Critical Evaluation of Marketing Mix Theory

This report critically evaluates the marketing mix theory and its application in promoting a brand or product within the market. The marketing mix consists of the 4Ps: price, product, promotion, and place. The evaluation highlights the importance of these elements in achieving business goals and satisfying target customers.

Critical Evaluation
Select and critically evaluate one model, framework or theory which you have used
in CW1.
Model, Framework or Theory to be critically evaluated:
In this report two theory will be critically evaluated i.e., Market mix. Respective theory is
related to the set tactics as well as actions which an business firm will use for promoting its
brand or product within market area (Datta, Ailawadi and Van Heerde, 2017). In addition
to this, marketing mix is made up of 4Ps such as price, product, promotion and place.
Moreover, different element of marketing mix work within conjunction with one another.
Consumer -centric marketing mixes incorporate a focus on customers within their
approaches (Marketing Mix, 2020). Explanation of 4Ps are as follows :-
 Price – It is related to the value of product which company put as well as price
depend on the segment targeted, cost of production, market ability to pay and
several other indirect factors. Moreover, price can also be used a demarcation to
differentiate as well as enhance product image.
 Product – This refers to the item which company being sold (Liu, Li, Chen and
Balachander, 2017). In addition to this, product deliver minimum level of
performance as well as product should be something innovative and different
which help company in attracting large number of customers.
 Place – It is related to the point of sale and in every industry, place catch eye of
consumer as well as make easy to buy it is the main aim of good distribution or
place strategy. For selecting right location retailers pay premium as well as
location is mantra of successful retail business.
 Promotion – It is related to the activities which are undertaken for making the
product as well as services known to user and trade (Ramani and Srinivasan,
2019). Promotion involves word of mouth, advertising, press reports, incentives,
direct marketing and many more.
Diagram of Model, Framework or Theory (if appropriate):

Figure 1Marketing Mix
(Source: Marketing Mix, 2020)
Critical Evaluation:
Marketing mix is combination of 4 key elements i.e., product, price, place and promotion.
All these elements help company in satisfy target market as well as their potential
customers. Along with this, it help business firm in accomplishing their predetermined
goals and objectives (Thabit and Raewf, 2018). These standards are basic components of
the organization arranging and assess and break down the procedures with respect to item,
valuing, situation and advancement. The promoting blend additionally assumes its roles
with the management accountant to detail the interior arrangements and exercises in a way
that helps the association in accomplishing corporate objectives. Regardless of how
flawless is the item, it is basic to have a beneficial and fruitful showcasing blend followed
by a promoting plan.
 Product – It is related to the company product manufactures or provides in tangible
form as well as intangible as services. Moreover, strategy related to product as well
as services both are different and it is vital to frame strategy as per the offering
business firm is dealing. Strategy related to product or service may influence by
customer demands (Solimun and Fernandes, 2018). In addition to this, quality and
quantity of offering is formulated on the basis of demand. Every business have
their differ strategy of their products and services.
 Place – It explain location where product or services will be accessible to the end

users. Place of offering can be online, inform of vending machine, Atm and several
other location where company place their products. Placement of product done by
focusing on the user of specific offerings (Haynes, 2016). Moreover, placement
strategy of every company may be differ.
 Price – It is related to the amount of money which consumer willing to pay for the
product. Cost is wide enough for covering operating cost, but it also be in the
affordability of customers. At the initial stage, company set price f their offering
bit low and after that increase gradually when market share increase.
 Promotion – This concept is related to how an business firm will going to promote
their product and services as well as it is how organization will communicate with
customers. Best product can get fail if company will not able to communicate it so
it is important to promote product in better manner.
An organization can adopt different marketing mix for their product from word of mouth
advertisement to an exclusive television ad.
References:
Books and Journal
Datta, H., Ailawadi, K. L. and Van Heerde, H. J., 2017. How well does consumer-based
brand equity align with sales-based brand equity and marketing-mix response?. Journal of
Marketing. 81(3). pp.1-20.
Liu, Y., Li, K. J., Chen, H. and Balachander, S., 2017. The effects of products’ aesthetic
design on demand and marketing-mix effectiveness: The role of segment prototypicality
and brand consistency. Journal of Marketing. 81(1). pp.83-102.
Ramani, N. and Srinivasan, R., 2019. Effects of Liberalization on Incumbent Firms’
Marketing-Mix Responses and Performance: Evidence from a Quasi-Experiment. Journal
of Marketing. 83(5). pp.97-114.
Thabit, T. and Raewf, M., 2018. The evaluation of marketing mix elements: A case
study. International Journal of Social Sciences & Educational Studies, 4(4).
Solimun, S. and Fernandes, A. A. R., 2018. The mediation effect of customer satisfaction
in the relationship between service quality, service orientation, and marketing mix strategy
to customer loyalty. Journal of Management Development.
Haynes, P., 2016. The Critical & Cultural Marketing Mix. Marketing Mix (February 2,
2016).
Online
Marketing Mix, 2020.[Online].Available through<
https://economictimes.indiatimes.com/definition/marketing-mix>
Marketing Mix, 2020.[Online].Available through<
https://www.mbaskool.com/business-concepts/marketing-and-strategy-terms/
3956-marketing-mix.html>

