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. What is the marketing mix? What are the four elements of the marketing mix?
importance of marketing mix
the marketing mix is a combination of
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The Marketing Mix
Introduction
Setting the right marketing mix for the product or service means that it including all of the important bases in marketing strategy. The marketing mix is generally established as the use and requirement of the 4P’s which is describing the strategic position of a product in the marketplace. One version of the beginning of the marketing mix starts in 1948 when James Culliton said that a marketing decision should be a result of something related to a methods and he described the marketing manager as a “mixer of ingredients”.
In 1953, Neil H, Borden took that theories in his teaching. The term "marketing mix" became popularized after Borden published his article, The Concept of the Marketing Mix in 1964. Borden's marketing mix which including product planning, pricing, branding, distribution channels, personal selling, advertising, promotions channels, packaging and other factors
Overall that information, a business firm controls four important elements of marketing that it combines in a way that reaches the firm’s target market. These are depended on the Product itself, the Price of the product, the means of the selection for its Place, and the Promotion of the product. When combined, these four elements form a marketing mix (see Figure 2.1).
A firm can contrast its marketing mix by changing any one or more of these elements. Therefore, a firm may use one marketing mix to reach one target market (a group of individuals or organizations which a firm develops and maintains a marketing mix suitable for the specific needs and preference of that group) and different marketing mix to reach another target market. For example, most computer technician produce several different types and models o...
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...nal selling, sales promotion, and public relations are the four major elements in an organization’s promotion mix (see Figure 2.2). Two, three, or four of these ingredients are used in a promotion mix, depending on the type of product and target market involved.
Promotion decisions are those related to communicating and selling to potential consumers. Since these costs can be large in proportion to the product price, a break-even analysis should be performed when making promotion decisions. It is useful to know the value of a customer in order to determine whether additional customers are worth the cost of acquiring them. Here are some examples of promotion decisions made to be included:
Promotional strategy (push, pull, etc.)
Advertising
Personal selling & sales force
Sales promotions
Public relations & publicity
Marketing communications budget
A. The marketing mix is the main tools that help out the company to be successful; there are the four ps of the marketing mix which are:
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?
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.
The marketing mix is for the most part made up of four elements, and they are product, place, price, and promotion. These elements are time and again referred to as the four P’s. Countless sources will portray the marketing mix as a formula used in creating a feasible marketing strategy, with each component utilized in various ways and in different intervals supported depending upon the product or service the group or individual is attempting to market. The marketing mix will be described using three sources to illustrate the elements of the marketing mix. It will also express how each one of the four elements of the marketing mix impacts the expansion of an organization’s marketing strategy and tactics.
It is also important to note that marketing mix applied by a particular firm will vary according to its resources, market conditions
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 marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand of products in the market. Price, Product, Promotion and Place, are known as the 4Ps that make up a typical marketing mix. As marketing evolves, there are additional Ps that can also be included in the marketing mix, however, focusing on the 4 core Ps of the marketing mix, price, place, promotion and Product, taking an in-depth look at the aspects of Victoria’s Secret in general and in terms of the selected product. All the elements of the marketing mix influence each other. They contribute to the business plan for a company and if managed correctly, can give it a great success. In order to successfully master marketing mix, it needs understanding,
I found the main goal of the article to explain the concept of marketing. As the author implies, the concept of the marketing mix is a great tool to give an answer to the question “what is marketing”. It is a great introduction of the elements of marketing as a whole, with visual charts that sum the different marketing forces. Marketing is not about doing or not doing, its mainly about doing the right things for your operation with consideration of the resources that are available. This also sheds light over the fact that managing functions of marketing must be oriented to the market and with consideration of the marketing changes make a marketing mix that fits the resources of the firm.
Marketing strategy is the plan that is designed, and specifically delineates how to enter the new market and attract new customers. It is also known as the process that allows the facility to employ its limited resources in opportunities to increase sales and to gain competitive advantages. Accordingly, an appropriate marketing strategy is adopted, which depends mainly on the marketing mix. The marketing mix is defined as “the set of plans, policies and processes exercised by the marketing management in order to satisfy the needs and desires of consumers and convince consumers to buy their products and services, and each element of the marketing mix affects and is affected by the other element.”
Marketing mix is the marketing tool that is used by the company to promote its brand. It is simple and also a basic concept for marketing. It is based on product, price, place and promotion. The marketing mix of Nissan are described in the following.
The marketing mix is a tool which is used by the organisations to develop and implement efficient and effective marketing strategies in the workplace. The marketing mix consists of a number of factors which are related to the organisation, its business model and its products. In this section of the report we will discuss the importance of the marketing mix in the marketing strategy implemented by McDonalds. Along with the significance of the marketing mix in the marketing strategy of McDonalds, we will also discuss a number of constituent factors of the marketing mix deployed by McDonalds (Bal, 2015).
The 4P marketing strategy was developed in the 1950s, and is considered a traditional approach to the marketing. The marketing strategy as such, is concentrated on the product itself, the logic behind this strategy is that a superior product will sell itself. This strategy was initially called a marketing mix; meaning that a marketing strategy is a mix of four components, which work as an interdependent modules such as:
Marketing managers use marketing mix as a business tool in marketing. Marketing mix synonymous with the 4Ps which were amended and listed by Eugene McCarthy as Product, Place , Price and Promotion.
The marketing mix therefore defines strategies and tactics a business uses to reach target customers. McDonalds has corporate standards that its marketing mix applies globally. The company also uses some variations of its marketing mix to suit the local conditions of the markets. An example is where McDonald’s promotion focuses on print media in countries where such media is most popular. The company’s effectiveness in implementing its marketing mix contributes to the leading performance of the McDonalds brand and business in the international fast food restaurant
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.