Importance of Marketing Mix in Contemporary Marketing: A Case Study of Dyson Ltd

This report discusses the importance of marketing mix in contemporary marketing through a case study of Dyson Ltd. It explains marketing and marketing mix, and provides a brief theoretical explanation of 4Ps marketing mix. The report also introduces Dyson's V8 vacuum cleaner and applies the 4Ps marketing mix to it. The report concludes with the significance of marketing mix in commercial businesses.

Business Management
BMP4004
Contemporary Issues in Marketing
The nature and importance of the
marketing mix within the marketing
process
Contents
Introduction p
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An explanation of marketing p
An explanation of marketing mix p
A brief theoretical explanation of 4Ps marketing mix
p
Introduction of product/service
p
Application of 4Ps marketing mix to the selected
product/service p-p
Product p
Price p
Place p
Promotion p
Conclusion p
References p
Introduction
Currently, a vast as well as unifying concept in the contemporary marketing is the
pace of the market change. This involves alteration in the marketing tech, taste of the
customers and development of the product are few of the current issue which gives the
outcome in the immediate modifications. Contemporary issues is the type of the resource
which assist an organisation in doing a study and knowing the problems which are occurred
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by the companies in marketing(Al Hadi, Cahyo and Budi, 2021). The present report is based
on the company Dyson Ltd, which is the British international company of technology. In
addition to it, company focuses on designing as well as producing several appliances of the
household. The following report will include about the marketing and marketing mix. It will
also cover about the application of the marketing mix for the chosen product. Further a
complete brief of the product produced by the company will also be included in this report.
An explanation of marketing
This means to all the practices attained by the company in order to sell as well as
advertise the offered merchandise to their potential consumers. This also involves all the
activity of the firm in order to attain the attention of the consumers as well as manages
appropriate relationship with them. With the assistance of the marketing a firm creates more
eagerness in the mind of the consumers in respect to their products and services which they
are offering(Arthantri, 2021) . All the business organization need to use this practice in their
process of marketing that assist them to enhance in their entire development. With the
support of the appropriate as well as effectual techniques of the marketing it assist the firm in
accomplishing their long term goals and success. This is the essential element which connects
the consumers with the organization and it helps in building their brand awareness. Through
this an organization can possess the appropriate knowledge of the wants as well as needs that
are of the the consumers. In addition to it, this is one of the most crucial element of the
management of the business. As this marketing technique commonly attained implement by
all the organizations which are offering their products to the consumers. At times a company
also take the assistance of the several multiple marketing and advertising organizations that
assist them to advertise the products of the company. Companies can market their goods
through various methods such as traditional mode of marketing as well as digital mode of
marketing. In addition to it, traditional mode of marketing refers to the all the ways of
marketing with the help of print media, billboards, mouth marketing and many more.
Whereas, digital mode of marketing refers to advertising the product or brand with the help of
the electronics media in which social media, websites, seo are the part of it(Yusuf and et.al.,
2021). Nowadays people or organisations are majorly utilizing the digital method of
marketing because it is cost effective as well as it has the better results in comparison to the
traditional way of marketing.
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An explanation of marketing mix
Marketing mix means to the methods or strategies which is utilized by the company in
order to reach out to their all the potential consumers in accordance to increase their sales. An
effectual as well as appropriate marketing mix involve the range of the several strategies
which permits the owners of the organization or business in order to target their certain
market as well as also assist in enhancing the brand reputation of the company(Wibisono and
Kodrat, 2021). This assist the firm in long term as well short term technique for enhancing
their sales revenue. Moreover to it, business are totally rely on their method of marketing that
supports them in their research of the potential market as well as to understand the core needs
and wants of the customers. Additionally, an appropriate marketing mix of the company is
more like goal oriented, managing all the components in order to generate more sales
revenue. Moreover, by adding several tools in this framework, this will permit a firm to be
more flexible at the time of analyzing the purchasing habits of the consumers (Febrina,
Kartikowati and Jahrizal, 2021). This has an essential role in getting the edge over the
competitors of the company by attaining the new market.
