Title: Definition, Role and Value of the Marketing Function MKT 421

Abstract The marketing mix of an organization consists of four different elements, product, price, place and promotion. Product is the overall entity that the organization has at hand and which it requires to sell in the market. Price is the kind of price range the organization is looking at to be feasibly realized from the target market in return for the product. Place is the target market where the product can be sold. Promotion is …

…range and how it is used is a function of the marketing mix. The range may be broadened or a brand may be extended for tactical reasons, such as matching competition or catering for seasonal fluctuations. Alternatively, a product may be repositioned to make it more acceptable for a new group of consumers as part of a long-term plan. References Retreived from the World Wide Web on May 26, 2004 http://www.1fastlinksolutions.co.uk/marketia.htm