Report on Contemporary Marketing Issues: Market Process & Mix

This report provides a comprehensive analysis of contemporary marketing issues, focusing on the market process and the marketing mix. It begins by defining the marketing process as a strategy organizations use to identify customer needs, market value, and resources to create desired customers. The report outlines the four key steps in the marketing process: analyzing market opportunities, selecting target markets, developing the marketing mix, and managing marketing efforts, highlighting tools like SWOT, PESTLE and 5C analysis. It further explores the concept of the marketing mix, emphasizing the four Ps (Product, Price, Place, and Promotion) and their role in promoting brands and developing new products, along with the additional three Ps (People, Process and Physical Evidence). The report concludes that a strong understanding of both the marketing process and marketing mix is essential for companies seeking to enhance their market position, satisfy customer needs, and achieve sustainable growth and profitability. Desklib provides a wide range of resources including past papers and solved assignments to support students in their learning journey.

Contemporary issues in
marketing

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Understanding of the market process in the contemporary business context..............................1
Understanding the concept of marketing mix and how it is employed when developing a new
product.........................................................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
Marketing is the process of selling or buying the products or services.it include all the activities
involved in promoting and selling products to the consumers. The four basic principles of
marketing are product, price, place and promotion. Marketing is the way of making a
relationship between the customer and the consumer. Marketing process is the action taken by
the company for knowing the customer requirements. In this report we will study about the
marketing process in the business context and also on the marketing mix and how this is
employed when developing a new product. (Hill, R.M., 2022)
MAIN BODY
Understanding of the market process in the contemporary business context
A marketing process is the phenomenon followed by an organization for identifying customer
needs, market value and resources for creating desired customers.it helps in analysing the market
opportunities. The aim of marketing process is to meet the needs profitably. Companies must
identify which needs and whose needs they can fulfil. (Greco, F., 2018.)There are four steps in
marketing process such as analysing market opportunities, selecting target markets, developing
marketing mix and managing the marketing effort.
Analysing market opportunities
Analysing market opportunities is the first step in marketing process.by analysing the market
opportunities the marketers and dealers can understand and fulfil the customer needs as per their
requirements. If a company fulfil customer needs and requirements then this will increase the
growth and productivity of the company. For executing the market opportunities one should
know the strategic way to getting success and how to implement that. The company must be
aware about the marketing information system for implementing the process. Marketing
information system helps in getting some useful information about the market area. There are
many techniques for understanding and analysing the market opportunities such as 5 c analysis,
SWOT analysis and PESTLE analysis. This increase the long term relationship with customer
and therefore it is beneficial for the company’s growth.by analysing the market opportunities the
companies are able to improve their performance more efficiently. (Paksoy, H.M., and et.al.
2020)
1

Selecting target markets
Once the opportunities are examined then the next process is to understand on what segments
the company should work. This process involve the process of selecting targeted markets. This is
very important process of marketing process as the growth and success of the business depends
much on this factor. After analysis the company reject all the unnecessary customers and focus
on that area from where they can get maximum business. A single company cannot satisfy all
the requirements of a customer. Therefore it is very important for an organization to identify
their USP and what they can sell for getting better growth. From this they will get to know on
what kind of market they have to focus on. (Levytskyi, V., 2020)The companies can do this by
isolating the market into segments depending upon the products and customers.by segmenting
the market the companies will understand from where they are getting better growth and
productivity.
Developing marketing mix
The marketing mix is defined as the action taken by a company for promoting their brands or
products.it helps in defining the service of the company by the help of four principles-price,
product, promotion and place. This helps in identifying the customer needs and what company
should do for achieving their goals. Once the analysis and segmenting has been done the next
step is of planning the strategy of marketing. The marketing mix comprises of four elements-
 Product-this is defined as the article or item produced by the company and which is
presented in the market in the system of product or services.
 Price-this term is defined as the customer pay for buying any product from the company.
 Place-this means that the products are available to the customers from where they want
to purchase whether it is online or offline.
 Promotion-this means the efforts done by the company to check whether their products
or services are appreciated or not as per customer needs.
 In this form company makes a marketing mix strategy for selling their products and
satisfying customers according to their needs.
Managing the marketing efforts
This is the last step of marketing process. This includes the management part of the process. If
all the above points are agreed and management is not good then company will not gain
profitability. Management is very important for getting better growth and productivity. There are
2

