Maketing Mix Paper

Marketing Mix

In 1776 in The Wealth of Nations, Adam Smith wrote that the needs of producers should be considered only with regard to meeting the needs of consumers (Internet Center for Management and Business Administration, Inc., 2010). Today marketing is an important part of the businesses organization. Marketing is more than selling a product or service in the organization. Marketing stands on the customer needs and his or her satisfaction. The intention of this paper is to define marketing and to provide two different sources of marketing. The definition is going to be establishing the meaning of marketing from different sources. In addition, the paper will include the importance of marketing in organizational success. In addition, the paper will describe the elements of marketing mix (product, place, price, and promotion). Finally, the paper will include an organization that uses the four elements of the marketing mix and how it influences the development of the organization's marketing strategy and tactics.

Marketing

The marketing business is a very important resource that is necessary in encouraging success of an organization. Marketing lives on the customer needs and his or her satisfaction of the product or service. The customer satisfaction is the key element that guides the organization in marketing. In many organizations, it is about building a relationship with the customers. In an outstanding organization, marketing has always come from a deep understanding of customer needs and expectations.

There are many definition of marketing but the American Marketing Association (AMA) has many definition of marketing. Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer's relationships in ways that benefit the organization and its stakeholders (Varadarajan, 2010). The article also speaks about how the American Marketing Association is going to revise the organization definition of marketing on down the line.

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (American Marketing Association, 2012). Marketing just comes to the marketing mix "four P's": product, place, promotion, and price. Organizations have to think about this before their organizational is successful in the future.

Importance of Marketing

Marketing is not all about sales of products or services. The importance of marketing is to find customers for the product or services. When organizations are introducing the customers to the products or service, they will advertise the product or service. For example, the business put out ads, flyers, and place the advertisement will be inside the business. The customer will know about the new product or service that the businesses are trying to offer because of the advertisement.

Marketing is an important determination in gaining possibility attention from the customers, building product or service demanded by the customer, and winning the customers over with the product or service. The marketing determination is the total of the sales, pricing, promotional, and advertising purpose implemented to promote the flow of goods or services from the organization to the consumers. For instance, Wal-Mart tries to win over the customers by lowering the prices and competing with the business competitors. In marketing, it also includes acquiring the right merchandise or service, selecting the right location, presenting concrete sales programs, and promoting the company.

Finally, an importance of marketing in an organizational success is to create stronger relationship between the organization and the customers. The organization should go all-out to satisfy the customers' needs and wants while meeting the organization goals. Marketers and managers are trying to obtain valuable information from the customer needs to develop long-term relationships with him or her to make the customer loyal (Roshani, 2009). Such competition in the world, the organization will do anything to make the customer feel at home. For example, when the customers are leaving the faculty, the managers make sure that they have what the need and want. In addition, they will find out the customer concerns if they have a problem with the product or service.

Marketing Mix

Marketing mix is mixtures of factors that can be organize by a company to urge customers to purchase its products. The marketing mix is necessary when determining a product or brand exclusive selling point. Also in marketing mix, there are many ways that both targeted consumer groups are reaching and the organizational purposes are reach. The marketing mix consists of the "four Ps": product, place, promotion, and price.

Product

Product is a product or service that is offer to the customers. It also includes touchable and untouchable elements. The touchable are things that the customers can see, touch, feel, taste, or smell. The untouchable things is the image of the offering in which includes the images of the organization is making the offer.

Place

Place is where the customers get their product or service. The organization must have a place in mind to distribute the new product or service to the customers. The place where the organization transports the product or service is a part of what the customer buys. In addition the place that meets the customer need better. An example of a place is on the Internet, on-site facility, home-based business, and much more.

Promotion

Promotion is the focus of new and the old customers. In an organization, they try to persuade customers in a way that he or she knows that the organization is offering an outstandingly product or service that will meet his or her needs. Promotion involves personal selling, mass selling, and sales promotion.

Price

Price is the amount that the customers are willingly to exchange to receive the product or service. In organizations, the managers and marketers have to decide the right price. In the price setting, the manager must consider the kind of competition in the target market and the cost of the completely marketing mix (Perreault, Cannon, & McCarthy, 2011).

Elements that