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The term marketing mix is defined as a set of marketing tools that the firm uses to pursue its marketing objectives in the target market. The marketing mix is an essential part of the formulation of a firm’s marketing strategy. It is important for an organization to have a good understanding of the marketing mix. Each element is important when developing a marketing plan. Traditionally, the marketing mix consisted of four broad categories of variables known as the 4 P’s: product, place, price and promotion. These are the variables the firm can control in order to best satisfy customers in the target market.
Product
The first element in the marketing mix is the product. A product is any combination of goods and services offered to satisfy the needs and wants of consumers. Hence, a product can be anything that is tangible or intangible and can be offered for purchase or use by consumers. An organization needs to have an in depth understanding about what it is they are marketing. Developments of the product’s quality, design, or brand name are important when trying to match with customers’ needs and wants. An organization should explain how their product’s features benefit the customer.
For example, as number one home improvement retailer in U.S., Home Depot’s vision was to be the largest home improvement warehouse than any competitor, a one-stop shopping place for the do-it-yourselfer. Hence, to achieve this goal, their “inventory in the company’s stores carry over 40,000 different kinds of building materials, home improvement supplies, and lawn and garden products, as ...