Marketing Success

1800 Words4 Pages
bulb-icon

Recommended: Objective of marketing mix

Marketing is the management process involved in identifying, anticipating and satisfying consumer requirement profitably. This marketing mix comprises of product, price, place and promotion (Surridge and Gillespie pg.190). Sometimes people argue that an element of the mix is more important than the others but I do believe that they are all equally essential for the success of a product. In this essay, I am going to explain the various elements of marketing mix, if the product is the most important element of the marketing mix, and the importance of an integrated and consistent marketing mix.

First of all, in no order, I will talk about the various elements of the marketing mix. Price is simply the amount a product is sold. It is the amount charged for a product. (Surridge and Gillespie pg.190). It has direct effect on the revenue and profit a business derives .Therefore the price should be so that the business can make maximum profit from the goods sold. There are various pricing strategies a business can practice in order to guarantee a successful product. Examples are value pricing, market penetration pricing, bundle pricing, predatory pricing, etc. (Surridge and Gillespie pg 208-209)

The second marketing mix is promotion. This is simply the communication to a potential customer about a product or service by one or more means (Surridge and Gillespie pg. 190). Letting people know about the goods and services in a positive way that will make them want to buy it. The promotion mix consists of a blend of advertising, personal selling, sales promotion and public relations, direct mail, branding and merchandising (Surridge and Gillespie pg 225-228).

Also, place is another element of the marketing mix .It can be defined as th...

... middle of paper ...

..., I believe that all the different elements of the marketing mix need to work hand in hand for the success in sales of any product. One cannot say because a product is of high quality, it should not be well promoted or because it is a cheap product it should not be found everywhere or because it is found everywhere is should not have quality. This shows that for the success of any product in the marketing, all the different elements of the marketing mix work together and complement each other.

Works Cited

Dominoes Pizza Smart Marketing [access at: http://www.tutor2u.net/blog/index.php/business-studies/comments/dominos-pizza-growth-strategy-part-3-smart-marketing/ ]

Ritz, Bryan , The added value of breakfast, Business Review, February 1 2007.

Surridge, Malcolm & Andrew Gillespie, AQA Business Studiesfor AS, London: Hodder Education, 2008. Chapters 26 - 30

Show More
Related

  • Yeti Cooler Case Study

    851 Words  | 2 Pages

    Kotler and Keller (2014) develop on what product represents in the marketing mix, as the idea centers around its design, quality and packaging. Continuing with the Four P model, price should be considered when marketing a product. The price component asks one to determine the list price, discounts, allowances, and payment period of a product (Kotler & Keller, 2014). Finally, Kotler and Keller (2014) list promotion and place as the final two variables associated with the older Four Ps. Promotion deals with how a product is advertised and what type of sales force will be utilized, while place is associated with the channels and locations for which your product will be featured (Kotler & Keller,

    Read More

  • Proctor and Gamble

    806 Words  | 2 Pages

    This paper will describe the four elements of the marketing mix (product, place, price, promotion). In addition, it will describe how each element is implemented within a specific organization and how the four elements relate to that organizations marketing strategy. The company used in this example is both a product and service driven company and is in business for profit.

    Read More

  • Analysis Of Victoria's Secret

    1016 Words  | 3 Pages

    Place (channels of distribution), refers to the point of sale (POS). The method of which a product is assessable to the consumer is a crucial part in the distribution of goods. Retailers pay top dollar for prime real-estate, one of the most popular saying in business is “location, location, location”. Location is key in the retail market and Victoria’s Secret understands that very well, they offer a number of outlets for consumers to reach their products; they have a number of physical store locations both inside and outside of the mall and centrally located to consumers, including overseas and in a number of countries throughout the world, offer online shopping for the millennial and convenience shopping as well as via catalogue (mail order). There is great utilization in all outlets for distribution of the product line; Victoria’s Secret ensures high engagement of its consumers in all outlets by offering special sales and promotions significant to the specific outlet. By doing this they appeal to each market

    Read More

  • Marketing Case Study Of Primark's Market

    1944 Words  | 4 Pages

    Place, intended as the firm 's distribution, and pricing are also important element of the marketing mix used by

    Read More

  • Monster Beverage Corporation Business Case Study

    1887 Words  | 4 Pages

    The marketing mix, which is basic to any organization, can be considered the ‘controllable’ variables that every business encounters. These controllable variables can be modified based on the uncontrollable variables (external factors found in Environmental Scan) that directly affect business operations. A company focuses on four elements in the marketing mix: Product, Price, Place, and Promotion, which are managed and coordinated through marketing programs in efforts to appeal to their target market. Marketers strive to understand what motivates consumers to purchase certain products. The marketing mix helps to break down some of these questions: What will consumers buy? How much will they spend? Where will they buy? And will they buy again?

