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There are 4 elements in the marketing mix it is a combination of marketing tools that are used to satisfy customers and company objectives. Consumers sometimes call the marketing mix "the offering." Your offer is proscribed by the following elements often called the four Ps in marketing:
· Product
· Price
· Place (Distribution)
· Promotion
By using variants of these four elements you have the ability to reach numerous customers within your target market. Creating a successful marketing mix that will improve results often takes market research. There are many techniques that can be used. The combining of these elements will be more effective than depending on one. You must harmonize all elements so that the potential consumer is not being sent assorted messages that can cause confusion. Once you have combined all elements and are ready to hit your market; one question should be asked. “Do all of your elements contain the same message?” (Lake 2007)
Within Geico a Fortune 500 Insurance Company that offers affordable auto insurance to customers worldwide, they understand the importance of applying the 4p’s to their marketing strategy. They possess a solid product that creates its own marketing because it gives benefits to the customer.
Consumers can expect that Geico will offer them affordable auto insurance and quality customer service setting a solid foundation for themselves from word of mouth of consumers actual experiences to the courtesy received when a policy is established with Geico. Making their product encompass a reputable company backing. Fragment The development of a solid product as part of the market ...