Elements of the Marketing Mix (7Ps)
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Added on 2021-04-09
Elements of the Marketing Mix (7Ps)
Added on 2021-04-09
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BTEC Level 4 Higher National Certificate in BusinessMARKETING ESSENTIALSCode: 01018Student: Lecturer:Galin Georgiev DR Abdul BasitReg no: CCL-19-158
Explain the role of marketing and how it interrelates with other functional units of anorganisationAccording to Kotler (2017:30) “Marketing has assumed an increasingly importantrole in the restaurant sector of the hospitality industry. Marketing today in many ways is thesame as it was 20 years ago. We must understand our customers and develop a servicedelivery system to deliver a product they want at a price they will view as being fair. And doall this while still making a profit. In other ways marketing is ever changing and is changingvery rapidly. Social media has given the customer a powerful voice; dashboards trackcomments customers are making about our product on social media; millennials are replacingbaby boomers as the most important travel segment, and their wants are very different thanthe boomers.” It could be considered that the role of marketing is very important for eachbusiness. It is especially valid for the hospitality. The successful marketing is the main key forthe development of the hospitality industry. It could be related with each part of anorganization. Marketing is this part of the industry which creates and satisfy costumers needsand it makes relationships with both costumers and company. In the same book, Kotler givesan example of the hotel business: ́The hotel industry is undergoing a consolidation, withcompanies such as Accor, Hilton, and Starwood buying hotel chains and operating differentbrands under one organization. The marketing expertise of these large firms has created acompetitive marketing environment. While the director of marketing is a full-time marketer,everyone else must be a part-time marketer. All managers must under- stand marketing. Byapplying the principles of marketing to your job search, you will be able to enhance yourcareer opportunities and hopefully end up in a job that you will love”. (2017:30). There is thesicret of the marketing – it is part of each function of each employee. When everyone applies it totheir work, no matter what it is within the organization, it inevitably leads to increased productivityand development of the organization itself. This is a kind of way for everyone to get what they areaiming for. The organization gets more profits and customers, customers get what they pay for, andemployees do what they love.Compare ways in which organizations use elements of the marketing mix (7Ps)to achieve overall business objectives.Marketing mix “It is about putting the right product or a combination thereof in theplace, at the right time, and at the right price. The difficult part is doing this well, as you need to knowevery aspect of your business plan” (The marketing mix, n.d.).Depending on the organization's goals, the marketing mix can be used to attract more customers bylowering the price deliberately and making the product available to more people. With this strategy,the quality of the product is not as important as the quantity of consumers. Price is coming down at theexpense of rising demand.This, of course, has its risks. Poor quality can lead to a collapse of
the organization's credibility and, thus, desired new customers to disappear. Such a strategy isa double-edged sword, because if the balance is overlooked, things can go bad for business.There is a high risk of losing customers if the quality of the product or service offered is notmaintained at an acceptable level. Quality compromises at the expense of quantity are usuallyrisky.Cost is an important element for attracting customers, but also for profit. Therefore, anorganization must carefully choose the price for its products so that it meets customerexpectations but does not fall behind. The Price of a product or service must be competitive,neither too high nor too low. Another element an organization can use is the Place. The venuefor an event, the creation of a new coffee shop or bank branch is extremely important. Mostorganizations seek to use key places to grow their businesses. These are locations that areeasily accessible, visited, interesting, but also safe. For a hotel, for example, its location maybe far more important than the quality of services offered there. In this way, the disadvantagethat would lead to losses is balanced by a profit-making advantage.Regarding to Christopher Holloway (2004:53) “Place is a controversial variable inconsidering the tourism product. In general marketing theory it represents the point of sale,i.e. the place where the product can be inspected and purchased, and the means by which it isdelivered to the consumer. Some tourism marketing theorists argue that place also refers tothe destination of the tourist, but this is to confuse the concept, since in that sense place isclearly the product purchased by the consumer. It seems logical for the sake of clarity to retainthese distinctions, and in this text place will be defined only in terms of the channels ofdistribution of the product. Traditionally, tourism products would be purchased through travelagents or through the outlets of travel principals, but in recent years the advent of new formsof delivery system, particularly in the use of computer technology, has vastly expanded thechoice in delivery systems for tourists, as we shall see.”If it is an event, it would be more successful if it was held in an easily accessible place thatwas safe, with sufficient capacity to accommodate guests without them having to experienceany discomfort. Choosing a place is one way for an organization to achieve its goals withouthaving to invest a lot of money. A good location brings in revenue and at one time covers thecosts incurred in choosing it. The promotion is one of the key concepts in business. “This determines the abilityof a company or organization to stand up for themselves, present their products, connect withpeople and find their place in the market. “promotion is concerned with the techniques bywhich products and their prices are communicated to the marketplace. This includesadvertising, sales promotion techniques, public relations activities, direct selling and the useof more recent forms of reaching the customer through ICT” (Holloway, Ch. 2004:53). Some of the ways this could be used are through advertising and social mediadistribution. In today's world, this is the easiest and cheapest way to advertise a product orservice. Another option is the word of mouth. That is, a person can learn about a product froma friend or acquaintance. This is also the best advertisement because the information comesfrom a trusted source. There are also traditional ways to advertise on television, radio, or in a
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