product or a service. This amount can increase or decrease depending if the competitors are offering the same product. A company must look at the pricing of the item that they are selling to determine if they are competitive with other companies selling the same thing, or do they offer anything additional such as a good reputation of service that would justify them selling the same product for a higher price than a competitor. A company may also use low pricing as a way to get the customer into the store, but also offer other products that are priced higher than the competition with the knowledge that when a customer comes into the store for the low priced item, they are more likely to buy other products that they need, even if they are priced higher, simply because it is easier than going to another store.

Place is the location where a product or service can be purchased. The place can include a physical location such as a store or a virtual location. With the invention of the internet, virtual locations are gaining popularity. In fact, many virtual locations are able to offer better prices and incentives to the consumer because they do not have the overhead and the additional costs of operating an actual physical location. An online location is also a plus for a company who wishes to widen the customer base without the cost of putting in a physical location.

Promotion includes all communication that can be used by a marketer in order to promote the product or service in the marketplace. There are four elements to promotion, advertising, public relations, personal selling and sales promotion. For different organizations promotion could include sales, credit card offers, low cost financing or super low sale prices on products.

Best Buys usage of the Four Ps and how each is implemented

Best Buy is a retail organization that sells different types of electronic devices including computers, stereo equipment, televisions and cellular phones along with many other products. The competition in the sale of electronics is great, with many other retailers offering the same types of products and services, therefore, Best Buy has to have a very well developed marketing strategy to remain competitive and to stay at the top of the consumer's mind when making a purchase. Best Buy is an organization who has learned how to use the marketing mix to it's advantage.

The first element that Best Buy chose to

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