Marketing Mix Essay
Many people believe the idea of marketing and sales are the same thing, however, sales is just one piece of the whole marketing concept, and to understand this concept, is necessary to understand marketing mix. Marketing mix is a series of activities that work together and are part of the marketing process, those activities are known as the four P’s: Product: type of goods to be produced and the quantities. Price: cost of the product to be sold to the consumer. Place: geographic area where the product is to be placed. Promotion: includes the advertising of the product, tactics and strategies to make the product known.
There are many possible was to satisfy the needs of target customers. Various advertising …show more content…
Price is the amount of money customers have to pay to obtain the product. Price setting must consider the kind of competition in the target and the cost of the whole marketing mix. A manager must try to estimate the customer reaction to possible prices and use to practices as to markups, discounts and other terms or sale. If the customer does not accept the price, all the planning effort is wasted. (Perreault-McCarthy, 2004). Price is the second part of the marketing mix and is important to organizations because the difference between the selling price of the product and the cost of manufacturing the product is the profit for the