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Essay / Research Paper Abstract
A 7 page paper. This paper begins with an explanation and discussion of the marketing mix, the 4Ps. The paper then discusses the marketing mix for Tylenol and includes comments about the challenge when Tylenol was laced with cyanide. Bibliography lists 7 sources.
Page Count:
7 pages (~225 words per page)
File: ME12_PG4pxtyl.rtf
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Unformatted sample text from the term paper:
Neil H. Borden began using the term marketing mix and included numerous items in his description. E. Jerome McCarthy subsequently took all of the ingredients and put them in four
broad categories that has become known as the 4Ps of marketing (NetMBA, 2010). The marketing mix is a set of tools the marketer can use to sell the product.
The 4 Ps are Product, Price, Promotion and Place, each is considered to be a marketing tool. Marketing managers have a large degree of control over these tools but that
control can be limited by both internal and external forces (NetMBA, 2010). The goal of using the 4Ps is to have a product appeal to the target market so that
consumers perceive value (NetMBA, 2010). The elements involved with the Product decisions include the brand, the quality of the product, functionality, styling, safety, packaging, warranty, types of support provided and
accessories or services for the product. Pricing decisions include the pricing strategy, the manufacturers suggested retail price; any kinds of discounts the company will offer, e.g., wholesale or bulk discounts;
bundling products together; if the company will offer discounts to buyers for paying earlier than the invoice due date; if there is any flexibility in the price (NetMBA, 2010). Place
has to do with distribution - how is the company going to get the product to the end user? Depending on the product, decisions will be made about the distribution
channels that will be used; it the product is intended for a niche market or regional or has a smaller target market; how inventory will be managed; how orders will
be processed; transportation options; how products will be warehoused and so on (NetMBA, 2010). Promotion has to do with communication about the product, getting the information to the consumer. The
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