Marketing Mix Paper

Running Head: Marketing Mix

Marketing Mix Paper

Marketing/MKT-421

Marketing Mix Paper

Have you ever watched a commercial on TV and wondered how somebody created some of these crazy ideas/schemes to entice people to buy things? Make no mistake about it, it's not just some lucky person developing slogans; it's a specialized team that is highly trained to analyze customer needs and carefully develop a strategy to market their goods/services in the economy. The field of marketing is fast becoming the most effective way for businesses to improve their overall performance to compete in today's global economy. Most successful companies have learned by trial and error that catering to needs of their customers, providing quality goods/services, and providing good customer service strengthens continued sales and profits. Marketing oriented companies are also customer oriented and take into account customer needs by focusing on creating goods and services that will outshine their competition. Conducting research is crucial when attempting to identify specific requirements of both existing and potential customers. Marketers maintain open lines of communication between a company and its customers to ensure the success of any marketing method. Over time, customers become loyal and will buy again-and-again as well as provide free word-of-mouth advertising undoubtedly resulting in increased profits. This paper will describe the four elements of the marketing mix (product, place, price, and promotion) and tell how each of the elements impacts an organization's marketing strategy and tactics. Southwest Airlines will be the organization used to describe the marketing mix in great detail. Let's begin by looking at the marketing mix. (Perreault, W.E., et al., 2004).

Providing the correct marketing mix of goods/services can make the difference between a company's success or failure. There are many variables such as adjusting prices, warranties, or adding features to products or services that could be used to target potential customers. First the marketers develop the art of knowing how to manipulate the four Ps (product, place, promotion, and price) to incite a customer's curiosity and then develop a long-range plan to keep them coming back. The key is giving customers exactly what they want by delivering quality products or services at the right price with good customer service. Creating that bond and developing a culture to let the customer know that he or she is part of the company's family will create customer loyalty. Now let's look at the first of the four Ps, the product.

(Perreault, W.E., et al., 2004).

The product is simply providing the right product to the correct target market. Southwest Airlines offer its customers air transportation with no frills. Southwest also offers good customer service with outstanding baggage handling. In fact, they have been awarded the prestigious Triple Crown for Best On-Time Record, Best Baggage Handling, and Fewest Customer Complaints. Southwest uses the Boeing 737 aircraft exclusively, which provides the same conveniences as other competitive discount providers. The airline also offers ticket-less reservations that can easily be made on the internet. How has Southwest achieved such phenomenal success in the face of stiff competition? Basically, Southwest offers no-frills service at low fares on relatively short flights. Additional benefits the airline provides include simple scheduling, ticketless travel, and point-to-point service. The major strength of Southwest Airlines comes from its personnel. Southwest sustains a workforce of 29,000 employees while maintaining a low turn-over rate. The company creates a family oriented culture that inspires teamwork and extracts lots of work from its employees in providing top-notch customer service. Employees team together as a committee to discuss ways of improving the workforce, enhancing service, and reducing customer complaints. Southwest Airlines has created a can-do culture inside the company, and this culture is the spirit of the organization. Now that we've seen the product, let's look at the place. (Matthew Brelis) (Southwest Airlines) (Perreault, W.E., et al., 2004).

The place is getting the product/service to correct target market's place at the right time. Southwest's core marketing strategy is short-haul domestic routes with an average flight length of 394 miles that typically lasts about an hour, allowing the airline to be at or near top in periodic measures of on-time performance. Southwest further takes advantage of serving airports that are readily accessible, rather than using large, crowded international airports. Low fare airlines compete in the segment of the market that accounts for approximately 40 percent of all passenger traffic in the United States. Before starting service to a new city, Southwest first launches an extended public relations program that emphasizes community relations, special events, and direct marketing. The intent is to build awareness of Southwest Airlines and make it a part of the community even before starting service in a given city. For example, in 1996, The CEO Kelleher was contemplating whether or not to expand operations in Florida. After carefully analyzing the pro and cons, the rest is now history. Expanding into Florida offered Southwest readily opened doors to a huge tourism industry. How could Southwest resist with Florida's countless miles of shoreline, its world-renowned beaches, its many theme parks like Walt Disney World, and its major cruise-line industry. Florida is undoubtedly one of the most sought after vacation spots in the United States. By integrating this service with existing routes along with Southwest's loyal customer base, the company was able to gain a solid foothold in Florida. (Southwest Airlines) (Perreault, W.E., et al., 2004).

The third P, Promotion, is mainly concerned with telling the target