Business : Marketing Mix

Running head: MARKETING MIX1The marketing mixNameInstitutionProfessorCourseDate2MARKETING MIXIntroductionBasically, marketing mix can be defined as a tool used by business organizations topromote their brands or products in the market (Huang & Sarigll, 2014). Due to advancementin technology and increased competition in the market, the marketing mix has been associatedwith the incorporation of the right combination of products and services in order to suit the needsof both the existing and the potential customers. A typical marketing mix is made up of fourelements; the product, price, promotion and place (Huang & Sarigll, 2014). However,marketing mix has undergone a special advancement to include other three Ps for the bettermentof customer satisfaction. The extra Ps of marketing mix entail; people, packaging andpositioning.ProductThis basically refers to the item being transferred to the customer through selling. Inorder for all other elements to function, the product being offered must deliver a certain level ofperformance upon use by the customer. The most important part of this element is thedevelopment phase whereby the marketer needs to analyze the tastes and preference of newcustomers as well as the needs of those customers that have lost taste in a particular product.Moreover, the marketer must detail the product life cycle, the necessary resources to make theproduct and the best strategy maintain competitiveness in the mar ...


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