Mkt 421 Week 2 Marketing Mix Paper

Week 2 Individual AssignmentMKT/421January 23, 2013Marketing MixThe marketing mix is the set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market (Armstrong, 2011). The marketing mix consists of everything the firm can do to influence the demand for its product (Armstrong, 2011). I will use Fossil watches as an example of how the marketing mix works. Marketing Mix consist of four fundamentals, product, place, price, and promotion. The 4 Ps deliver the intended value to targeted customers. Product is a goods and services combination. Fossil offers several different types of watches with warranties, which in return adds an extra security blanket to the product as well as increase wealth. The second P of the Marketing mix stands for place. Where do we plan on selling our watches? Malls, outlets, independent contractors and e-commerce offer great places to sell our product. Price is the next of the powerful Ps. Price covers the amount of money to be paid for product. This could mean moving