Contemporary Issues in Marketing: Explaining Marketing Mix and Applying 4Ps to a Selected Product/Service

This report discusses contemporary issues in marketing, explaining the marketing process and marketing mix. It also applies the 4Ps of marketing mix to a selected product/service of BackUp North West, a charity organization. The report provides insights into challenges faced by businesses in the dynamic marketing environment.

Contemporary Issues in
Marketing

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
EXPLANING MARKETING.........................................................................................................1
EXPLANING MARKETING MIX.................................................................................................2
4Ps OF MARKETING MIX............................................................................................................3
INTRODUCING PRODUCT/SERVICE........................................................................................4
APPLYING 4Ps MARKETING MIX TO SELECTED PRODUCT/SERVICE............................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
The term marketing refers to any type of activity that is undertaken by a firm for
promoting purchase or sale of a commodity or service. It entails advertisement, selling along
with delivering tangible products or intangible services to target consumers or other
organisations. Marketing mix is an approach that gives business executives a way for ensuring
that all the components of their program are considered in simple together with disciplined
fashion. For an establishment, it plays crucial function in developing values addition to
satisfaction for customer. It operates as key force for meeting customer demands as well as
creating long and profitable relationship with them. Contemporary issues in marketing is a
cutting edge resource which presents a coherent understanding about challenges that businesses
face while performing marketing activity. Bringing together practitioners’ perspective addition to
theories, it firmly addresses prevailing challenges within marketing world. For gaining insights
about contemporary issues in marketing, considered organisation is BackUp North West. It has
evolved along with transformed in accordance to requirements and needs of young people at risk
which they have changed. It was established in 1992 to provide opportunities to young
population which are homeless to be stable, safe along with develop competences for
independence (BackUp North West, 2022). It improves health together with wellbeing,
improvements in finances, reduces risks of harm, less exploitation and reduction of consumption
of drugs or alcohol amongst others valuables.
The report demonstrates marketing process in contemporary business and concept of
marketing mix. It also explains how marketing mix is employed while developing a new
service/product of company.
EXPLANING MARKETING
Brenner (2021) says that marketing is simply selling any product or service at larger scale
(Brenner, 2021). Purpose of marketing is to know along with understand customer so well that
offering of company fits them and sell itself. It is also a process to get attention of potential
clients or customers that are interested in business services or products. In present world, all
establishments use techniques of marketing for attaining goals without realising it. It is because
they perform practices for promotions of self and enhance sales of offerings. As a company
continues for growth and expansion, it is significant for marketing function to keep it up. No
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clear strategy, lack of resources, no alignment with buyer personas, inability to adapt to
prospective trends and proving returns on investment are some of contemporary issues of
marketing that businesses are facing while running in dynamic environment.
Within BackUp North West, marketing makes the company memorable to customers that
begin trusting, become loyal client’s addition to tell their network about the firm. It draws out
hidden consumer wants, create new demand, locate untapped areas along with find out
possibilities of selling offerings. It also enlarges market together with enable managers to
improve level of production and earn huge margin of profit (Nart and Öztürk, 2021).
EXPLANING MARKETING MIX
Marketing mix entails various areas of emphasis as element of comprehensive plan of
marketing. It is set of tactics that are used for the purpose of promoting products/services in
market addition to sell them. In business industry, marketing managers plan strategy of
marketing by considering all the elements of marketing mix. In association to BackUp North
West, marketing mix is used by marketers as technique to guide customers for selecting products
or services, despite of electing products of competitors. If the company do not account the
aspect, it can lead to hampering its practices of charity. With this, marketing manager of the
company exchange and progress its offerings, maximise profitability and tap into new trend. It
also assists in determining accurate marketing strategy for the company to improve awareness
and satisfaction of potential and prospective customers (Hill, 2016).
