What does the phrase marketing mix mean? What is the purpose of the marketing mix? The marketing mix is a process most organizations use to bring a product or service to market. The four Ps is a good way to define the marketing mix tool. The four Ps or four elements of the marketing mix are product, place, price, and promotion, which are used to satisfy consumers’ needs and the objectives of the organization. After a target market is selected, “…the firm must take steps to satisfy [the customers] needs” (Kerin, Hartley, & Rudelius, 2009 p. 13). The basic concept of the marketing mix is to focus on what customers want and to keep customers satisfied. Although the marketing mix is a unique way to market a product or service, satisfying the consumers’ needs and wants is every marketer’s main goal.
Aspects of the Marketing Mix
The best way to define a market is to recognize the needs and wants of consumers and then focus on meeting those needs and wants. In today’s advertising industry, marketers use the marketing mix as a tool to satisfy their target consumers. Furthermore, the marketing mix contains controllable variables that are carefully managed by the business to meet the needs of a targeted audience. “In other words, a company has control over what product it makes, what price it sells the product for, how it wishes to place (distribute) the product and how it wishes to promote it” (Food Export, 2011 para. 4). Therefore, a good way to understand the characteristics of the marketing mix is to identify its four special elements—the four Ps. The following is a diagram of the marketing mix formula (product, place, price, promotion) (See figure 1)
Figure 1: Four elements of the marketing mix (Style, 2010)
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...fective marketing tools to reach consumers” (Kerin et al., 2009 p. 13). Additionally, the main recommendation for the marketing mix concept is to stay focus and go beyond and above its goal to sell a product. In other words, from the consumers’ perspective, identify and meet the needs of a selected targeted market and from the company’s angle, meet financial and marketing objectives. “… [the four] elements [of the marketing mix] will potentially contribute to the success of the product…” (BusinessMate, 2010).
Assuredly, a customer is the most important subject in the marketing process. Above all, the perception of the marketing mix is vital in the marketing industry because the process will allow the organization to sustain customer satisfaction and maintain corporate success. Ultimately, the focal point in the marketing mix is to fulfill the customers’ needs.
According to Jobber et al (1998) the marketing mix is ` the tactical `toolkit' of product, place/distribution, promotion and price that an organisation can control in order to facilitate satisfying exchange'. The following is Sainsbury's current marketing mix strategy.
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 term marketing mix is used to describe the all the options available to the marketing manager in order to market a particular good or service. It is often referred to as the 4P’s(i.e Product, Place, Promotion, and Place)
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 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).
On Figure 1 below we can see its presence, as a one of the four pieces (4Ps) of Marketing Mix Model and even often are considered as synonymous. If companies aim to achieve their targets, then all the four elements (product, price, place and promotion) should be planned carefully in advance and in line with overall marketing strategy (Kotler et all,
“The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.”
According to Philip Kotler - "Marketing Mix is the combination of four elements, called the 4P's (product, Price, Promotion, and Place), that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy" (citace)
Marketing strategy is integrated with the marketing program, or marketing mix. The marketing mix traditionally includes variables such as price, product, promotion, and place. For this reason, the marketing mix deals more with implementation, and is not defined specifically as part of marketing strategy. Marketing mix is frequently used in combination with strategy to help marketing managers promote their product and/or service and it provides a useful framework for decision-making.
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.