The Nature and Importance of Marketing Mix in the Marketing Process

This report explains the concept of marketing and marketing mix, including the theoretical explanation of 4P's of marketing mix. It also includes a case study of Marks and Spencer and the application of marketing mix in the context of the company's products and services. The report concludes with the importance of marketing mix in the marketing process.

Contemporary Issues in
Marketing

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Explanation of marketing............................................................................................................1
Explanation of marketing mix.....................................................................................................1
Theoretical explanation of 4P’s of marketing mix......................................................................2
Introduction of products and service...........................................................................................3
Application of marketing mix in context of company.................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
In today’s time, marketing is one of important concept for business as it allows business to
increase awareness of products and service. It provides them opportunity to increase sales and
revenue of business (Kim and Kim, 2018). Marketing is essential for company as it increases
competitive strength of a business. This project report includes analysis of Marks and Spencer
which is a British company existed in London and providing its products and service in different
countries. It is a company that mainly selling clothing, food products and home products. It was
established in the year 1884 by Michel Marks and Thomas Spencer. This report includes
explanation of different dimension of marketing which activities of marketing. It also includes
direct application of marketing mix in context of company for attainment of strategic goals.
Moreover, it explains practice application of marketing mix in context of products and service of
company.
MAIN BODY
Explanation of marketing
Marketing can be described as various activities undertaken by an organisation for purpose of
promotion of buying as well as selling of different products and service. It includes different
activities like advertising, delivering and selling of products of consumer and other business. It is
a concept that allow business to attract customers towards its products and service by sending
them message. It is an important activity that focus on offering values to customers with content,
products values, providing strength to loyalty of brand and also increase sales of company
(Kumar, Shankar and Aljohani, 2020). It is a process which aims to make customers more
interested in products and service of business. It can be on basis of conducting marketing
research, analysis and also by understanding interest and requirement of customers. It is a
concept that pertain to different aspects of business including distribution, sales, advertising and
product development. It increases awareness about products, new service and others of company
to customers. There are different types of marketing including interne marketing, search engine
optimisation marketing, social media marketing, blog marketing, print marketing and others.
Explanation of marketing mix
Marketing mix is an important concept of marketing that consist different factors and provide
support to sales operation of company. A company with helps of this tool can increase marketing
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share as it increases demand of product. It is a tool used by companies by combing different
components that provide strength to brand of company and assist them to sell it to customers.
There are different companies which use strategies in order to sell its products and marketing is
also a part of strategy of company (Lim, 2021). It is a set of tools and tactics of marketing used
by companies for purpose of promotion of products and service in market place. It is important
for companies as it allow them to set a distinct positioning of company. It is a tool on basis of
which company can create right strategy for marketing and also implement it in effective
manner. It allows business to assess and analyse role of products, price, promotion and place
which play important role in approach of marketing.
Theoretical explanation of 4P’s of marketing mix
It is a different set of activities used by companies for promotion of products and service in
marketplace. It is focusing on core areas of business and provide them assistance for
development of marketing plan. It is important for business as it helps to develop strategies as
well as decision that helps at time of introduction of existing goods and service. It is a crucial
tool that enable firm to develop strategies for business and implement it in effective manner.
There are different types of products and services develop by business which are offered by them
to customers for exchange of money (Lim, Jee and De Run, 2020). These products, price, place
as well as promotion are decided by companies with helps of this tool. Marks and Spencer is one
of organisation which use marketing mix for purpose of promotion of goods and service. There
are different types of strategies adopted by firm includes economic price, innovation in products,
planning for promotion and others things. Different types of components of marketing mix can
be utilised by Marks and Spencer in its operation for promotion of products. It assists Company
to develop distinct position of its brand and allow them to compete with other brands in market.
In order to increase sales of company, business needs to identify right buyers which can be done
by using marketing mix tool in business. It is a continuous process as firm needs to review its
strategy on regulation basis. There are different component including in marketing mix which are
mentioned below:
Product: Products can be described as an item that sold in market by companies in order to
satisfy wants and needs of customers. It aims to maximise experience of customers that will
enhance satisfaction of customers. It offers different benefits to business by providing them wide
product portfolio in order to cover large market share. It helps business to develop strong brand
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value in market and also goodwill which allow them to ensure long term success to business. In
order to develop different product in market, business needs to conduct market research.
Price: Price can be described as monetary values charge by business for exchange of products
and service offered by them. Prices of products can be identified on difference basis like demand
of product, cost of production, rival portfolio of price and others. It is an important element used
by business in order to differentiate products and also develop good image of company in minds
of customers (Madeira, 2019). There are different pricing strategies can be developed by
business in order to attract mor customers. Prices of products can be set by company is a manner
that allow them to create sufficient demand for products and service. Success and failure of
business is depended on prices of products.
Place: It is one of important component of marketing mix which consist detail of dispersion or
placement of product. It is a place where actual sale of company taken place. It is important
