Marketing Mix
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Marketing mix is a mix of options and variables that a marketer has to design his proposition. The four Ps, as they are known, of the marketing mix are Product, Price, Place and Promotion. Marketers mix these ingredients and variables in different proportions for their products in order to meet their requirements within their given constraints and boundaries.
Marketing mix covers the four major elements and variables that a marketer has and can manipulate in order to design his offering according to its customers and target market. The marketing mix model of marketing was proposed by Neil Bordon in 1965. Marketing mix is designed separately for each product offering and different market segments for a company. Different proportions are allocated to different mix elements to design an effective marketing mix which meets the objectives of the marketer as well as the consumer.
The four Ps are the critical factors to consider when marketing any product.
Product can either be a good or a service designed for corporate/commercial customers or end users.
The Place Variable: To satisfy consumers (i.e. their needs and wants), products must be available at the right time and in a convenient location. In dealing with the place aspect, a marketing manager seeks to make products available in the quantities desired to as many consumers as possible.
The Product Variable: This aspect of the marketing mix deals with researching consumers product wants and designing a product with the desired characteristics. This is a very important element of the marketing mix because it directly involves creating products and services that satisfy consumers needs and wants.
The Price Variable: This aspect of the marketing mix relates to the activities associated with establishing pricing policies and determining product prices. Price is a critical component of the marketing mix because consumers are concerned about the value obtained in an exchange. Price is the money the customers pay for acquiring and using a specific product. The company should not only focus on keeping prices lower than competitors, but to align them with the value the customers place for the utility from the product. Place or placement should be appropriate and in such a manner that the target customers are reached.
The Promotion Variable: This aspect relates to methods used to inform one or more groups of people about an organization and its products. Promotion can be aimed at increasing public awareness of an organization and of new or existing products. It can also be used to educate consumers about product features or to urge people to take an interest in that product. Promotions are used to inform audience of the presence of the product. They not only inform about their existence, but promotions aim to make customers aware of the usage, utility and benefits of the product. Advertising, sales promotions and various schemes may be used from time to time as tools of promoting the product.
This marketing strategy is extremely important to the success of a particular good or service which in turn could determine the success of the organization in the future. When marketing managers attempt to develop and manage their product it is extremely important that they look at various different aspects;
1. Those relating to the marketing mix: which the company has control over because they are able to develop their marketing strategies depending on the consumers needs and wants.
2. Those that make up the marketing environment: which include elements that the company has little or no control of (e.g. certain government rules and regulations).
3. Market opportunity analysis: this exists when a company is given the chance to take action towards researching a particular group of customers.
4. Target market selection: which involves selecting a group of potential customers for whom a firm creates and maintains a marketing mix that specifically fits the needs and wants of that particular group.
5. Marketing Management: this is the process of planning, organizing, implementing, and controlling marketing activities to facilitate changes effectively and efficiently.
By using this type of marketing strategy organizations are given the opportunity to market a very successful product, so it would be true to say that the marketing mix and its manipulation are vital for the success of a business. However, their good or service may only be successful if the organization provides products that satisfy consumers needs and wants through a co-coordinated set of activities that also allow the organization to achieve its goals. Customer satisfaction should be the major aim of the marketing concept. But the process does not end here because the organization should continue to alter, adapt and develop products to keep pace with customers changing desires and preferences. Organizations should be aware of the importance of customers and release that marketing activities begin and end with the customer.
In attempting to satisfy customers, businesses must consider not only the short and medium term needs but also the long term desires as it is vital to the long term success of the business and probably the best way to do this would be to link the different departments of the company together (i.e Production, Finance, Accounting, Personnel etc) A company adopting this particular marketing strategy must not only satisfy its consumers preferences but it also must achieve the objectives that it hoped to achieve by using this strategy. The best way of achieving your objectives is to satisfy the customer