    Read More

  • Analysis Of JB Hi-Fi

    1142 Words  | 3 Pages

    Successful marketing strategies are very important as it determines whether the organizations can materialize the benefits and strengths of their products and improve their revenue and profitability. Marketing strategies are heavily impacted by the external opportunities and weaknesses, as well as the internal strengths and weaknesses of the organization. Based on this information, companies have to segment the big market into small segments and divide their products into homogeneous batches to target each segment separately. Furthermore, the organizations have to design important marketing mix, including product, price, place, and promotion to make sure that their products are well received by the customers. All of these aspects are very important for organizations realize the potential from their products and achieve the competitive advantages in the competitive market.

    Read More

  • Marketing Mix Strategy to Achieve Marketing Objectives

    779 Words  | 2 Pages

    It basically constitutes 4P’s of marketing mix such as price, place, product and promotion. All these 4P’s have similar repercussion for the promotion of products in various organizations. These justifiable elements of marketing mix can be utilized by a business organization to increase its marketing efficiency. With the marketing mix, a company can have access to marketing information so as to determine the outcomes of the marketing activities on its total sales. The company can evaluate the extent of efficiency of its marketing activities using the information gathered from the marketing mix.

    Read More

  • Organisations That Fail to Plan are Planning to Fail

    1624 Words  | 4 Pages

    Chapman, S, Devenish, N 2011, Business Studies in Action, 3rd ed, John Wiley & Sons Australia, Milton, Qld.

    Read More

  • The Concept of Marketing Within the Context of Public and Government Sector

    4370 Words  | 9 Pages

    It discusses broadening the concept of marketing and new approach to marketing, which emphasises on social and relationship marketing. Then, the government/public sector has been introduced and it proceeds with whether traditional marketing principles can be applied to the marketing of organisations in this sector. It concentrates on issues of relevance-how marketing mix fits to it, what are the benefits and constraints. 1.1 The Marketing Concept and the Marketing Mix: Before proceeding further, it is essential to define what marketing is: Kotler (1991) defines marketing as “a social and managerial process by which individuals and groups obtain what they want and need through creating, offering, and exchanging products of value with others.

    Read More

  • Consumer Marketing Case Study

    1074 Words  | 3 Pages

    The marketing mix is the most fundamental concept of marketing, which is a set of controllable marketing tools that a company uses to create a desired response in the targeted market. Marketing Mix ' is also referred and known as the Four P 's i.e. product, price, place of distribution, and promotion. (Khan 2014)

    Read More

  • Essay On Marketing Mix

    1412 Words  | 3 Pages

    The four P’s of the marketing mix are price, place, product, and promotion. Each element has its significance, and it is important that

    Read More

  • Using The 4 Ps To Market Ultimate Fighting

    1277 Words  | 3 Pages

    Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.

    Read More

  • Marketing Strategy

    1394 Words  | 3 Pages

    The major premises or the foundational issues of marketing strategy are (Smith, Blazovich & Smith, 2013; Varadarajan, 2010). 1- The purposes of marketing strategy : A- To enable organizations to achieve and sustain a competitive advantage in the marketplace. B- To create both market-based relational and intellectual assets. C- To enable organizations to build beneficial exchange relationships with customers. D- To modify, influence and shape the behaviors of customers. E- To identify and increase new paths of differentiation, and F- To enhance the importance of non-price criteria relative to price in the brand choice decision process of buyers 2- The last objective can be achieved through by segmenting market into subgroups and offer based on customer’s needs for each segment 3- Differentiation means heterogeneity in supply 4- A sustainable competitive advantage is important condition for a business to compete over the long-run.5- In an industry, there will be more than one path or marketing strategy to attain the desired performance. industries can attain superior performance by applying different marketing strategies such as promotional strategies ( ...

    Read More

  • Jet Blue Marketing Mix

    714 Words  | 2 Pages

    When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.

    Read More

  • Essay On Marketing Mix

    906 Words  | 2 Pages

    To create a successful marketing mix you must have all of the following aspects: the right product for your target market, sold to your target market at the appropriate price,in the right place and time, while using the most fitting promotion. ( Marketing Theory 1995.) The product, price, place, and promotion all are of uttermost importance in a business, since all businesses must complete all of these activities, including advertising agencies and research firms, everybody in the business world should understand the marketing mix.

    Read More

More about Marketing Success

Open Document