This paper discusses the marketing mix. The writer explains the four p’s that make up the marketing mix in order to market a product or service. The writer also applies the marketing mix to a new model smartphone provided by Samsung. The marketing mix reveals what is most important in marketing the product in order for the marketer to make successful decisions for marketing the product. Once the marketing mix is applied, the marketer will understand what is best to get their product on the market. This paper discusses the importance of each marketing element to give a clear understanding for what is the correct way to gather smart decisions to launch a product/service.
The Four P’s of the Marketing Mix
The marketing mix is basically a set of tools, put together in order to bring a business success. Each different tool covers different decisions that marketers need to make in order to successfully mold their product or service. When starting a business, it is important to have all things in order. Meaning, you want to be sure you have a plan and that everything is organized. Organization and structure is why the marketing mix is so important. The tools in the marketing mix help to organize what you need your business to be; giving the business structure and stability. The four P’s that make up the marketing mix are: price, product, place, and promotion.
Price is self- explanatory, it represents the price of the product or service. Though the price may be the simplest “p” to explain, it is the most vital element in the marketing mix. Being that price is the amount set on the product/ service, the product determines how much profit is made from the product. If the price on the product is not right, the product does not sell, causing business to shut-down. The price plays a major role in the marketing of the product, determining the type of consumers who will buy as well as when the consumers will buy. The price the marketer sets should balance the other elements of the marketing mix (Smith, 2012). The price sets the basis for the business, making or giving the business an image.
The product is the service or item that the company wants to market. When it comes to the product itself, marketers must consider a list of things. To start, the product must fully meet consumer needs. The product’s shape, size, color, model and other visible aspects about the product should be considered. It is the product itself that has to sell, so the appearance of the product is important.
The promotion of the product involves all the ways a company displays information in order to help sell their product. Promotion is made up of things like: advertising, public relations, personal selling, viral and word- of- mouth, and sales promotion (Smith, 2012). The way a company promotes their product plays a big role in the sale of the product. Marketers have to determine what is the best way to promote their service/ product? Some ways to promote a product are on television through commercials or on a shopping channel, on a radio, on billboards, or even on the internet. Promoting a product successfully will result in plenty customers and sells.
The last “p” to consider is place. The place consists of the area where your item will be available for sale. The best thing to consider with the place is making sure consumers will find your product where they are at. Having your product launched in the correct areas where targeted consumers will find it, will ensure the product will sell.
The product I have chosen is a Samsung Android SGH- T679 4G Smartphone. I chose this product because cellphones are wanted everywhere and by everyone. They are evolving more and more daily. This phone is an up- to- date version of an Android smartphone and includes many features. I found the phone appealing and felt it was marketed successfully.
First we will evaluate the price of the product. Cellphones are at a high demand and competitors are striving to bring the best deals. Knowing that competitor’s pricing range between $150 to even $600, we want to have a reasonable price that will catch consumer’s attention and that is affordable. The price is set at $149.95 without having to enter a contract on the service. Competitors may require a one to two year contract for such a reasonable price. The price for the service must be reasonable as well. Consumers don’t want to pay a hundred dollars a month for service. Without a contract, service for this phone is set at $50 a month.
The product, itself, has to be appealing to the consumers. Cellphones have evolved a lot over time and touchscreen phones are at an all- time high demand. The main feature that is now added to phones is they are Android capable. Now phones can be used to help accommodate life with more than easy access to talking or sending messages. This Samsung Android features many features that consumers look for in a phone. There is a front- facing camera to enable video chat, video recording is available, as well as speakerphone, Bluetooth capability, GPS navigation, and voice activated search, text, call, or navigation. The phone is very light weight and the size of the screen is about the size of the competitor’s phone, the I-phone.
The area where this product is available is very important, in order to reveal the product to consumers. By placing the offer over the internet and the home shopping network, consumers who are searching or shopping will see the offer. Like stated before, the price is very vital, and by having a reasonable price, once seen, consumers will consider the product. The promotion of this product has a lot to do with its’ placement. The home shopping network will promote and place the product. It will be available online and can be seen on television. Setting your product in an area where consumers are searching to shop is a good way to promote sales.
Smith, H. (2012). The Four P’s of Marketing. NetProfits Today. Retrieved November, 2012. http://netprofitstoday.com/blog/the-four-ps-of-marketing/
The Marketing Mix and 4 P’s (2012). Mindtools. Retrieved November, 2012. http://www.mindtools.com/pages/article/newSTR_94.htm