The marketing mix concept is the first thing I learned in Foundations of Marketing and helped me to understand the rest of the concepts in the book. Throughout the class I learned about product, promotion, price and place (the four Ps) strategies that marketers must combine successfully to gain consumers attention, market share and/or to accomplish the desire marketing goal (to satisfy the consumers’ needs). All successes start with a plan and there is no exception when it comes to marketing; therefore, an organization develops a marketing plan to use as a tool during the marketing process, which involve different aspects of the four Ps.
The marketing plan describes the marketing environment and market position of a business, outlines marketing objectives and strategies (such as identifying the product and the target customers, reaching customers, and retaining customers), and identifies how ...view middle of the document...
Developing marketing strategies is a very important step in the process of marketing planning. In order to develop strong marketing strategies, the company selects target markets and positioning, and outlines product, pricing, distribution (place) and promotional strategies. As you can see, the four Ps is clearly a part of this process and work interpedently of each other to meet the market’s needs. Selecting a target market, whether a consumer or business market, is the first step in developing marketing strategies. The following is a brief summary of the elements in the marketing strategy process:
• The target marketing process consists of segmentation (based on demographic, psychographics, and consumer behavior), evaluating and choosing a segment, and positioning the product by creating a competitive advantage in the minds of consumers.
• The product strategies identifies the core product, actual product and augmented product, and determines the package, brand and label of the product.
• Pricing planning consists of setting pricing objectives, estimating demand, determining costs, examining the pricing environment, choosing a pricing strategy and developing pricing tactics.
• Distribution (place element) strategies focuses on getting the product to consumers in the best and most efficient manner, and integrating supply chain elements to maximize the value offered to customers.
• Promotional Strategies identifies ways to develop a consistent message about the product through a communication model. A promotional plan involves identifying the target audience, establishing the communication objectives, determining and allocating the communication budget, designing the promotion mix, and evaluating the effectiveness of the communication program.
Most of the concepts and especially how they relate to each other were new to me before taking Foundations of Marketing. I think the marketing mix concept made the greatest impression on me because it helped me to see the big picture of marketing. The concepts I learned in this class are valuable to me since I will be taking international marketing in March.