A brief theoretical explanation of 4Ps marketing mix
The marketing mix's 4ps are the crucial element which assist the company in
advertising their offered products as well as services. In addition to it, these respective 4ps
are linked by the growth of the business as well as of their long term success and
sustainability. These 4ps are mentioned below briefly:
Introduction of product/service
Dyson's V8 vacuum cleaner is one of their most demanded product as it is the cord
free with having no wire attached to it as well as it is hassle free also. People can transform
the vacuum cleaner the way they desire(Ponte Panduro, 2022). It also have the 40 minutes of
the non stop run time. Moreover to it, it is engineered with anti static fiber of the carbon and
also of the soft woven nylon for the hard floors. Quality of their product is their key benefit
for the growth and success. Vacuum cleaner is device of cleaning which utilises the air pump
in order to make the partial vacuum which suck the dust from the floors or other surfaces.
There are several kinds of the vacuum cleaners which are there in accordance to the need of
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the people. Small battery, wheeled canister and many more are few of the types of the
vacuum cleaner which the firm is offering.
Application of 4Ps marketing mix to the selected
product/service
The brand reputation of the company Dyson apt to opt is which they are very imaginative as
well as innovative in nature and main aim of the company is to provide top quality goods to
their consumers in comparison to their competitors in the market area(Purbohastuti, 2021).
Initially organisation was manufacturing the top quality vacuum cleaner and after the great
results of it company has now become the giant of the home appliances in their market area.
Product
Dyson is the major brand of the home appliances which sells the broad rand of the
different home products. In which they specialises in designing and manufacturing of the
solid state batteries as company is working on the battery technology since a few years. In
addition to it, electronics vehicle as well as medical ventilators are also manufacture by them
but their star product is robotic vacuum cleaners which has the major sales in the market area.
In order to attract large number of the consumer base firm is also providing after sale services
for free as well as providing waurantee card with it.
Price
Dyson's pricing techniques is the cost leadership in which they maintains low pric goods with
maintaining their quality with the help of with this approach(Tho'in, Muliasari and Putri,
2021). Management of the company using this price method in order to manage the scale as
well as collaborate with their suppliers on the consistent way in order to ensure effectual
chain of supply management that is gives the outcome in the minimization of the prices. In
addition to it, because of the extreme competition in the business, it has impacted the pricing
strategy of the Dyson in accordance to overcome the issues related to selling of the products.
So, the goods that are produce dby the company are commonly on the higher terms in
accordance to the price. Even the consumers are willing to pay more money for such quality
products with having major technological feature in built. Moreover to it, value of the goods
need to be appropriately resolute in considerable cost of the development, expenditure in
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producing vacuum cleaners as well as of the several miscellaneous expenses in order to
market their goods and services in the market place of the company.
Place
This means to the placing of the good from which a consumer can buy them. Currently,
customers are buying the offered merchandise by the firm from several market areas which
can be both physical outlets as well as from the online platforms. Placing of the goods is very
much crucial element of the this respective framework(Redjeki, Fauzi and Priadana, 2021).
As the company must position and supply their goods in that specific goods in that particular
place which can available to their potential consumers. Not all the location is valuable for the
company because of the several reasons it involves like low demand of the product, climatic
conditions and many more. In context to the company Dyson, management need to keep the
effectual distribution chain around the world which reaches all the market including domestic
as well as international due to because they are the one of the leading producer of the vacuum
cleaner in the entire globe. A firm's chain of supply impact its power to deliver their goods
that can assist them in their whole performance financially. It includes of more than the 2
billion parts of the products which are shipped from more than 290 suppliers that assisted
them to supply their goods from their warehouses to the customers. By concentrating on the
effectual chain management of distribution, in which company can enhance the getting the
edge over their competitors in the market by making sure about their obligations of the
supply of the goods.
