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MARKETING MIX. 1. : MARKETING MIX. Marketing mix. Assig

Added on - 22 Sep 2019

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Running head: MARKETING MIXMarketing mixAssignment 1Student NameCourse work:University Name:
MARKETING MIX1IntroductionIn this present paper we will discuss the importance of segmentation, targeting and positioning toachieve the successful marketing mix. We will also describe the various companies who areusing these marketing mix concepts and who are not using these concepts.The segmentation helps to divide the large target market into subsets which helps topredict the target audience. The targeting market is divided on the basis of demographic,social–class and others then the company prepare the marketing strategies according tothe target market. After targeting the market the product positioning is used to create theimage of the product in the eyes of consumers. Thus all the three activities areinterrelated.Marketing mixMarketing mix is defined as the business tools which help to control and decision making relatesto product, price, place and promotion. Following are the four components of marketing mix.1.ProductThe product mix comprises of various products produced by an organization. It includestangible and intangible products. The product concept consist of actual, Core, andaugmented products which helps to extract the benefits of the product to the consumers(Boon et al., 2015). The product life cycle helps to analyze the challenges faced by theproduct at every stage.2.PriceIt is used to take the price decision by considering the profit margin, competitor’s price,maximization of shareholders wealth, target market, quality of the product and others.3.PlaceIt is used to select the effective distribution channel by considering various factors suchas inventory management, cost optimization, risk, and others. The medium include onlineand offline mode to deliver the product.4.PromotionIt is used to consider the suitable promotional activities which help to create awarenessby communicate the benefits of the product. It creates the brand image in the eyes of theconsumers which helps to increase the perceived user value.Application of marketing mix and STPMarketing mix concept is applied by every organization which helps to enhance the sales andprofitability of the company by appropriate product positioning, promotional activities, pricing,
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