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Compares and contrast elements of marketing mix
Compares and contrast elements of marketing mix
Major aspects of the marketing mix
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Marketing Mix is a very essential concept for the progression of the business. Products and services of a business organization get effective strategic positions in the market with the help of using marketing mix. According to Belz (2011), through appropriate attentiveness of the marketing mix, an organization can have proper explicated marketing tactics and strategies through which the company’s marketing objectives can be achieved at the required level. Marketing mix is not merely a single term but it is an assembly of different elements of marketing. 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. Some of the 4P’s of Marketing Mix that Interface need to implement to realize success include: Product Product mix is the most essential element of marketing strategies of a company. Interface is well known as the global best provider of commercial carpet tiles. The organization deals with selling and leasing carpet tiles. Due to the recent poor performance by Interface, its product determination should be integrated to form part of its marketing strategy. The marketing department of ESA should mainly focus on the market segmentation as per the department requirements of the potential ... ... middle of paper ... ...s for seven years before buying them. This should include removal services at very attractive prices. They should also allow their customers to lease the products for longer periods such as ten years as a way of sales promotion. Works Cited Belz, F., & Peattie, K 2012, Sustainability marketing: a global perspective (2nd ed.). Hoboken, N.J.: Wiley. Cadogan, J. W 2009, Marketing strategy. London: SAGE. Gupta, K 2010, Innovative marketing strategy balancing commercial goal and corporate social responsibility. Mumbai [India: Himalaya Pub. House. Jackson, N. A 2013, Promoting and marketing events: theory and practice. New York: Routledge. Kapferer, J., & Bastien, V 2009, The luxury strategy: break the rules of marketing to build luxury brands. London: Kogan Page. Lamb, C. W 2010, Marketing (4th ed.). Cape Town, South Africa: Oxford University Press Southern Africa.
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).
The LEGO Group organization is famous due to its flagship product – colourful plastic bricks that can be interlocked to form a variety of figures, and then disconnected again. These binding bricks originated in a wooden form when the company was first established in Billund, Denmark by Kirk Kristiansen in 1932 (The LEGO Group, 2012), and today’s well known plastic version was introduced in 1958 (Rosenberg). The company’s head office is located in Billund to this day, and The LEGO Group remains privately owned by Kristiansen’s family (The LEGO Group, 2012). They currently sell toys and teaching materials in over 130 countries worldwide.
Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.
This marketing mix can be implemented by doing surveys. Forming a research team to do studies and find problems and execute solutions.
The Marketing mix is a blend of marketing tools that are used to indulge customers and company goals. Customers frequently call the marketing mix "the offering. “Your offer is managed by the following variables regularly referred to as the four Ps in marketing: Product, Price Place (Distribution) and Promotion. Wikipedia.com defines “Products” as “an item that ideally satisfies a market's want or need.” You might also have a service that they’ll pay for as your product. Having the right product for your target market (that’s the people or businesses you want to sell to) requires knowing what they need and want.
It is also important to note that marketing mix applied by a particular firm will vary according to its resources, market conditions
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill Company.
Sustainable marketing is an approach to marketing that preferably aligns internal organizational methods and classified resources that form significance for stakeholders (proprietors, shareholders, workers, value chain partners) and through which the external natural and social environments are developed by the activities of the firm. This approach is used most successfully by organizations that have evidently stated values and goals for their desired effect on their own economic feasibility, as well as on the natural and social environments they work within. The term sustainable development means special things to special group. But, in essence, it is concerned with meeting the needs of public at present without compromising the aptitude of future generations to meet their own desires. (World business council for sustainable development 2005) Sustainable marketing is the method of promoting goods that are environmentally secure at the retail stage and touting a company's pledge to sustainable practices at the public relations stage. It applies conventional marketing techniques but in an explicit context. This type of marketing tries to find to capitalize on the better value consumers place on eco-friendly goods and companies that have a apparent commitment to sustainability in its production and supply chains.
Marketing mix are the variables that mangers can control in order to best satisfy customers in the target market. A typical marketing mix includes the product offered at price, with some promotion to tell customers about the product and a way to reach the customers’ place.
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.
The development of marketing strategy first begins with what type of product or services the organization is going to provide the public. After realizing what type of products or services will be provided it is then followed by creating a marketing mix. Marketing mix in short is putting the right product, at the right place, at the right price, at the right time. The elements of marketing mix consist of ideas and plans to promote the products or services the organizations are planning to market. At times the marketing mix and the four P’s are the same however, they are not exactly the same thing (Mind Tools, 2014). Marketing mix describes the choices an organization has to make to bring the product or services to the market. On the other hand the four P’s is part of the marketing mix. It consist of product (or services), place, price, and promotion. The marketing matrix helps target the audience the organization wants to target that needs a specific product or service.
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.
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.
In all reality, all businesses will, in some way shape or form, complete all of the marketing activities, even if completing these activities is not their main goal. (Dlabay 2006.) These marketing activities are product, place, price, and promotion. A business tool called that marketing mix takes all of these activities and puts them together in a way that can be used to help improve a business’s marketing strategy. Product is what the company is selling; Place is where the consumer will obtain this product; Price is what the consumer will pay for the product; Promotion is any type of communication that is intended to remind, inform, or persuade. (Dlabay 2006.) The marketing mix and the four P’s describe very well what business marketing is all about.
The marketing mix is important to the sport industry because it allows a sport marketer to better understand the market they are selling in, and enables a sport marketer to generate an increase in revenue. The marketing mix contains the four p’s, which include: product, price, place and promotion. Each of the p’s in the marketing mix are all vitally important because they are what you are selling, why you are selling, where you sell it at, and how you promote what a sport marketer is selling. The marketing mix is essential to the sports industry because it enables a sport marketer to better understand their product, and improve sales.