Tuesday, April 9, 2019
Elements of the Marketing Mix Essay Example for Free
Elements of the Marketing Mix EssayThis case pass on study describe the subdivisions of the merchandise mix. These four elements include product, place, price and promotion. This paper will include a description of how an organizations merchandise strategy is affected by the four elements of the marketing mix. some other aspect that this paper will include is a description of how each element is implemented in the order. One more topic that this paper will describe is the organizations name and industry in which it exists. The marketing mix is defined as a mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand. Several concepts and ideas are combined to make ither to devise final strategies helpful in making a brand popular amongst the masses to form the marketing mix (Marketing Mix Meaning and Its Elements, n.d.). The elements of the marketing mix are often called the four Ps of marketing (Perreault, Cannon, McCarthy, 2011).First, product is defined as goods that are manufactured by organizations for the consumer. Products foundation be devil types, tangible and intangible. A product in a market place is something which a seller sells to the buyers in exchange for m one and only(a)y. Price is defined as the money which a buyer pays for a product. The price of a product is indirectly proportional to its availability in the market. If a product is not readily usable then the price goes up (Marketing Mix Meaning and Its Elements, n.d.). Place refers to the location where the products are available and notwithstandingt be sold or purchased. Here one is exposed to a physical building, or store, or one can purchase items on the internet. Finally, the one-fourth element is promotion. Promotion refers to the various strategies and ideas implemented by the marketers to make the consumer aware of their product (Marketing Mix Meaning and Its Elements, n.d.). Todays market is huge and on that maneuver is an abundant variety of products available.Frito laic is a multi-national mass that is predominantly in the salty snack business. Frito post aims its market strategy at both the mass market and target markets alike. This intellectual nourishment driven company does have some strengths such as its renowned reliability, high quality control and markets its product as convenient fun foods. The products that Frito countersink generates have consumers in mind that particularly buy snack foods as a leisure item. Their packing and branding is targeting a consumer that wants to snack on the go or during dejeuner with a sandwich. With this in mind, the organizations marketing strategy uses all four of the marketing mix very well. Frito reside sells a wide variety of chips form Ruffles to Lays, Cheetos to Doritos and Tostitos to Funyions.These products satisfy many customers needs for fun snacking. In the Product element, packaging is also very important when keeping t he consumer satisfied. Bright colors are used to stumble the eye when they design the roots that carry all of their brands. In the Place element, the product is highly visible in that one can purchase said items and every convenience store in the marketplace. Not yet is the product in just about every UDS store but in vending machines and supermarkets. The business of distribution is very important to deliver these products to the consumer and Frito Lay has an excellent distribution system in place. The ordinal element, Promotion, targets new customers and retaining current customers. Many people have heard the phrase no one can eat just one. This catch phrase was designed for Lays potato chips and hasnt been used in years, but just about everybody has heard that. That is advertising at its finest.The use of mass selling techniques has been advantageous to Frito Lay. The fourth P is Price and that obviously plays an important part in Fritos copy. Frito Lays strategy is to stay private-enterprise(a) with other salty snack manufacturers and their price chiefs. Their target price is also directed at little adults and children. Each element in the marketing mix is used very well by Frito Lay. The products that this corporation sells to the consumer vary from salty snacks to cookies and even beef jerky. Frito Lay guarantees freshness for its product and delivers a price point that is competitive to just about any consumer. In the channels of distribution process it is important to get a food item to the retailer in a timely manner as the food item can spoil.The freshness guarantee that Frito Lay offers dictates that the salty snack has a shelf liveliness of about a month for most products and theproducts need to be removed from the shelves if they do not sell. Because of this model, the economy system promotes efficiency when sold and distributed to each retailer. Promotions are huge with Frito Lay as they spend millions for point of sale coupons and ret ail discounts. Not only is there retail push for sales but Frito Lay spends millions on advertising. Advertising can be seen in standard commercials to big budget commercials during super stadium ads. These methods of communication are geared at mass selling and are very effective.Finally, the Price element is important to Frito Lay as the market price for materials goes up so does the price of their products. To circumvent these price hikes, Frito Lay will lower the content volume in the bag and not raise the price. In other instances, they will raise the price by ten cents and remove the price on the bag for a short period of time. The idea is to trick the consumer into believing the price is the same. In all the instances, Frito Lay has a business model that is very effective and has endured for many years. By apprehending the similarities and differences between these elements one can understand how a corporation uses the marketing mix to their advantage. The four elements are critical to understand the very nature of the consumer and the retailer. This case study shows that it is important to understand the marketing mix business model as it pertains everyone and final user.ReferencesMarketing Mix Meaning and its Elements. (n.d.). Retrieved from http//managementstudyguide.com/marketing-mix.htm Perreault, W. D., Cannon, J. P., McCarthy, J. (2011). Basic Marketing. A Marketing Strategy grooming Approach. Retrieved from The University of Phoenix eBook Collectioon database.