The Marketing Mix

1203 Words3 Pages
bulb-icon

Recommended: Marketing mix literature review

The marketing mix, which consists of price, product, place and promotion are essential tools that play a vital role in determining the fate of a business. The right marketing mix could mean profit and an unbalanced marketing mix could be the reason behind a business’s downfall. A simple search on “Bopal” takes us to the Bhopal gas tragedy that killed several thousands of people in India and left thousands of others disabled. There may be many others who are still suffering from aftermath of that disaster. Before launching a new product on the global market it is every company’s responsibility to do a research. A clean research objective will help ensure that the company has the right information in order to launch its product, in the right place. The case study provides us with the product and place.
Q: What are we offering? A: Insecticide named “Bopal” Q: The target market/potential customers? A: Customers located in India
A research study should have been conducted based on these key terms. This will address any key problems that the business could face and provide solutions and recommendations in order to avoid potential loss. A primary research such as surveys, interviews, focus groups would have helped to specifically collect data that were required for Umberto’s insecticide prior to its launch. This will be reliable, qualitative and directly related to the product also focusing on the name of the product. As this product was to be launched in India, any disturbances with the name would have been mentioned in the...

... middle of paper ...

...uages spoken in India. Include sincere and heartfelt thoughts about the disaster in relation to their culture and Umberto’s thoughts of the issue. Identify the pain and suffering that the locals would want to hear about. Reach out to the community, charity organizations and political parties and ask for their assistance in sorting out the issue that would help detangle misunderstanding and release the company of the negative publicity. Some of the products could have been given away for free to those who were affected in the Bopal incident and who are currently in the farming business. This process can be done after they have announced a different name for the product. They could come up with different names and have the local people to vote for the best name. This would be of benefit to the business as well as rectify to some extend the level of negative publicity.

Show More
Related

  • Marketing Mix - H&R Block

    1480 Words  | 3 Pages

    As we all know, marketing is a necessary part of our daily life. Not only are products and services marketed, but we market ourselves as part of everyday business. I spent time this week speaking with a close friend of mind who is a Store Manager for H&R Block discussing the 4-Ps and how they pertain to his organization. It was very interesting to see how different industries market their products and services. Does the thought of receiving your tax return immediately grasp your attention? Well it has definitely helped H&R Block in boosting their ability to attract customers. It seems as thought immediate gratification is a promotion marketing tool that many companies are now using. After briefly describing the 4 – P's of marketing we will review how H&R Block utilizes all of the steps in their marketing mix.

    Read More

  • The Importance of Market Research to AAA Travel Auto Club South

    874 Words  | 2 Pages

    Market research provides information to help unravel marketing obstacles that businesses face in today’s business climate, an essential part of the business planning process. As shown in the example certain strategies such as segmentation or differentiation are almost unattainable without relevant market research.

    Read More

  • Qlt1 Task 1

    268 Words  | 1 Pages

    Marketing research has become a very important part of small businesses and large corporations gaining information about their customers and how they feel about their products and services. According to Philip Kotler, "Marketing research is systematic problem analysis, model building and fact-finding for the purpose of improved decision-king and control in the marketing of goods and services (Kotler & Keller, 2012)”. The initial step in the marketing process is to identify the problem the company is having and then decide the way the marketing team would like to conduct the research. The marketing team will devise a plan on how to gather the information and set a budget for the research project. In the planning of how they will conduct the

    Read More

  • Mcdonalds Vs Starbucks Marketing Strategy

    872 Words  | 2 Pages

    Coffee, one of the world’s most known beverages. Seen being drinking at work places, colleges, or in the convenience of your own home. There are a variety of companies that provide us the people with coffee. It can be your local market, bakeries, or even fast food places. 3 places that stand out and our known very well for supplying Americans with coffee is Starbucks, Dunkin Donuts, and McDonald’s. From their strategic advertising, deals, and even straight down to the design of their cups, they meet the definition of marketing. We will be examining these 3 companies using the marketing mix which consist of product, price, place, promotion and also cover value based marketing and see how these companies meet these definitions and how they satisfy their customers as well.

    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

  • 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 Victoria's Secret

    1016 Words  | 3 Pages

    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,

    Read More

  • Marketing Mix and Promotional Strategy

    1394 Words  | 3 Pages

    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.

    Read More

  • Tesla Motors Marketing Challenges

    715 Words  | 2 Pages

    This work will determine the baseline of the current market situation for the company, which is essential for any further exercise and analysis. To understand how the business model correlates with the product marketing, need to see if there is any evident cause-effect relationship between product characteristics and the nature of the product company. If such correlation exists, it will be important to see the transition of such characteristics into the company marketing strategy. It can show how company’s strategies can be successfully addressed in a real-world scenario. Both internal and external analysis, SWOT matrix will help to determine the company’s current market position.

    Read More

  • Importance Of Company Wide Strategic Planning

    932 Words  | 2 Pages

    A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.

    Read More

  • Marketing Strategies of an Ice Cream Firm

    6747 Words  | 14 Pages

    · The Right Marketing Mix – Is the product right?, Is it sold in the

    Read More

  • P3 Marketing Research Essay

    713 Words  | 2 Pages

    Through market research the organization can obtain information needed to make reasonable estimates about what consumers will or won’t buy. The objective when research is performed is to reach a deep understanding

    Read More

  • Essay On Marketing Mix

    906 Words  | 2 Pages

    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.

    Read More

  • The Importance of Marketing Research

    1013 Words  | 3 Pages

    This paper will outline the importance of marketing research and apply that importance to a communication to the management team at Johnson & Johnson’s Consumer Products group. The discussion with management will include the use of current marketing research tools by the company today and the application of each.

    Read More

  • Marketing Reflection Essay

    1007 Words  | 3 Pages

    Young, D. (2012). International Marketing, Room 009, Block 17, Middlesex University Dubai. (18th March, 2012)

    Read More

More about The Marketing Mix

Open Document