In a company, marketing mix is used as model that guide decision making related to
organisational development plan. It comprises combination of all tools of marketing that are
available to a firm for attaining all objectives of marketing. Marketing mix guide in enhancing
product portfolio, improve business, differentiate from competitors and assists in developing new
product. With identification and arrangement of all elements, comprising price, product,
promotion and place, it allows managers of marketing department to devise profitable decisions
at each level (Sharma, Kaur and Syan, 2021).
The marketing process that is followed by marketing team of BackUp North West to
promote the fundraising event includes mentioned below stages:
MARKET ANALYSIS
Organisational marketing process starts with marketing analysis that comprises of close
look at business in terms of its portfolio. It is when managers of company critically review own
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offers together with sound them out for strengths and weaknesses. In case with fundraising event
at BackUp North West, market analysis is diagnostic stage for uncovering root cause as well as
not only symptoms of the reasons how market impacts functionalities. The analysis provides
foundation related to further plan will rest.
MARKETING GOAL
The goal of marketing stem from business goals defined. The step includes identification
of specified aims which the establishment wants to attain through marketing strategy together
with efforts. In case with BackUp North West, marketing goals for fundraising event includes
paying attention to donors’ segment, creating brand awareness, devising thought leadership and
acquiring new fund raisers.
4Ps OF MARKETING MIX
The 4Ps of marketing mix are as explained:
Product: In case with fundraising event of BackUp North West, product or services are
required to furnish properly along with provide adequate information concerned with specific
good or service to target audience. In the event, managers of BackUp North West attract
financial supporters so to make funds to deliver wider services including accommodation,
advice, guidance and support to prevent homelessness as well as enhance independent living
skills. Fundraising and development builds, strengthens and secures relationships with financial
supports.
Price: It is delineated to the cost for making purchase of a commodity or service of
company. It always depends on customer’s perceived value of product and dramatically change
overall strategy of marketing. It has been analysed that a lower price makes offering of company
more accessible to wider customers, nonetheless, higher price appeals to target audience seeking
exclusivity. It is essential for business managers to set price greater than production costs in
order to make a profit. Pricing is computed through ample number of ways, such as based on
value, cost plus, etc (Melas, Foret and Hesková, 2020). In relevance to fundraising event of
BackUp North West, value based pricing strategy is used in which organisational managers relies
on perceived values of customers for services offered by the entity. While stablishing pricing
strategy for fundraising event, managers of BackUp North West takes consideration of setting
prices which capture value, understand distinct pricing requirements of target raisers and adopt
right non-profit pricing mind-set.
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Place: It refers to a physical location from which customers are able to use, access
addition to buy products or services of company. It comprises of distribution centre, inventory
decisions, transport, franchises along with warehousing. In relevance to fundraising event of
BackUp North West, place or location is most significant element of marketing strategy.
Location is an important concern for managers as it influences who attends organisational event
to raise funds. With usage of right location or placement, an establishment is able to build
effective relationship with fundraisers and maintain it over longer time period (Mason, Kjellberg
and Hagberg, 2018).
Promotion: It is kind of marketing communication that is employed for informing target
audience of relative metrics of product or service, mostly persuasive in nature. In other words, it
is communication process among business concerns and customers for building positive attitudes
for offerings which results in favouring process to make purchase in market. With effective
promotional technique, company sets itself from competitors. Key aspects concerned with
promotion mix for fundraising event of BackUp North West comprises of personal selling, direct
marketing, advertising, sales promotion and public relations. Some of promotional strategies that
are used by establishments are mail order marketing, social media marketing, word of mouth
marketing, transactional marketing and many more. For staying ahead, promotion is essential for
keeping customers attracted and engaged with product or service. It tends to emphasis towards
ways to attract consumers as well as motivating them for making action of purchase through any
type of channel (Tracy, 2019).
INTRODUCING PRODUCT/SERVICE
For donors attending the event, Accommodation and Support Service is one of service
that is offered by BackUp North West with the aim of providing details of the service so that
huge amount of fund can be raised for doing something positive. It can be in form of formal
education, volunteering, accessing suitable medical care, developing routines as well as life skills
training. It provides all the accommodation and support that comprises emergency housing, short
or medium stay supported housing and temporary accommodation. The service is designed for
meeting various levels addition to ranges of needs of young people.
