Contemporary Issues in Marketing: Importance and Application of Marketing Mix with Case Study of Zara

Contemporary
Issues in Marketing
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TABLE OF CONTENTS
INTRODUCTION..............................................................................................................3
MAIN BODY.....................................................................................................................3
Nature and importance of marketing............................................................................3
Marketing mix and its impact on success.....................................................................4
Theoretical description of 4P’s of marketing mix..........................................................4
Product description.......................................................................................................6
Application of marketing mix elements.........................................................................6
CONCLUSION................................................................................................................. 7
REFERENCES.................................................................................................................9
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INTRODUCTION
Marketing is known as the approach to create, sustain and promote the value of
specific products or services so that customers can be convinced to make purchase
decisions (Lahtinen, Dietrich and Rundle-Thiele, 2020). The marketing strategies
particularly marketing mix elements are important aspect to determine the
organisational success. Thus every organisation used to pay great attention to
implementation of these elements. The competitive rivalries and differentiation among
firms is greatly influenced by the way in which marketing mix decisions are taken. These
decisions are often influenced by business environment and organisational resources.
This report will discuss the significance and application of marketing mix in real
business environment using case study of Zara.
MAIN BODY
Nature and importance of marketing
Marketing is a vital element of organisational process and activities. It is important
that an awareness must be created among target audience and market about product
and service providers. Thus organisations use variety of approaches such as promotion,
advertisements, brand creation and several others (Thabit and Raewf, 2018). These
activities which aims at creating unique value for the offered services or products are
known as marketing. Stronger the marketing activities, greater the impact and success
of organisation. Those organisations which are not able to innovate their marketing
tactics fails to attract and retain new customers as well as employees. Thus marketing
is not only related with customer decision making or attraction instead the overall
performance, brand value, interest of investors and growth depends upon marketing. If
a firm is able to successfully market its all dimensions then it becomes very easy for it to
approach customers, to deal with high potential suppliers as well as to grow or expand
business into others regions across the world. The competitive positioning of the
organisations is determined by the way or by the extent up to which their marketing
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