component of marketing mix as it increases sales of company. It should be selected in manner
where customers can easily reach and access to large market share. There are different methods
adopted by companies for selecting a place where they can offer its products and service. Place
where companies sell its products includes retail stores, online sites, company’s website and
others. It provides convenient ways to customer to reach to offering of company.
Promotion: It is also an important component of marketing mix that focus to communicate to
target customers of company. It aims at increasing awareness of products and service to
customers. There are different activities included in this process like sales promotion,
advertisement, social media, personal selling and others (Ndofirepi, Farinloye and Mogaji,
2020). It is essential for business in order to identify target market of business and also to
communicate them about offering of firm. Promotional strategies made by companies helps them
for create influence over new customers to buy products offered by company. It will also help
them to gain attention, attract customers and also allow them to convince for specific products.
Introduction of products and service
Marks and spencer is one of international clothing brand that is mainly focusing on young
customers. It is developing effective marketing strategy in order to attract customers towards
their brand. It is important for this company to focus on development of different approaches for
company in specific period of time. It is not only selling clothing but also beauty products to its
customers. It is aiming to develop more new opportunity for business that allow them to improve
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quality of its products and also for attracting more customer. It is focus on both building values
as well as quality of products.
Application of marketing mix in context of company
Marketing mix is an important tool of business which used by them in order to be more
competitive. There are different types of company that focus on formulation of key plans and
policies in context of marketing mix. It is important for business to implement marketing
management effective manner in order to maximise its benefit for business (Prabowo and
Sriwidadi, 2019). Marks and Spencer is managing its marketing activities in effective manner
and on basis of it, managers of company able to make it as leading brand for both clothing and
beauty products. It focusses on proper planning of different activities which increase
effectiveness in business and also allow them to focus on getting competitive advantage in
market.
Product: It can be described as physical unit offered by company to its customers for earning
profit. It is important component as quality of it create impact over sale and customer
satisfaction. Marks and spencer is offering clothing, beauty and food products to its customers.
Main focus of this organisation is on improving quality of products that allow them to increase
customer base of company (Stead and Hastings, 2018). It is also focusing on innovation in order
to differentiate its product form other brands present in market. For this, company is also
investing money for various research and development activities.
Price: It is a value of product which a customer is ready to pay for exchange of profit. It can be
decided in manner that allow business to bear cost and also provide them profit. Marks and
Spencer is an international brand that provide its service in all over globe. It spends on different
activities that increase cost of company and prices set by companies helps them to overcome of
cot and provide them profit (Ramani and Srinivasan, 2019). It is charging high prices of its
products as this organisation is providing high quality of products to customer as per their
requirement.
Place: Selecting a location for business is an important and complex process for a business. It is
important as it create impact over sale of company. There are different types of companies in
world which are focusing on development of geographic location in order to get success. Marks
and spencer is an organisation that is providing its products and service in its store as well as
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online sites. It will increase reach of company in market and allow them to expand business in
world wide locations.
Promotion: It is an important element in marketing mix of company that allow firm to ensure
advertisement, publicity of products and service. It is important for companies to ensure
development of promotional strategies for business as it makes them more competitive (Solimun
and Fernandes, 2018). Marks and Spencer is one of organisation which are using different
method for promotion of products and service. In order to promote beauty products, company is
adopting media advertisement that consist use of social media platform as well as internet
connection for promotion of products and service. It is a method of promotion that allow firm to
increase its reach at international market.
CONCLUSION
From above mentioned project report, it can be concluded that marketing is an important
component in business that provide them opportunity to increase awareness among target
customer and also to sell their products and service to these target customers. Marketing
management is important activity in business which allow them to increase sales and profitability
of business. It also helps them to build good relationship with customers. There are various types
of tools and technology are used by business in order to improve efficiency of business.
Marketing mix is one of important component which is used by companies in order to identify
product, price, place as well as promotion.
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REFERENCES
Books and journals
Kim, M.S. and Kim, J., 2018. Linking marketing mix elements to passion-driven behavior
toward a brand: Evidence from the foodservice industry. International Journal of
Contemporary Hospitality Management.
Kumar, A., Shankar, R. and Aljohani, N.R., 2020. A big data driven framework for demand-
driven forecasting with effects of marketing-mix variables. Industrial marketing
management, 90, pp.493-507.
Lim, W.M., 2021. A marketing mix typology for integrated care: the 10 Ps. Journal of Strategic
Marketing, 29(5), pp.453-469.
Lim, W.M., Jee, T.W. and De Run, E.C., 2020. Strategic brand management for higher education
institutions with graduate degree programs: empirical insights from the higher education
marketing mix. Journal of Strategic Marketing, 28(3), pp.225-245.
Madeira, A.B., 2019. Green marketing mix: A case study of Brazilian retail
enterprises. Environmental Quality Management, 28(3), pp.111-116.
Ndofirepi, E., Farinloye, T. and Mogaji, E., 2020. Marketing mix in a heterogenous higher
education market: A case of Africa. In Understanding the higher education market in
Africa (pp. 241-262). Routledge.
Prabowo, H. and Sriwidadi, T., 2019. The Effect of Marketing Mix toward Brand Equity at
Higher Education Institutions: A Case Study in BINUS Online Learning
Jakarta. Pertanika Journal of Social Sciences & Humanities, 27(2).
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.
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.
Stead, M. and Hastings, G., 2018. Advertising in the social marketing mix: getting the balance
right. In Social Marketing (pp. 29-43). Psychology Press.
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