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APPLYING 4Ps MARKETING MIX TO SELECTED PRODUCT/SERVICE
In aspect to BackUp North West, application of elements of marketing mix assist in
understanding what organisation product or service offer to customers. It also assists the
establishment to grab attention of wider people so to generate donations for supporting charity
services together with support activities. It keeps the firm on track at the time of keeping target
market in front of mind (Suman and Anand, 2018). Mentioned below is application of marketing
mix to one of product or service of BackUp North West:
Product or service: Accommodation and Support Service is offering of BackUp North
West for donators attending the event. With this service, information related to details of
business practice and aims of the company are presented to each donor who attend the event so
to raise required funds for preventing homelessness addition to enhance independent living
skills.
Price: In aspect to BackUp North West, establishing pricing strategy for Accommodation
and Support Service aims to serve as maximum customets as possible for encouraging growth.
Nonetheless, the urge for setting lower prices is balanced through requirement of producing
revenues for making improvisation in services. Managers of BackUp North West uses
comprehensive pricing strategy for the service that includes embracing the fact that customers’
pricing requirement are different in certain ways that are valuation of service, preferences for
service and pricing plans. Through this pricing strategy, managers also consider prices of other
charitable companies (Khosrow-Pour, 2019).
Place: The place from where fundraisers or donors of BackUp North West can avail
information about Accommodation and Support Service is Bolton Borough. These are fully
furnished, decorated together with equipped in order to support independence. From this
location, young people that are homeless, however, still require assistance are able to live here
together with receive support from the team of community outreach support personnel of
BackUp North West.
Promotion: There are various kinds of communication with target audience in order to
effectively present advantages, answer needs addition to inspire actions. Consumers with choice
often make decision of purchasing services or products from environmental and socially
responsible ventures. Within BackUp North West, promotional strategy adopted by personnel for
conveying information to each donor about Accommodation and Support Service is cause
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marketing in which promotional campaigns which enhances revenues at the time of benefitting a
cause. Cause based marketing is kind of cause marketing wherein business partners with other
establishments to raise funds for specific cause (Hanna, 2022). For the charitable company, it is
prospect to tap into resources of company and exposure to target audiences.
CONCLUSION
In accordance to the information presented in the report, it has been concluded that
marketing is crucial activity of any company as it builds a relationship along the way, assist in
understanding consumers better, enhances return on investment and create more valuable
content. In contemporary business context, marketing process helps in gaining competitive edge,
re-examine old ideas along with assumptions, accountability and minimise risks. Marketing mix
assist organisation to understand kind of elements should be combined for meeting goals and
objectives of marketing. With effective integration of all elements related to marketing strategies
in marketing mix, marketing managers of venture ensure that they have visible and in demand
service or product which is competitively priced together with promoted to target audiences.
Contemporary issues of marketing are outcome of dynamic global economies which have an
effect on all the things that are concerned with an establishment and it changes how globe has
been conducting activities of business.
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REFERENCES
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BackUp North West. 2022. [Online]. Available through: <https://backup-charity.org.uk/>. [Data
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Hill. W. A. 2016. Importance of Marketing Mix in Marketing Strategy. [Online]. Available
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Mason, K., Kjellberg, H. and Hagberg, J. eds., 2018. Marketing Performativity: theories,
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Melas, D., Foret, M. and Hesková, M., 2020, June. Importance of quality of life and social
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Sharma, R. R., Kaur, T. and Syan, A. S., 2021. Contemporary Issues in Sustainability Marketing.
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Suman, H. and Anand, A., 2018. Conference Review: National Marketing Conference 2018 on
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Tracy, N., 2019. Losing Millennials in the City: Reflection on Contemporary Issues.
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