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The concept of'marketing mix' and its elements
The concept of'marketing mix' and its elements
Elements of marketing mix
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Marketing decisions generally fall into four categories; product, price, place and promotion. These categories together, are known as the marketing mix, or the 4 P's of marketing. Subject to the internal and external constraints of the marketing society, the marketing mix gives marketing managers controllable parameters to make decisions that are centered on customers in the target market. The ultimate goal of the marketing mix is to create value and generate a positive response for any organzition.
Elements of the Marketing Mix
Wikipedia, The Free Encyclopedia (2006), describes the marking mix approach to marketing as a model of crafting and implementing marketing strategies and stresses a blending of various factors in such a way that both organizational and consumer (target markets) objectives are attained. When blending these factors, or elements, marketers must understand the wants and needs of the customer and use those elements when formulating the appropriate marketing strategies and plans that will satisfy them.
Neil Borden, the developer of the marketing mix model, suggests that you need two sets of information in order to develop a marketing mix; a list of important elements that go into the mix, and a list of forces that influence these decision variables (Wikipedia, 2006). The most common variables that are used in formulating this mix are product, price, place and promotion. These variables, viewed from the perspective of the marketer, are sometimes referred to as marketing management because it describes the elements in which marketers have to work with.
Product Decisions
"Historically, the thinking was: a good product will sell itself. However there are no bad products anymore in today's highly competitive...
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Companies realize what people need and they take it as sources to produce commodities. However, companies which have famous brands try to get people’s attention by developing their products. Because there are several options available of commodities, people might be in a dilemma to choose what product they looking for. In fact, that dilemma is not real, it is just what people want. That is what Steve McKevitt claims in his article “Everything Now”.
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.
Appendix 2 shows the benefits of the promotional mix tools used. Integrated marketing communication is a concept of marketing communication from each promotional mix that combines and evaluates the planned role of different communication (Naeem, Bilal &Naz, 2013, p.g. 125). The. There are factors that affect the marketing mix and there are nature of product(product characteristics such as the costs and risks and the social risk), stage in product life cycle and target market, type of buying decision, promotion funds and the push or pull strategy. Appendix 3 shows the push and pull strategy.
There are four key factors in the marketing mix, which includes product, place, promotion and price (Worth). Product, which includes tangible and intangible qualities, is the simplest factor and plays a fundamental role in the marketing mix. Secondly, place, is also a significant variable in the marketing mix because the convenience of the location decides the popularity of the product. Thirdly, promotion influences the visibility of the product. Through advertisements, brochures, and other efforts, promotion helps to raise the public’s awareness on the product. Finally, the price is the most straightforward factor in the marketing mix, which directly relevant to the exchange in the market place. The cost-oriented pricing is the mostly common
The 4 Ps of the marketing mix are: Product, Promotion, Price, and Place. The marketing mix puts the right products, at the right price point, in the right place, at the right time. The following examines how Claire’s Chocolates optimizes its marketing mix (Yoo, Donthu, & Lee, 2000, 195-196).
Place, intended as the firm 's distribution, and pricing are also important element of the marketing mix used by
New products need to be constantly introduced to keep up with the ever -changing demands of the consumer. New product introduction is vital to the overall welfare of any organization according to (Ledwith and O 'Dwyer
Lamb, C. W., Hair, J. F., McDaniel, C. D., & Wardlow, D. L. (2009). Essentials of marketing (6th ed.). Cincinnati, Ohio: South-Western College Pub..
According to Henley, (2011) this philosophy predates the Industrial Revolution (Henley, 2011) and, bases itself on the assumption that if one creates a high quality product it will sell itself irrespective of customer wants, and needs. This concept excludes the customer from the decision and solely revolves around the manufacturer’s credence that the product is what the public needs, therefore the creation will only require the manufacturer pushing the product to create sales. Within this approach, the customer is limited to what the manufacturer creates thereby constraining the customer to react to the manufacturer’s decisions. In addition, it confines stock levels set by production and only permits profit through manufacturing efficiency. Furthermore, in advertisement, instead of benefits to the customer as seen in a marketing approach, the manufacturer is restricted only to the product’s features (RDI, 2...
Advertising in today's society is largely based on brand name recognition. It doesn't matter how good the product being sold is, but rather how good the product's advertisements are. A consumer is more likely to purchase a more expensive item because it has a flashy advertisement than buy a cheaper product they have never heard of before.
Etzel, Michael J., Stanton, Bruce J., Stanton, William J. (2004). Marketing. (13th ed.). Boston: McGraw-Hill.
The marketing mix definition is about placing the right product or a combination thereof in the place, at the right time, and at the right price. The hardest part is doing this well, as an organization need to know every part of their business plan. There are many type of marketing mix. There are 4Ps, 7Ps and 11Ps.
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.
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.
A marketing mix is what businesses use to detail the main functions of business marketing and do into further explanation as of how those functions influence the success or failure of a business. There are several different marketing mix tools, the four P’s is a very useful tool explaining the main functions of a marketing mix. A basic way of describing the marketing mix is the four P’s: Product,Place, Price, Promotion. A very important part of understanding how to use this tool is asking yourself questions that will help you understand each individual part of the marketing mix. Many people use this process to check their existing business to see if there are improvements to be made. The four P’s marketing mix system could also be used before starting a new business or offering a new product to give yourself guidelines on how to run your new business.