few steps through which company can do this management like CRM customer relationship
management. This is the practical part of the marketing process. This process require four basic
aspects that are: scrutiny, preparation, execution and control. If the company focus on all these
four functions then the company will surely achieve success and growth.
It is very important for a company to have a good marketing process for its success and meeting
its objectives. If the company is launching some new product then it should be more energetic
and aggressive.it entirely affect the business as marketing is the most efficient path for pleasing
customers and have communication with them. The growth of the company is totally depend
upon the reputation and market value of the company.it helps in building a relationship between
the consumers and the business. Marketing process increases the sales and revenue of the
business.in order to have more successful business with respect to the competitors one should
follow all above points for company’s profitability. These days the competitors are very
challenging, the only way to get more business from them is to have a better marketing process
strategy and aggressive marketing as well. Companies should only focus on designed threats.to
overcome this some steps should be taken by the companies in the way of customer relationship
management process. (Minculete, G. and Olar, P., 2018,)
Understanding the concept of marketing mix and how it is employed when developing a new
product.
Marketing mix is the planning in which a company promotes its product to the customers.it is
also termed as the positioning of the product. Selling the product at right time, place and value is
one of the key factor of marketing mix. There are basic four prospects of marketing mix such as
price, product, place and promotion. The marketing mix is the most appropriate strategy for
analysing and implementing the marketing process in the business. Marketing mix includes
positioning, targeting and segmentation. All the four P’s group together and makes a very tactful
strategy for implementing the process. All the elements of marketing mix are interconnected
with each other. We can further explain this with the help of an example, one of the most known
company of cereal niche named honeycomb.at first this company produces products for older
individuals for keeping their diet under control but after doing some deep research it is found
that younger ones also focus on diet these days and they also need a healthy diet.so after this
they developed cereals product for younger ones too.as per the strategy of marketing mix, the
3

company decided the correct product, with right price and place and also took some action for
promoting the product.( Lim, W.M., 2021) This makes the honeycomb company very productive
and people love to eat their healthy products .Marketing mix products are classified into three
categories such as:
 Tangible products-these are the products which are visible or which are actually
available physically. For example car, bike, any food item and etc.
 Intangible products-those products which are not physically available for the
consumers. The products which are not visible to the customers such as life insurance,
health insurance. Online applications, video games are also comes under intangible
products.
 Services-it is the process that creates benefits to the customer. This also termed as an
intangible product.it is highly depend on the person who is providing the service.
The four P’s of marketing mix are further classified below:
Product in marketing mix-The term product is defined as the item produced by the company
for satisfying customer needs. The product can be physically present or not, or a service or
goods. The company must do an intense research before launching any product. Customer needs
and requirements should be in the mind before developing a product. A product has a certain life
span and after that the company should know the process of making it more productive and
profitable. The company should focus on increasing the brand value of the product by
reinvesting in the product and modifying the product for better outcomes. (Al Badi, K.S., 2018)
Price in marketing mix-Price is one of the most beneficial factor of the marketing mix. Price is
defined as the amount paid by the customer for purchasing the goods from the company.it is
important because it makes the company financially stable and helps in earning profit. Company
should keep in mind few things before introducing the price of the product like competitor’s
price, list price, discount etc. The company should mark the price according to the customer
needs and balancing the price makes the firm more profitable.
Place in marketing mix-Place is also very important for the customer. The products are
available for the customers as per their convenience. Online marketing are very trending these
days as customer need not to go outside their home for purchasing goods. This is beneficial for
both the customer as well as for the company. The company should place the product where it is
easily available for the customer.
4

