The Role of Marketing Mix in an Organisation Assignment

The Role of Marketing Mix in an Organisation Assignment Words: 1828

The marketing mix is often crucial when determining a product or brand’s offering, and is often synonymous with the four AS: price, product, promotion, and place Marketing management: is a business discipline which is soused on the practical application of marketing techniques and the management of a firm’s marketing resources and activities. Product: The product, service, or program includes both tangible and intangible elements.

The tangible, of course, are those things that the customer can see, touch, feel, taste, or smell. Price: The price is what the customer pays. It Includes direct and Indirect costs as well as opportunity costs. The benefits of the product have to be great enough to warrant the price. Price includes all costs associated with the product, service, or program. Place: The place is here the customer receives the product, service, or program. The place of delivery, including all of its resources, is part of what the consumer buys.

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Promotion: promotion Includes all forms of communication you use to communicate the benefits of your offering to the target market(s). The objective is to persuade the customer in such a way that he or she recognizes that your offering is uniquely qualified to meet his or her needs. Physical evidence: elements within the store the store front, the uniforms employees wear, signboards, etc. People: the employees of the organization with whom customers come Into contact. Process: the processes and systems within the organization that affects its marketing process.

INTRODUCTION The marketing mix for the first time was introduced in an article at Business Review Hayward magazine as a Neil Borden who was this article author applied the term of marketing mix for describing the various element in marketing district. He meant marketing mix or mixed marketing in this way: we should determine how these factors are mixed together. (Lollipop M. And Drab E, 2011) . Marketing mix is originating from the single P price) of microeconomics theory (Chon, 2003). New As were Introduced Into the marketing scene In order to face up Into a highly competitive charged environment (Low and Tan, 1995).

Borden, According to Wisped He started teaching the term after he learned about it from an associate, James Scullion, who In 1948 described the role of the marketing manager as a “mixer of ingredients”; one who sometimes follows recipes prepared by others, sometimes prepares his own recipe as he goes along, sometimes adapts a recipe from immediately available ingredients, and at other times invents new ingredients no one else has tried. The marketing mix Is an integral tool in building an effective marketing strategy and Implementing it with tactics. In recent times, the concept of four CSS has been introduced as a more customer-driven replacement of four As. And there are FIFO communication, convenience), another is Summit’s four CSS (commodity, cost, communication, channel)”. The marketer E. Jerome McCarthy proposed a four As classification in 1960, which has since been used by marketers throughout the world. The seven As is an additional marketing model that refers to the already mentioned our AS, plus ‘Physical evidence’, ‘People’, and ‘Process’. Robert F.

Literature proposed a four CSS classification in 1993 which is a more consumer-oriented version of the four As that attempts to better fit the movement from mass marketing to niche marketing A formal approach to this customer-focused marketing mix is known as Four CSS (Commodity, Cost, Communication, Channel) in “the Seven CSS Compass Model. The four CSS Model provides a demand/customer centric version alternative to the well-known four As supply side model (product, price, promotion, place) of marketing management.

Product -??+ Commodity * Price -??+ Cost * Promotion -??+ Communication * Place -??+ Channel However, Miller (2006) highlighted that the shortcoming of the ops marketing mix framework, as the pillars of the traditional marketing management have frequently become the target of intense criticism. A number of critics even go as far as rejecting the ops altogether, proposing alternative framework STATEMENT OF THE PROBLEM The study attempts to highlight the role of marketing mix in the an organization. One problem in many organizations is that different divisions may be responsible for efferent elements of the marketing mix.

This happens even in well managed organizations. The result is that the offering is confusing to the target market. Lack of communication among divisions makes this problem worse. And if they don’t share the same view of organizational objectives, the problem is worse still. OBJECTIVE OF THE STUDY To meet customers’ needs a business must develop proper market mix for them. These entails products to satisfy them, charge the right price get the goods to the right place, and it must make the existence of the product known through promotion..

