Essay about Market Mix

1569 Words Apr 29th, 2008 7 Pages
How does a company decide that they want to sell a product or offer a service? After the decision to sell has been made, a company will need to think about the action plan that it will employ to get the goods or services to the customers it is targeting. The action plan is called the marketing mix. The marketing mix is one of the biggest and most critical decisions that a company will make. A bad marketing mix can result in poor performance and the potential for financial losses.
The marketing mix was defined by McCarthy forty years ago as the set of marketing tools that a firm uses to pursue its marketing objectives or goals (Kotler and Keller, 2006). The marketing mix is then broken down into four distinct categories. These categories
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The strengths of an organization could include customer’s preferences and positive customer service interactions actions that might be experienced. Evaluating strengths can also be a look to the future. The strengths could be the ability to attract new customers and hold on to established and existing customers.
This area of the SWOT analysis looks to identify any shortcomings within the organization. The weaknesses could include any areas that a company is losing sales or customers to a competitor. A weakness could be defined as a process or system within that could be very inefficient, which could drive up costs that could affect pricing and product decisions later in the marketing mix.
An opportunity is the ability of the organization to take advantage of their strengths and improve upon their weaknesses. An opportunity to create a new item or service to fulfill a customer demand and bring added profitability to the company would be an example of an opportunity.

Threats Addressing a threat, a company needs to look at the competitive and economic environment in which they operate in. A threat for an organization could include new competition, economic downturns, and even government legislation. The next step for a company after looking at itself in the mirror with a SWOT analysis is to

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