Marketing Mix Essay Example for Free

Marketing Mix raiseProduct refers to the creation or design of a good or service. It is hither that the process begins in the vivification of a harvest-festival. In this part of the food marketing mix the design is made, the name is created, and even the packaging of the good is decided upon. This is where a mathematical ingathering haves to be created in a mien that makes the product marketable for its intended tar bug out. (Manktelow, 2013) Place is the process in when it is decided where the product is going to be change and how the product will be distributed. Many questions are answered in this part of the process such as Where do buyers look for this product? , What channels of distribution should be workoutd? , Do we need to use a sales force, attend trade shows, or send samples to companies? , and What are contests doing? (Manktelow, 2013) For example, a company producing great role tools would not want to distribute their goods in a boutique. The intended customer base is not likely going to be found here. The correct distribution would be in a store where power tools are sold like main office Depot. While having a great product is valuable, you need to discover it to the consumer in the most efficient manner.Price is where the value of the product is determined. Pricing is just as important as the product itself. No matter how great a product is, it needs to be priced so that consumers will be willing to purchase it and so that it will make a profit that is charge investing in. Pricing also can offer a chance to get a wooden leg up on the rival. In mold to actualise an advantage in market share a company whitethorn decide to price their product slightly lower than their competitors price. (Manktelow, 2013) advance is how a company creates their promotional strategy, advertising, and public relations.Promotion is extremely important in making the consumer cognisant of the product. It is also very important that the promot ional strategy is aimed at the target audience. (Manktelow, 2013) For example, to promote a new-made basketball shoe advertising could be created featuring a professional basketball player and the product could be heavily advertised during basketball games on television when the intended audience is going to be watching the game. PayPal, Inc. is a stick outment processor that operates primarily in processing payments on the internet.In 2010 PayPal began to push a new motto of Anytime, Anywhere, Anyhow. PayPal was taking their online payment services and moving them into the physical world. In array to achieve this PayPal began pushing their mobile payment services to develop products that would help to achieve this vision. PayPal required a product that would allow people to truly use PayPal anywhere at any time. In 2012 PayPal launched PayPal Here. PayPal here is a product that connects to a smartphone to allow merchants to accept credit card payments wherever their business ma y take them.To allow buyers the convenience of using PayPal anywhere, PayPal revamped the PayPal Mobile App. The PayPal Mobile App allows a person to send funds at any time using their smartphone. Whether it is sending money to a friend or pay for an item on eBay, the PayPal Mobile App allows buyers to use their PayPal account without having to be in front of their computer. The other product PayPal created for both merchants and for buyers is PayPals in-store checkout. In December of 2011 PayPal partnered with The Home Depot to unveil this new product and feature.Customers of the Home Depot no longer need to bring their wallet to the store with them. By simply entrance their mobile number and PIN number they can pay with their PayPal account. Upon checking out the customer receives a text edition message and e-mail receipt of their purchase. This video demonstrates the PayPal in-store checkout process. http//www. youtube. com/watch? feature=player_detailpagev=Q8P9qT9EIVk PayPal s placement of the product was not as complicated as many companies selling a product like a hammer or shoes.The PayPal Here product is a way to use the PayPal Here service. Customers simply reserve to go to the PayPal website or PayPal Here App and request the PayPal here dongle. It is sent to the customer at no terms because the value is in the customer accepting payments using the PayPal Here service. This benefits PayPal in that they do not nominate to deal with major distribution channels in getting their product into the right store. They simply need to ship the product to the customer that asks for it off of the PayPal website.PayPal has structured their pricing to remain ahead of their primary competitor Square. PayPal charges 2. 7% per transaction to receive payments using the PayPal Here product. Square has a similar product and charges 2. 75% per transaction. The cost of the phone attachment for PayPal Here is free. This has allowed PayPal to keep up with their competi tor. In erect to effectively market this product PayPal needed to have a price that at least met that of their competitor in order to get people to use the product.PayPal decided to charge slightly less than their competitor in order to gain customers new to this technology and to sway some customers away from Square. Had the service not been available by dint of a competitor, PayPals pricing may have been different. Having a price that meets or beats the competition shows that PayPal is marketing their product to not just to customers new to accepting mobile payments, but to those that are already accepting them which expands the market they are targeting.PayPal also offers other types of services other than just accepting payments on a mobile phone which creates more value for potential customers. PayPal has launched aggressive marketing campaigns through email and through banners on their website. PayPal has never advertised their products on television or radio and they did no t push through with the launch of PayPal Here. PayPal announced PayPal Here at a media event and let the media spread the word on with the advertising occurring through email and on the PayPal website.This helps PayPal save money in advertising and promotion go still promoting their product efficiently. PayPals intended targets for PayPal Here are small businesses and people who sell at events like trade shows, service (lawn care, plumbing, etc. ) who would like to be able to give their customers more options to pay for their services. The marketing mix is an effective way to help successfully market a product or service. It addresses every aspect that is needed in order to successfully prepare a product to be launched.The four Ps work together to help a company provide the consumer with what they want, get the product to the consumer that demands the product, sells at a price that benefits the company and the consumer, and will promote the product to the right audience. Without the fit use of the marketing mix a product could easily fail. A company could design a new product that may seem great, but if they do not market the product properly the right people will not see it, buy it, or be aware of it. Without the sales, the life of a product can be short lived because of ineffective marketing. PayPal has sh possess an effective use of the marketing mix.PayPal set a consumer need, PayPal designed a product and service that would meet the needs of the consumer, PayPal found an efficient way to deliver the product and service to the customer, PayPal provided a price that was slightly better than the price of their competitor to gain a market advantage, and PayPal effectively used word of mouth promotion and promotion through their own website to make consumers aware of this new innovative product that can meet their needs. It has been effective use of the marketing mix that has helped PayPal remain on top of the online payment processing world.