Promotion
This increases the brand as well product awareness among the consumers in order to
enhance the sales. This is the way of marketing which assist the firm to market their offerings
to their potential buyers. With the help of this method capabilities as well as characteristics of
the offered merchandise is promoted to the consumers. Promotion of the sales, direct
marketing, advertisement through television or print media, personal selling are few of the
types of methods that involves in this elements of marketing mix. In relation to the company,
Dyson management has opted several new strategies of the marketing communication that
show the mission as well as values to the consumers(Reis, 2021). The firm need to make it
more clear that they need to be more oriented towards innovation and development of the
products that leads to the satisfaction of the customers. It will permit the company to be more
differentiate from their competitors that majorly working for the profits. Firm is also using
several ways of the digital marketing in order to market their products. Management of the
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company utilises these digital platforms in order to grab the immediate attention of their
consumers with low cost and better results.
Conclusion
From the above report it has been concluded that marketing is very crucial part of all
the commercial businesses in order to increase their brand awareness which will eventually
lead to their long term growth as well as success. The above report has discussed about the all
the marketing mix and its 4ps which includes place, price, product and promotion. In addition
to it, this assist the firm to understand and evaluate the need of their potential consumers. The
appropriate examination give the outcome in effectual process of decision making as it is
very essential framework in maintaining the balanced way and support the firm to be on the
suitable path. Moreover to it, in accordance to analyses the competitive position of the firm
which requires to examine its offering in the market place. The firm requires to use
appropriate strategies of pricing as well as of placing in order to increase the demand of the
goods.
References
Al Hadi, M.Q., Cahyo, E.N. and Budi, I.S., 2021. Marketing Ethics At Islamic Banks:
Principles And Practices. Journal of Islamic Economic Laws, 4(2), pp.17-41.
Arthantri, D., 2021. The Effect Of Marketing Mix On Students Loyalty Towards Instant
Noodles With The Brands of INDOMIE, SEDAP, and ABC With Moderated
Variety Seeking. Journal of Management Science (JMAS), 4(3), pp.83-92.
Febrina, L.K., Kartikowati, S. and Jahrizal, J., 2021. EFFECT OF MARKETING MIX ON
TOURIST SATISFACTION AND LOYALTY IN TOURIST AREA OF BONO
TELUK MERANTI PELALAWAN REGENCY. Jurnal Manajemen dan
Bisnis, 10(1), pp.27-35.
Ponte Panduro, J.V., 2022. EL MARKETING MIX Y POSICIONAMIENTO DE MARCA
EN LA EMPRESA COMERCIAL RIVERA DISTRIBUIDORES SRL HUÁNUCO,
2020.
Purbohastuti, A.W., 2021. The MARKETING MIX EFFECTIVENESS ON INDOMARET'S
CONSUMER PURCHASE DECISION. Sains Manajemen, 7(1), pp.1-17.
Redjeki, F., Fauzi, H. and Priadana, S., 2021. Implementation of Appropriate Marketing and
Sales Strategies in Improving Company Performance and Profits. International
Journal of Science and Society, 3(2), pp.31-38.
Reis, P.B.P.P., 2021. Competitiveness and internationalization of a Portuguese SME in the
cheese market-marketing mix and budget (Doctoral dissertation).
Tho'in, M., Muliasari, D. and Putri, S.A.R., 2021. An Analysis of Customer Satisfaction
Levels in Islamic Banks Based on Marketing Mix as a Measurement Tool. Annals of
the Romanian Society for Cell Biology, 25(1), pp.2004-2011.
Wibisono, R.F. and Kodrat, D.S., 2021. Service Marketing Mix Strategy Analysis for CV
Ebenhaezer Berkat Langgeng. KnE Social Sciences, pp.487-498.
Yusuf, M., and et.al., 2021 Analysis of Segmenting, Targeting, Positioning and Marketing
Mix Strategies on the Yonly Glass Processor and Application Glass Business Plan.
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