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In order to achieve the marketing objectives a corporation needs to have a strategy that includes different elements the various parts of the marketing mix The marketing mix reminds the corporation to get the balance right between the different elements It is easy to assume that one part of the marketing mix is wrong when in fact it is another Marketers have fours tools to use to develop an offering to meet the needs of their targeted customers Together they are called the marketing mix in detail they are viewed as product price place and promotion The marketing mix should be viewed as an integrated and coordinated package of benefits that reflect the characteristics of customers and various targeted publics and satisfy their needs wants and expectations the economist Note that the elements of the marketing mix should be integrated because each element of the mix usually has some impact direct or indirect on the other three For example if a corporation improves the product or service the price must be changed because it costs more to produce it Although the corporation may not have to change where the product is delivered to the customer a change in the promotion must be done as well because the customer has to be kept updated about the changes and how these changes will make the product or service more desirable and satisfying One problem in many organizations is that different divisions may be responsible for different elements of the marketing mix This happens even in well managed organizations The result is that the offering is confusing to the target market Lack of communication among divisions makes this problem worse and if they do not share the same view of organizational objectives the problem is worse still the economist The Product AMC Theaters product will be the showing of films bowling games and refreshments sales AMC will need to be able to provide viewings of newly
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