Reflection
What?
Go back over your formative feedback, approaches to learning and international
entrepreneurship experience during the module (positive and/or negative), select areas
to focus on and identify what happened. What academic content underpins your
description? This is the descriptive foundation of your reflection and is a divergent
approach to generate ideas, detail content and reconstruct events.
Marketing mix is combination of 4 key elements i.e., product, price, place and promotion.
All these elements help company in satisfy target market as well as their potential
customers. Along with this, it help business firm in accomplishing their predetermined
goals and objectives. These standards are basic components of the organization arranging
and assess and break down the procedures with respect to item, valuing, situation and
advancement. The promoting blend additionally assumes its roles with the management
accountant to detail the interior arrangements and exercises in a way that helps the
association in accomplishing corporate objectives. Regardless of how flawless is the item,
it is basic to have a beneficial and fruitful showcasing blend followed by a promoting plan.
So What?
Describing your experience is not enough – you need to analyse things in detail from
different angles to try and make sense of your experience and work out why this is
significant. What have you learnt at a deeper level? What do you now understand about
yourself in relation to the issue? How does your experience relate to theory? What does
the formative feedback received mean for your approach to learning and the application
of your international entrepreneurship models, frameworks and/or theories? This is a
convergent approach to analyse your experience from a variety of perspectives.
In this report marketing mix theory use for conducting research and it is best model
which company can use for place their product and services within marketing area.
Along with this, it help business firm in attracting more and more customers as
well as placing product in better manner within market area. While implementing
this theoretical framework some issues are also faced such as it create difficulties in
better understanding of concept because it is wide in concept and require deep
research related to the topic. As in simple term it can be said that, Marketing mix in
time consuming procedure as well as require expertise to work on it so that better
outcome will be gain. Apart from this, my knowledge related to marketing mix was
not good as I faced several difficulties while conducting research in understanding
things within effective manner. Because one single mistake may result in negative
impact on the working of business firm. But after conducting this research I will be
able to develop my knowledge in more effective manner related to the marketing

mix concept. Along with this, In Future I will be able to implement more marketing
strategy in effective manner so that better outcome will be gain and it will be
beneficial for business firm.
Now What?
Now that you have a better understanding of your experience, what will you do with the
insights gained into formative feedback, your approach to learning and the application of
your international entrepreneurship models, frameworks and/or theories? How will you
be different? Or do things differently? What worked well that you could use again or
adapt in the future? What should you avoid and why? Distil the most relevant lessons and
determine how and where they can be applied.
In this report two theory will be critically evaluated i.e., Market mix. Respective
theory is related to the set tactics as well as actions which an business firm will use
for promoting its brand or product within market area. In addition to this, marketing
mix is made up of 4Ps such as price, product, promotion and place. Moreover,
different element of marketing mix work within conjunction with one another.
Consumer -centric marketing mixes incorporate a focus on customers within their
approaches. By learning this theoretical framework it become easy to implement
several other marketing strategy in future also within working of company. In
addition to this, knowledge related to the area also get enhanced which help in
conducting future research in more effective manner.
References:
Trivedi, M., 2018. Methodology to use the marketing mix strategy of SSi sector of Kanpur
District. Journal of Retail Marketing & Distribution Management, 2(2), pp.6-18.
Morton, A. and Greenland, S.J., 2018. Tobacco CSR and the ethics game paradox: a
qualitative approach for evaluating tobacco brand name strategy following plain packaging.
In The Goals of Sustainable Development (pp. 179-192). Springer, Singapore.
Jaminyasa, I.M., Pulawan, I.M. and Amerta, I.M.S., 2017. The marketing mix affect on the
consumer buying decision (case study of sausage products at PT. Aroma
Denpasar). International journal of social sciences and humanities, 1(2), pp.65-74.
Sundari, R.S., Umbara, D.S., Kusmayadi, A. and Arshad, A., 2019. MARKETING MIX
EXTENSION TO BOOST DISTRIBUTION PRODUCT OF CATFISH
SHREDDED. Comment: An International Journal of Community Development, 1(2),
pp.28-33.

Reflection on Engagement
No of sessions attended between weeks 3 and 11 (max 18)
Explanation of and reflection on any absences:
Through this reflection it has been identified that where I was lacking behind in
some area while conducting research on marketing mix theory. Along with this,
through respective explanation and reflection I will be able to determine the area
which need development so that in future same issues will not going to be repeat
again. In addition to this, research on marketing mix help in developing better
understanding related to the same so that product or services an business firm offer
in market will get better place as well as large number of customers also.