Marketing Mix

Please complete the following assignment, incorporating ideas and concepts from the week’s lecture and/or articles. Please feel free to incorporate outside resources as well. When completing your assignment, please make sure to double space your paper.

Research, identify, and discuss what the marketing mix is as well as why it is important to a business.

The requirements below must be met for your paper to be accepted and graded:

Write approximately 2 pages using Microsoft Word.
Attempt APA style, see example below.
Use font size 12 and 1” margins.
Include a cover page and reference page.
At least 60% of your paper must be original content/writing.
No more than 40% of your content/information may come from references.
Use at least two references from outside the course material, preferably from EBSCOhost. Textbook, lectures, and other materials in the course may be used, but are not counted toward the two reference requirement.

Reference material (data, dates, graphs, quotes,)

Solution Preview

Any successful business in the market has to use the marketing mix strategies to promote its brand. Consumers like to associate with reputable and famous brands while buying any product regardless of the industry involved. Marketing mix affects the 4Ps of product, price, promotion, and place (Goi, 2009). In the process of establishing these Ps, more like positioning, packaging and people are also involved in the chain.

Figure 1: Illustrating the Marketing Ps. Retrieved from http://marketingmix.co.uk/

Price is an important strategy that determines the value of a particular service or product that a business is dealing with the market (Ivy, 2008). Price setting depends on specific factors including the target segment, cost of production and the elements of supply and demand. Businesses use price to differentiate their products from those of the competitors (Goi, 2009).

(633 words)