The main objective of this study is to understand the role of marketing rant in an organization. LITERATURE REVIEW According to Raman (2012) “successful businessmen know the importance of marketing mix because they cannot design and promote their products without marketing mix. It is a mixture of 4 As of marketing mix such as product, place, price and promotion”. According to Philip Kettle “Marketing Mix is the set of controllable variables that the firm can use to influence the buyer’s response”. The controllable variables in this context refer to the 4 As [product, price, place (distribution) and rumination]. Marketing is still an art, and the marketing manager, as head chef, must creatively marshal all his marketing activities to advance the short and long term interests of his firm” Wiley (1964) Successful marketing depends upon addressing a number of key issues. These include: what a company is going to produce; how much it is going to charge; how it is going to deliver its products or service to the customer; and how it is going to tell its customers about its products and services. Traditionally, As marketing became a more sophisticated discipline, a fifth P was added – People.

And recently, two further As were added, mainly for service industries – Process and Physical evidence. These consideration are now known as the ops of marketing, sometimes referred to as marketing mix. (COM, 2009) Hutchins (1998)”The marketing mix should be viewed as an integrated and coordinated package of benefits that reflect the characteristics of customers and various targeted publics and satisfy their needs, wants, and expectations. Note that the elements of the marketing mix should be integrated because each element of the mix usually has some impact, direct or indirect, on the other three.

IMPORTANCE OF MARKETING MIX Marketing mix used by a particular firm will vary according to its resources, market conditions and changing needs of clients. The importance of some elements within the marketing mix will vary at any one point in time. Decisions cannot be made on one element of the marketing mix without considering its impact on other elements(Low and Kook, 1997) 1. Part of marketing is conveying to customers what you have to offer and why it is different and better than alternatives. The product element is most obvious in the offering, since your product is what people buy.

Where you offer it, whether in-store or online, also is important, making the distribution element a factor. The price point is part of the overall offering, because it affects your product’s value. Compeller (2013) 2. When you market, you also have to strategies about who to target with your messages. Your primary customer group becomes the target customers of your marketing campaign. Your product and price offer some direction in identifying the right audience. For instance, cutting-edge mobile technology ads often are targeted to young consumers.

Identifying the media seed by these customers is also important, which brings the “promotion” P into play. Compeller (2013) 3. When you market, you also have to strategies about who to target with your messages. Your primary customer group becomes the target customers of your marketing campaign. Your product and price offer some direction in identifying the right audience. For instance, cutting-edge mobile technology ads often are targeted to young consumers. Identifying the media used by these customers is also important, which brings the “promotion” P into play.

Compeller (2013) Marketing Mix And The Product Life Cycle The introduction stage in a product’s life cycle is the initial stage in a product’s life cycle, the objective would be to increase product awareness. Product awareness through promotion activities is sought as once customers are made aware of the products existence, they can then start enjoying its features and benefits. During the growth stage in a product’s life cycle, its strategy would be to increase market share and sales. Market penetration strategies are deployed with the aim of establishing product preference.

The product’s price is likely to decrease due to increased demand. Maturity stage of a product’s life cycle brings about marketing strategies that are meant to protect market share. The product’s distribution channel increases due to increased sales. The business’ desire to prolong this phase results in product improvements that increase the product’s use. The decline phase of a product’s life increasing in-order to meet marketing and operational expenses. The product’s market share will be challenged leading to a decrease in distribution channels.

Integrated Marketing Mix A balance is highly sought through all marketing platforms. The combination of arioso marketing media such as offline marketing, online marketing and mobile marketing with the purpose of achieving set objectives. Integrated marketing mix development requires constant assessment of market response and subsequent adjustment Marketing Mix Benefits Marketing mix has many benefits and hence its used by many. A proper combination of the various elements aids in the accomplishment of set objectives. Assists in the allocation of a company’s resources directed to marketing efforts.

For effective resource allocation, the consideration of the individual elements that constitutes the arresting mix can be used to bring about proper resource allocation for marketing purposes. Promote customer satisfaction by implementing the individual elements to address certain aspects of customer satisfaction. “In a general sense, the marketing mix allows you to understand how to build and sell value to your customers. Ultimately, customers buy what they perceive is the best value for their money in a purchase situation. Implementing marketing campaigns that show off great products at fair prices gives you an opportunity to succeed.

Finding affordable marketing options also helps you get better return on your investment from marketing”. Compeller (2013) FINDINGS The importance of a marketing mix is to make businesses or organizations meet the needs of customers and to satisfy them. CONCLUSION implementing it with tactics. Marketing mix management paradigm has dominated marketing since 1940 and McCarthy (1964) further develop this idea and refined the principle to what is generally known today as the ops. “Marketing mix used by a particular firm will vary according to its resources, market conditions and changing needs of clients.

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