Promotion in marketing mix-It is defined as the process of promoting the products like
introducing their benefits to the consumers. This is a marketing strategy for increasing the sales
of the goods.it is the practice of the company to influence the customer for purchasing their
products. Advertising online, organizing small campaigns are some methods adopt by the
company for attracting the customer mind about their product. All the above points are practised
before launching any product in the market.
Apart from the 4 P’s the company has also introduced three more P’s of marketing mix for
getting more growth in the business and these are as follows: people in marketing mix is the next
factor which is very beneficial for any company. The people of the company helps in delivering
services to the customers.it is very important to hire the right talent and guide them properly for
delivering the right knowledge of the product to the customer. The company should take
feedbacks from the employees as well and welcome their ideas for more innovation .The another
factor to keep in mind while developing a product is the process in marketing mix.it is very
important to have an understanding process. The strategy should be there for producing a
product. Planned things works in a better way and therefore results in more profit and growth.
The last factor involved in marketing mix is the physical evidence of marketing mix. This means
branding of products. (Stead, M. and Hastings, G., 2018) Whenever we think of cosmetics we
think of MAC or lakme. Brand name itself increases the sale of the product as customer always
wanted to purchase a product whose brand name is good, whose packaging is good. Brand name
easily attracts the customer and also influence the customer by their physical appearance. The
features of marketing mix in the industry is to have independent variables, helps in achieving
marketing targets, this focus on customer needs.it is very important for a company to focus on
each and every point of marketing mix in developing a product.
CONCLUSION
The concept of marketing process and marketing mix have been strongly important for any
company. The market managers should focus on each stage of marketing process and marketing
mix. The elements are used equally and the company should not prioritize them. Balanced
approach should be adopt by the company members for getting more productivity. This also
ensures a good relationship between the customer and the company. (Othman, B., Harun, A.,
5

and et.al. 2019) Having a good strategy for implementing and developing a product is very
beneficial. Understanding what customer wants and where they want and how they will pay for
them is the key of getting success for any organization.
6

REFERENCES
Books and Journals
Hill, R.M., 2022. Internet Marketing Process Improvement for a Small-Town Ranch Offering an
Experience as a Service (Doctoral dissertation, Trident University International).
Greco, F., 2018. The Rule of Persuasion in the Marketing Process. Psychol Behav Sci Int J, 9(5),
pp.1-15.
Paksoy, H.M., and et.al. 2020. The Importance and Place of Information Technology in the
Changing Marketing Concept. Bitlis Eren Üniversitesi Sosyal Bilimler Dergisi, 8(2),
pp.440-458.
Levytskyi, V., 2020. Marketing concept of the management strategic planning enterprise
activity. Economic journal of Lesya Ukrainka Volyn National University, 3(23), pp.84-91.
Minculete, G. and Olar, P., 2018, June. Approaches to the modern concept of digital marketing.
In International conference Knowledge-based organization (Vol. 24, No. 2, pp. 63-69).
Lim, W.M., 2021. A marketing mix typology for integrated care: the 10 Ps. Journal of Strategic
Marketing, 29(5), pp.453-469.
Mahmoud, T.O., 2018. Impact of green marketing mix on purchase intention. International
Journal of Advanced and applied sciences, 5(2), pp.127-135.
Al Badi, K.S., 2018. The impact of marketing mix on the competitive advantage of the SME
sector in the Al Buraimi Governorate in Oman. SAGE Open, 8(3), p.2158244018800838.
Stead, M. and Hastings, G., 2018. Advertising in the social marketing mix: getting the balance
right. In Social Marketing (pp. 29-43). Psychology Press.
Othman, B., Harun, A., and et.al., 2019. The influences of service marketing mix on customer
loyalty towards Umrah travel agents: Evidence from Malaysia. Management Science
Letters, 9(6), pp.865-876.
7