The above topic should be of at least 300-350 words.

Peer 1 Post:

Marketing mix is one of the main components which considers all the aspects that needed to be included in a marketing report for any organization. This discussion focuses on one of the elements of the marketing mix that is pricing and gives suggestions on how marketing research help that element.

While marketing mix brings all the factors that needed to bring a service or product to the market, it is important to understand the price component. When introducing a product to the market, its price should be compared to all the competitors who are in the market. Also, it is important to understand the customers that are targeted by the product and track the economy level of them. If that is done correctly, the price can be calculated to larger approximate point to reach to the set of audiences. Also, the tax rate according to the area must be evaluated to get the price of the product appropriately so that they can reach customers easily. Another component of the price element is fluctuating the price accordingly so that the market share can be obtained. In order to do so, many companies try to market high prices at front and then start decreasing the price so that people who trust the brand will more likely try to buy the product. In the similar method the fluctuation can be varied in different manner to attract the share. So, enough marketing research will help the organization to establish the price accordingly by doing enough marketing research. In doing so, the marketing mix can be used by the organization efficiently.

References:

1. Benson P. Shapiro (September 1985), “Rejuvenating the Marketing Mix” Retrieved from https://hbr.org/1985/09/rejuvenating-the-marketing…

Peer 2 Post:

Marketing mix refers to a combination of different factors that companies use to achieve their marketing goals in the market and making their product/service attractive to customers. The marketing mix includes price, product, promotion, and a place known in the industry as 4Ps. Also, there are three additional factors such as people, process, and physical evidence.

For all businesses, it is vital to invest in marketing research. I will talk here the benefits of marketing research and how it helps to identify critical information for 4Ps and the right strategy for your company. There are some areas where marketing research boost your profitability and help marketing mix:

i. A company should improve it’s branding such as brand awareness, competitive comparison (how your customers see your product/service) and personification (characteristics and association with your company’s product/service).

ii. A company must conduct a survey to understand better customer’s demand such as the size of their market, age of their customers, gender, marital status, place of residence, etc. For example, the company should ask feedback to thousands of customers to improve their products or services.

iii. Learn more about product/service features – dive into competitive companies’ products/services and understand what they have unique which attracts their customers;

iv. Identify new opportunities – learn more about the target market where the company plans to put its product/service. It helps to see the readiness of customers to accept this product or service and may find a new geographic location.

References:

· Edmunds, S.A. (2019). How to Develop a Marketing Mix Through Marketing research. Retrieved from: https://smallbusiness.chron.com/develop-marketing-mix-through-marketing-research-64638.html;

Please write a 150 word response to both the peer posts and summarize the main post with 300-350 word response.

Please post (in APA format) your article citation.