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The marketing mix is very much like baking a cake. ...
The marketing mix is based around the theory of the ‘4 marketing P’s’ (product, price, promotion and place) developed originally by Borden in 1964. The combination and mix of these ‘4 P’s’ is essential if an organisation is to be successful in delivering what their customer needs. The elements of the marketing mix are very much dependant on each other; if the message given out to the customer is not consistent then no one will buy the product. There are a vast array of circumstances that will dictate which elements of the marketing mix are to be employed and in which proportion. If you have put sufficient time into accurately defining the marketplace, market segments, product positioning, and unique selling propositions then it becomes much easier when defining an organisations marketing strategy.
Pricing policy is a key element of the marketing mix. It is a means by which the marketing strategy is implemented to meet set marketing objectives. The price set must be consistent with other the overall marketing mix. ...
Promotion, is probably the most complex and defines the ways in which an organisation attempts to communicate with its target audience, and is commonly known as the ‘promotional mix’. It is necessary to integrate different aspects of the promotions mix to deliver a unique but most importantly a coherent message to the target audience.
Approximate Word count = 1079
Approximate Pages = 4.3
(250 words per page double spaced)
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