7 P's of Marketing Mix: Doc

MARKETING

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
Various definition of marketing..................................................................................................1
Roles of organisational orientation.............................................................................................1
Roles of market research in product development......................................................................2
Types of market research for different application.....................................................................2
Limitation of market research.....................................................................................................3
Marketing mix is co-ordinated by business................................................................................4
Managerial implications of the marketing mix...........................................................................4
Roles of marketing strategy in context of corporate strategy.....................................................5
Importance of monitoring activity..............................................................................................5
Evaluate marketing actions.........................................................................................................5
CONCLUSION................................................................................................................................6
RFEERNCES...................................................................................................................................7

INTRODUCTION
Marketing is a study and management of exchanges relationship between marketer and
consumer. It is the process of creating relationship with consumers and also satisfying them. The
study lays emphasis on the various definition of selling and its role in organisational orientation
(Baker and Saren, 2016). Report will cover the roles of market research in product development,
types and limitation. 7 P's of Marketing mix is coordinate with business and its implication.
Study will cover by the roles of marketing strategy, importance and marketing actions by using
example.
TASK 1
1.1 Various definition of marketing.
Marketing is important for every business and organisation to promote their product and
services at market place and also it is important to understand by the students of higher
education. There are various definitions of marketing which are as follows:
 Marketing is activity, set of institutions and process of creating, communicating,
delivering values of customers and society at large size.

 Marketing is the science and art of exploring, creating and delivering value to satisfy the
needs of a target market at a profit. It defines, measures and quantifies the size of market
and the profit potential.
 Marketing includes the different research, targeting, communication and public relations.
It is also ongoing process and communication which exchanges with customers in a way
the way educates, informs and builds a relationship over time.
Those are the definition of marketing and all are different to understand (Baker, 2016). One
definition says its art and sciences and other says it is target and build public relations.
1.2 Roles of organisational orientation.
Induction is also called the orientation which provide information to new employees with
needs to function comfortably and effectively in the organisation. It is a plan introduction which
organized for new hires to their job and also in higher education classes. This plays an important
role in the new comer which are as follows:
 This plays an important role in employees because with the help of this they get correct
information and message of work and guidance.
 Increase performance and work of employees because it gives proper guidance and
structure of work.
 Ideal orientation process makes a new hire feel comfortable, welcomed, supported and
able to communicate freely and explain expected to approach to higher in appropriate
manner.
Those are the roles of organisational orientation in employees. With the help of this employer
give proper and effective information to employees.
TASK 2
2.1 Roles of market research in product development.
Market research is important and valuable part of organisation. It consists of
systematically collecting data about customer or companies. This help to understand in better and
effective manner needs and wants of people and groups. Market research plays an important role
in new product development in order to achieve goals and objectives of marketing. The roles of
research market are as follows:

 Generating new ideas is very important element of market research. It helps in creating
new product and its development in organisation. In that marketer gets the ideas of needs
and wants of customers (Blythe and Martin, 2019).
 Role of market research is important for generating new opportunities for business and
also to the organisation growth. It is necessary to assess the market potential. It is
important to ensure the potential market investment and combination of research and also
forecasting skills.
2.2 Types of market research for different application.
There are two types of market research such as primary and secondary that are as
follows:
Primary market research
it is first hand data and information collection or that is help of market research of firm.
Primary research is more time consuming and expensive and that includes some tools which help
in doing market research in proper manner. Tools of primary market research are as follows:
 Survey: In this questions are asked to the concern targeted customers for better
understanding of the market.
 Observation: researcher collect information by watching and observing subjects
interacts with a product and techniques observing.
 In depth interview: In this market research, researcher take depth interview with an
individual.
Secondary market research
Secondary data is already published in books and journals and it is pre-existing public
information. In that information is directly available in market related to topic (Market research.
2017). This includes some tools which are help to do specific and effective research of market.
Sources are as follows:
 Government report like annual federal procurement result.
 University faculty members are see research report have published.
 Websites are also help to collect information from reputable sources and reports.
Those are the types of market research and it provide information that will assist in making better
decisions, which is help to company for more success.

