Foundation of Marketing Case Study 2022

Running head: FOUNDATION OF MARKETING
FOUNDATION OF MARKETING
Name of the Student
Name of the University
Author Note

FOUNDATION OF MARKETING
Introduction
The study of managing the exchange relationship is known as marketing. Marketing is
also considered the procedure of business involving the creation of relationship and response
for offering customer satisfaction (Deepak and Jeyakumar 2019). Marketing activities include
the process of promoting selling or buying of services and product. The activities include,
selling, delivering and advertising services and/or products for responding to the needs and
preferences of consumers and/or for businesses (Haider et al. 2019). The purpose of the paper
is to demonstrate a point of view regarding the importance of product quality and product
over the functions of promotion, price and distribution. The paper will present a concluding
statement about the importance of specific marketing decision over other communicated
factors.
Body
Conceptual understanding and importance of Marketing Mix elements:
Marketing involves various actions and practices that help in drawing a relationship
with customers and the company. The foundation model of business operation is known as
the marketing mix. Professor Neil H. Borden coined the term of the marketing mix in the year
1953. Professor Neil H. Borden also had the position of the president in the AMA (American
Marketing Association). Marketing mix can be defined as the range of tools and techniques
of marketing, which are utilized by organizations for pursuing the set goals and objectives
amongst the planned target market (Baker 2016). Marketing mix involves the broad decision
regarding details and strategies of the product, place, promotion and price. The four Ps of the
marketing mix is specifically targeted to a product offering of an organization. For
strategizing and describing the service offerings of an organization, the four Ps are extended
to seven Ps by including the elements, physical distribution, people and process
(Mullakhmetov et al. 2016).

FOUNDATION OF MARKETING
Product: Product is the item or value that the business offers for responding to the potential
needs and preferences of the customers. Product of an organization aims at fulfilling the
absence of need-availability gap in the target market. Product is also designed for responding
to a greater demand for an already existent capacity (Baker 2016). Product knowledge of a
business is considered the base for shaping the suitable campaign by the marketers. Product
knowledge can be diversely presented as the understanding about the features and
characteristics of the product, value proposition, position or differentiation point in
comparison to the competitors, alignment of the product with other ranges or products in a
product line and the existence of substitutes in the market to sense the competition.
Price: Price depicts the value of the amount a business will charge for a product offering or
the value that target customer will pay for buying a product offering. During strategizing
about the price of a product, organizations consider various elements such as marketing costs,
distribution expenses and cost price (Gupta et al. 2016). Pricing strategy should also consider
competing prices in the target market for ensuring a reasonable offering to the consumer.
Place: The distribution plan or strategy of a product is known as the ‘place' of a product
offering. The decision regarding the selection of medium or channel of selling a product
determines the strategy of the place of a product offering such as online and/or offline
medium. This element of the marketing mix is highly influenced by the implication of
technology and digitalization. In the 21st century, online digital media platforms such as
YouTube, Facebook, Google Ads and blogs are considered majorly crucial for enhancing the
reach and acceptability of the offered product (Gupta et al. 2016).
Promotion: The activities such as advertising, sales promotion, sponsorship, direct marketing,
guerrilla marketing and public relations are involved in the promotional strategy for a product
offering (Baker 2016). The promotional plan of a product majorly depends on the product life
cycle of a product category/line or organization.