Marketing Mix
The success of a company relies greatly upon proper marketing. A company must have a proper mix of all the elements and marketing efforts in order to produce desirable sales results. This mix will include the variables and tools a company will use to satisfy the business objective and the needs of their potential customers. This mix which is determined by marketing research and experimentation is commonly known as the marketing mix. This mix consists of four variables which the business world often refers to as the "Four P's". The Four P's are product, price, place and promotion. Through this paper I will define how the use and effectiveness of these variables lead to the success of an organization when properly coordinated together.
Product is one of the components used in the marketing mix to attract a company's target market. In relation to the marketing mix product is defined as, "an object or a service that is mass produced or manufactured on a large scale with a specific volume of units" (Wikipedia, 2006). Determining the product or service and who it will be produced for is the first step in marketing. In the automotive industry the product is a key element of the marketing mix. With the current trend towards the preservation of the environment and its natural resources, automobile manufacturers are developing products geared towards consumers with these concerns. These environmentally friendly vehicles include hybrids, electric cars and cars that operate on corn based ethanol fuel as opposed to gasoline.
By selecting to focus on environmentally friendly or "green" vehicles, automobile companies were required to do research and find the needs and desires of their potential drivers. This research included traveling the globe and visiting countries where green vehicles were already in use. The results of research and surveying revealed that "68 percent of respondents said they would be interested in buying an electric or hybrid car within the next three to five years. And about one out of four said they would be extremely interested in purchasing an eco-friendly car in three to five years" (Buss, 2001). As a result of months of research, researchers found that consumers demanded the same power and performance as mainstream vehicles including affordable prices. With this knowledge manufactures marketed these products by boasting their EPA rankings and fuel economy.
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,
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.
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
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:
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.
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.
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).
It is also a framework that helps build and shape the path and approach of each market. The mix is a set of controllable variables that are presented to and influenced by the consumer. This combination is the important marketing pillar on which the marketer depends. It consist four elements, which is: product, promotion, price, and place. The marketing mix for KIA is based on around. First, we have product. Here, the KIA making a good and a perfect design and quality side by side a scale level for delivering and services customer, and it having a different selling point. Second, price is important for KIA companies to get a competitive price, which is provide an advantage over competitors, or which get a competitive edge. Third, place that, which is an important thing to access to the customer easily. So, KIA has 166 Agents, which is a large and expanding number of accesses. Lastly, we have Promotion is about communicating with customers and potential customers. Promotion helps to increasing awareness, promote brand admission, and increasing the demand. (From case
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 marketing mix can be synthesized in the expression of “the 4 P’s”, standing for Product, Price, Place and Promotion.
A market research is described as the process of collecting valuable information to help find out if there is a market for a particular proposed product or service. Safe Paint Manufacturing conducted a survey and interview to determine if the idea of scented paints were feasible. The records revealed that 78% of the respondents stated that they are interested in the products. Marketing mix variables is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix used is mainly executed through the 4 P 's of marketing: Price, Product, Promotion, and Place. The product refers to the service or tangible good that satisfies the target customer’s wants–it is obviously first essential that a real target market is identified, quantified and justified. The place refers to placement usually managed by sales or OEM, such as having the product available where and when targeted customers want to buy it. Promotion includes Advertising, PR, Event Marketing, Online Marketing, Direct Marketing, Personal Selling, Channel Marketing, and Alliances. Price consists of the policies regarding competitive upgrades, reseller pricing, discounts, list price, distributor and street price the actual selling
...nefit Audi. Audi can take advantage of the demand for fuel efficiently by heavily marketing their Hybrid electric cars. Audi should develop a marketing campaign to capture the attention of the ‘Green Target market’ which has been a group less focused on by Audi. Currently Audi’s has a competitive edge over their competitors as they have been researching, developing and manufacturing hybrid cars for decades. Audi needs to incorporate in their marketing campaign a change of image as many customers only think of Audi as a luxury brand not an environmentally friendly band. Many are unaware of Audi’s extensive research and history with hybrid models, which is something Audi should advertise in the current market. By adopting these recommendations Audi will continue to grow by incorporating a new target market which will increase customer base and therefore boost sales.
In the modern world of conducting business, any company that wishes to succeed must differentiate its products or services from others in the industry. Differentiation makes it possible for consumers to point out notable differences between one company’s products as compared to those of competitors. Differentiation helps companies build brand loyalty as the uniqueness keeps customers fixed on a particular product. BMW is one of the most popular automakers in the world today. It definitely uses differentiation as a strategy to beat off competition by building products that are innovative, detailed and incomparable to those of competitors.
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.