Mkt445 - Identify your selected organization and the industry in which it exists
P.F. Chang’s China Bistro Incorporated is the parent company of its two concepts, P.F. Chang’s China Bistro and Pei Wei Asian Diner. Their more successful concept, P.F. Chang’s China Bistro, is a premium casual Chinese restaurant that opts to deliver quality American influenced Chinese cuisine.
Mkt 445 - Both sister concepts falls under the category of the food and beverage industry. The first P.F. Chang’s location was opened in Scottsdale, Arizona in 1993. Since then, the company has successfully opened over 200 locations worldwide. P.F. Chang’s is currently focusing on expanding their international locations.
Iscom373 - The Puerto Rico location is the next international opening and is due within months. The company is also contracted to open five locations in the Philippines, with their first store opening in the beginning of 2012 in the Manila.
Describe how each one of the four elements of the marketing mix affects the development of the organization’s marketing strategy and tactics
Iscom 373 - The four elements of the marketing mix are price, product, promotion and place. These are also known as the Four P’s of marketing, “a useful short hand reference to them first used by published by Professor E. Jerome McCarthy” (Kerin & Hartely, p.12). The four elements are interrelated, for example a promotion may include a change in price.