Market Mix

In: Business and Management

Submitted By blaine
Words 1580
Pages 7
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 are called the four P’s or product, price, place, and promotion. The goal of the four P’s will hopefully be the aim of attracting and retaining the customers or target market that a company has identified. All four P’s of the marketing mix are essential and are interrelated (Perreault and McCarthy, 2005).
In order for a company to successfully implement a marketing mix, a careful and well researched market plan needs to be generated. The market plan should include a SWOT analysis. The SWOT analysis is an evaluation of a company’s strengths, weaknesses, opportunities, and threats. The SWOT analysis can help to identify the areas that a company can use to take advantage of and to stay clean of any roadblocks that might hinder a successful marketing mix. After an organization studies the elements of the SWOT analysis, the business will be seen more clearly, and the marketing mix will be more focused going forward (Davids and Newcomb, 2006). The four elements of the SWOT analysis are listed below.

Strengths The strengths of an organization can include niche items or services that the company specializes in and helps to…...

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