Ms. Jennifer Houk
Advance Writing 030 – 04
December, 7 2010
The Four Pieces of Marketing
Marketing is the philosophy that firms should use to analyze the need of their customers and then make decisions to satisfy those needs, better than the competition. Marketing therefore has a key a role in determining such aspects as: the product, the price, the place andthe promotion. These four tools are known as a marketing mix, which became popularized after Neil H. Borden published his article. These four P’s are the parameters that the marketing manager controls, subject to the internal and external constraints of the marketing environment. “Marketing is the process of identify customer needs, conceptualize such needs according to the company's ability toproduce, communicate such concepts to those with the capacity of decision making in the company, production in conceptualizing the role of previously identified consumer needs, and communicate such concepts to the consumer “ (Howard).
In previous in my high school career I have study the topic of the four pieces of marketing. Something the things that I recall is the goal of the four pieces is tomake decisions that center the four P’s on the customers in the target market in order to create perceived value and generate a positive response. Here is an example to understand the concept of the marketing mix, the concept is simple. Think about another common mix like a cake mix. All cakes contain eggs, milk, flour, and sugar. However, you can alter the final cake by altering the amounts of mixelements contained in it. It is the same with the marketing mix. The offer you make to you customer can be altered by varying the mix elements. So for a high profile brand, increase the focus on promotion and desensitize the weight given to price.
“The key to getting your marketing mix right is to understand your customers, know your competition, be aware of your market, review your offering ona regular basis and get your business known and trusted by customers and potential customers in your target market”. (Murphy).
Marketing mix is a good place to start when you are thinking through your plans for a product or service. The first thing that a company needs to do is to see the product. The term product refers to tangible, physical products as well as services. When you buy a new cardoes the product looks simple or, is the product more complex than you first thought? In order to actively explore the nature of a product further, let’s consider it as three different products, the core product, the actual product, and finally the augmented product. The core product is not the tangible, physical product. You can't touch it. That's because the core product is the benefit of theproduct that makes it valuable to you. The actual product is the tangible, physical product. You can get some use out of it. The augmented product is the non-physical part of the product. It usually consists of lots of added value, for which you may or may not pay a premium.
From recent studies and general knowledge that I have attained I have also learned that, another element of marketing mixis price. Price is what you pay for your daily transportation, which the cost of your ticket at the theater and what your father paid to buy that car that you liked so much. Also, within this classification are possible discounts when you buy something or find a potential customer to purchase a high value product. In this sense, the price must correspond to the perception of the buyer on the valueof the product and it is the company’s decision to determine what to sell at a price that affordable to many persons or otherwise establish an exclusive price, for a given consumer segment. Companies and sellers want to use a high price when the product is a unique service. This approach is used where a substantial competitive advantage exists. Such high prices are charge for luxuries such as...