The Marketing Mix
“The product is the actual good or service the organization is creating or maintaining for the customer (McGraw-Hill Companies, 2004). Products can range from a microwave oven to the service of preparing tax forms. Products are not just physical, and do not necessarily end at the point of sale. Products include all attached warranties, guaranties, accessories, and even packaging. Barnes and Noble is a retail store that sells books and other related media products such as cards, paper, and often compact discs. Barnes and Noble’s main product is books and with a long standing reputation they are known for their products.
Place-reaching the target.
Where a product is located is just important as how well a product works. Selling Maalox near the hot peppers is a great idea, selling shoe polish at a used car lot is not. Barnes and Noble’s stores are often located in highly populated areas and near malls where there is a lot of customer traffic. These book stores have cafÃ?©s in them and are also ideally located in heavy business areas such as downtown areas where corporate employees can gather for meetings.
Price- making it right (McGraw-Hill Companies, 2004)
The price is set by a variety of conditions. What kind of competition does the product have? How the current market is moving is another issue to consider. Technology gadgets come out regularly and at certain prices but can not be so high that customers can not keep up or make transitions. An organization needs to also consider its standing with its customers, if it is normally a leader in low pricing and suddenly comes out with an extremely high priced items, customers may not be willing to make the leap. The book retail industry is competitive; there are many stores that customers can go to, to purchase a book such as Borders, Walden books, or any locally owned bookstore. Book prices are relatively standard across the board varying with the type of book: text book or fiction, hard cover versus paperback. With this arena of product Barnes and Noble knows to set its prices by industry acceptable rates. They offer discounts to regular customers through customer rewards programs.
Promotion-telling and selling the customer
Promotion can be done in a number of ways: television commercials, telemarketing, and sales promotions. Promotion can also be described as advertising. The method of getting the information about the product out to the customer (McGraw-Hill Companies, 2004). Barnes and nobles advertises through flyers to local residents, online through email advertisements, and through magazines.
Marketers, graphic designers, and business strategists all provide input in creating the marketing mix. Product, placement, price, and promotion are the essence of getting an item sold and recognized to the public. The marketing strategy goes beyond selling just one item. about selling an idea, even a relationship. When a customer buys one product and feels good about the purchase they are more apt to purchase more products from the same brand. Good marketers know this when creating a strategy to promote an this promotion not only sells this item but the organization as well.
Resources
Wikipedia, The Marketing Mix, 2006, retrieved from http://en.wikipedia.org/wiki/Marketing_mix ,
Marketing’s Value to Consumers, Finance, and Society, McGraw-Hill Companies 2004, retrieved from the UOP website March 25, 2006