2.3 Limitation of market research.
Market research has some limitation and manager or researcher are aware with this
limitation those are as follows:
 Market research has limitation which is costly affair. Research is very costly because in
this needs lots of money to conduct various market research activities.
 It is lengthy and time consuming process. This involves many important steps and all
steps are crucial (Chaffey and Ellis-Chadwick, 2019).
 It has limited scope and solve every business problems. It cannot solve problems related
to consumer behaviour.
 Market research is not the sciences so, it do not provide accurate result of research.
Market research is essential part of marketing process but it have some limitation which
affect to research result.
TASK 3
3.1 Marketing mix is co-ordinated by business.
Marketing mix deals with the way in which a business uses their prices, product,
distribution and promotion of market and increase sells of product and services. Marketing mix
has co-ordinate with business to meet successfully with aims and objectives of firm. That has
includes some elements which are as follows:
 Product is the important aspects of marketing mix. This obtains product and services by
customers.
 Prices: This indicates the price of product which is paid by customers against purchase
product.
 Place: Place refers where customers purchase their product and services. And also from
where they can get product and services (Churchill Jr, 201Fill and Turnbull, 2016).
 Promotion: it is the best strategy to promote product and services at market place with
the help of promotion tools such as social media, TV, newspaper and public relations.
Those are element of marketing mix and it plays an important role and also effectively co-
ordinate by business to achieve aims and objectives of business and products. Marketing mix is
the ways of market strategy. Market strategy such as product, price, place and promotion
strategy. Pricing strategy like analysis customer needs and wants then sets price of product.

3.2 Managerial implications of the marketing mix.
Managerial implication of marketing mix can improve profitability of business and also
improve goodwill. Like manager is want to develop new product and its services at marketplace
then they have to make the effective and valuable plan for implications. For that manager use 4
P's of marketing mix. Marketing mix help to grow business and positive goodwill of firm.
Marketing implication of marketing strategy is the orientation towards meeting customer
need results in increased customer’s satisfaction. This focus eliminates marginal operation that
not contribute to business growth and promotes a streamlined approaches to business.
TASK 4
4.1 Roles of marketing strategy in context of corporate strategy.
Marketing strategy is the comprehensive plan which is formulated particularly for
achieving the marketing objectives of the organisation. It provide the helpful and blueprint for
attaining these marketing objectives. Marketing strategies are plays an important role in
organisation which are as follows:
 It has role of give and provide competitive edge from their competitors.
 That help in developing goods and services with the best profit making potential.
 That has role for ensure effective departmental co-ordination (Katsikeas and et.al.,
2016).
 Marketing strategy has role to fix advertising budget in advance and not to develops a
method which determine the scope of plan and strategies.
Those are the roles of marketing strategies in corporate strategies.
4.2 Importance of monitoring activity.
Monitoring is regular observation and recording of activities which are taking place in a
project or program. The main purpose of monitoring in project planning and implementation on
business. It is important for good result of work which are as follows:
 It provide source of information which are related to project progress.
 It provides a basis for questioning and testing assumption.
 It adds the retention and development of institutional memory (Baker, 2016).
 It is important to find the mistakes and offers paths of learning and improvement.

4.3 Evaluate marketing actions.
Evaluation of marketing action is important for management because of best and good
result of work. That is help to make the effective and valuable growth of marketing of product
and services. That is includes such a process that are as follows:
 Check changes in sale is the best to evaluate the action. For example: manager develop
product in market place. It sale change ratio help to evaluate that. Growth show the
positive changes and decreases shows the negative changes.
 Compare strategies with competitor is also best way to evaluate growth of market and
marketing actions. For example: for evaluation of marketing action they can monitor the
competitors strategies what they are use to promote their product and sales in market.
Those are help to proper evaluation of marketing actions. It is effective and valuable for the
growth of business in positive way and also help to make new strategies.
CONCLUSION
From the above study it has been concluded that the marketing is important for business
growth. It has various definition and played effective roles in organisational orientation.
Organisational orientation has important and necessary for business with the help of that
manager give proper and effective information related work to employees and new comers.
Market research had been important for develop new product in market. With the help of market
research manager got idea of need and want of customers. It have two types such as primary and
secondary and also has some limitation that helped to stop every forces on peoples. Marketing
mix has co-ordinate with the business to sets their product it price, place and promotion
channels. Marketing strategies have important for positive growth of business.

RFEERNCES
Books and journals
Baker, M. J. and Saren, M. eds., 2016. Marketing theory: a student text. Sage.
Baker, M. J., 2016. What is marketing?. In The Marketing Book(pp. 25-42). Routledge.
Blythe, J. and Martin, J., 2019. Essentials of marketing. Pearson UK.
Chaffey, D. and Ellis-Chadwick, F., 2019. Digital marketing. Pearson UK.
Churchill Jr, G. A., 2017. Marketing. Editora Saraiva.
Fill, C. and Turnbull, S. L., 2016. Marketing communications: brands, experiences and
participation. Pearson.
Katsikeas and et.al., 2016. Assessing performance outcomes in marketing. Journal of
Marketing.80(2). pp.1-20.
ONLINE
Market research. 2017. Available thorugh: <https://www.learnmarketing.net/market%20research
%20limitations.htm>