MARKETING MIX

The Marketing Mix

Introduction1

Discussion1

Marketing Mix1

Elements of Marketing Mix1

1.Product1

2.Price3

3.Place4

4.Promotion5

Conclusion6

References7

Introduction

The core function of marketing allows any organization to use its resources in availing maximum opportunities that can ensure sustainable competitive advantage which ultimately boost the sales. The basic purpose of marketing is to satisfy the customers in the best possible manner and to strengthen the relationship with stakeholders in a changing environment (Gitman & McDaniel, 2008, p.295). Any organization plans its marketing strategy by considering the internal and external influencing factors. The organizations operating in any industry have to learn that the most important thing to consider is “putting the right product in the right place, at the right price, and at the right time”. These are referred to as the internal factors named “Marketing Mix”, which has four P's namely; product, price, place, and promotion (Dogra, 2006, p.80).

All the elements in the marketing mix are interdependent on each other, which mean that an organization has to create a balance among all the elements. Any single element cannot be ignored while making the product or services available in the market to attract customers. The balance is required in the following considerations;

The design and quality of a product which is most likely to be accepted by the customers.

The product's price that will ensure the willingness of a customer to pay for that particular product.

The method of distribution to make the product available in the market.

The message conveyed through any appropriate medium that will create a demand for a particular product among the customers (Kazmi, 2009, p.16).

Discussion

Marketing Mix

The concept of the marketing mix is important to understand because it explains the combination of tactics that can be used by the companies to achieve their objectives by marketing the product or service in an effective manner. However, the mixture of tools depends on the budget that is available in the hands of an organization, the message that a company wants to communicate, and the targeted customers (Anonymous, 2009, p.2).

Elements of Marketing Mix

The brief explanation of all the elements and importance of each with respect to the manufacturer of domestic washing machines and heavy commercial vehicles is as following;

Product

The marketing mix starts with the most important “P” that is a product which entails the product strategy and product offering. This is the leading component because if the product to be marketed is not known, then the place, price and promotional strategies could not be designed (Lamb et al., 2008, p. 44). The product strategy is considered to be the heart of the marketing mix because the first thing, which may attract, the customer is the product itself. It includes deciding the brand name, product's packaging and colour, its warranty, after-sales service, value, company's image, and other provided accessories. The image and reputation of a company is extremely important in this aspect. It is vital to capture the customer's perception that what they expect from the company in the shape of its products. The customers generally intend to buy the particular product not only for the benefits but ...