Sample content Elements of the Marketing Mix xxx MKT 421 xxx xxx Elements of the Marketing Mix High-performance organizations today know that their marketing is a key part of their success or failure. Planning marketing management in an effective way is the best way to ensure that your marketing operations are successful. Marketing planning means setting goals, evaluating new opportunities, crafting marketing strategies, making plans for marketing, and coming up with marketing programs. Creating the market strategy is an important part of planning marketing. Developing the market strategy is begun by targeting the intended market for a service or product, and then creating a market mix that will appeal to the target market. The marketing mix and the elements of that mix are the key components of the organization’s marketing plan. The marketing mix can be described in terms of the Four Ps. These are product, place, promotion, and price. The customer is not

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Sample content
Elements of the Marketing Mix
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MKT 421

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Elements of the Marketing Mix
High-performance organizations today know that their marketing is a key part of
their success or failure. Planning marketing management in an effective way is the
best way to ensure that your marketing operations are successful. Marketing
planning means setting goals, evaluating new opportunities, crafting marketing
strategies, making plans for marketing, and coming up with marketing programs.
Creating the market strategy is an important part of planning marketing.
Developing the market strategy is begun by targeting the intended market for a
service or product, and then creating a market mix that will appeal to the target
market.
The marketing mix and the elements of that mix are the key components of the
organization’s marketing plan. The marketing mix can be described in
terms of the Four Ps. These are product, place, promotion, and price. The
customer is not a part of the marketing mix, though many people have this
perception. The customer is who is targeted by the marketing mix. “The basic
reason to focus on some specific target customers is so that you can develop a
marketing mix that satisfies those customers’ specific needs better than they are
satisfied by some other firm (William D. Perreault, 2009).”
The Element of Product
The “product” in the marketing mix means coming up with the right product for the
targeted audience. The product could be a service, good, or both. A product is not
simply physical goods. “For example, the Product of H & R Block is a
completed tax form. The Product of a political party are the policies it works to
achieve. The important thing to remember is that your good or service should
satisfy some customers’ needs (William D. Perreault, 2009).” Branding, packing,
installation and warranties are also considered part of the product element of the
marketing mix.
Sikorsky Aircraft is one of the leaders in the rotary aircraft industry. Their product
is a major part of their marketing mix. Sikorsky’s customers are
commercial and military operations, and they have particular needs and wants in
the products that they buy. Sikorsky has several kinds of helicopters and they are

3. presented and outfitted with different types of trim to suit their different target
audiences. This fits the company’s marketing strategy, because Sikorsky
needs to develop different products for different missions. Sikorsky knows that
their customers expect safety, quality, and good se
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