Marketing Mix Essay
In order for a company to achieve its goals, the company must have a strategy that mixes the correct elements of marketing. The term Marketing Mix refers to "the four Ps" of marketing which are product, price, place, and promotion (Kotler & Keller, 2006). When creating a mix, a company must keep their target market in mind. The company must also understand the needs of the customer, then create marketing strategies that will satisfy the demand. The marketing mix should also meet or exceed the goals of that company.
Product is the element in the marketing mix that will define to the target customers what about the company's product that meets the customer's needs (Kotler & Keller, 2006). This particular area of the …show more content…
All four Ps are needed in a marketing mix (Perreault & McCarthy, 2002). The four Ps must be creatively combined, so that a company develops the best mix for its target market. In other words, each decision must work well with all the other elements to make a balanced mix. This is the reason the four Ps should be focused upon the customer or target market. "The needs of a target market often determine the nature of an appropriate marketing mix" (Perreault & McCarthy, 2002).
To give an example of the correct marketing mix, I will use FedEx founded by Frederick W. Smith in 1973 (FedEx, 2005). Mr. Smith saw that the United States was in enormous need for a reliable, overnight delivery service company designed to solely transport packages and documents (FedEx, 2005).
FedEx's "product" became the service of delivering packages. FedEx offers a wide range of services for many different people, including FedEx Same Day, FedEx First Overnight, FedEx Priority Overnight, FedEx Standard