The Nature and Importance of the Marketing Mix within the Marketing Process

This report discusses the importance of marketing in fulfilling consumer needs and the four P's of marketing mix - product, price, place, and promotion. It also applies the marketing mix to ASDA's product, Mango Lassi, and concludes with the product's impact on various factors.

Business Management
BMP4004
Contemporary Issues in Marketing
The nature and importance of the
marketing mix within the marketing
process
1

Introduction...............................................................................................................................3
Main body.................................................................................................................................3
An explanation of marketing..............................................................................................3
An explanation of marketing mix.......................................................................................4
A brief theoretical explanation of 4Ps marketing mix.....................................................5
Product:......................................................................................................................................5
Price:..........................................................................................................................................5
Place:.........................................................................................................................................5
Promotion:................................................................................................................................6
Introduction of product/service..........................................................................................6
Application of 4Ps marketing mix to the selected product/service..................................6
Product......................................................................................................................................6
Price...........................................................................................................................................7
Place..........................................................................................................................................7
Promotion..................................................................................................................................7
Conclusion................................................................................................................................8
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Introduction
Marketing is something that includes activities such as public relations, sales
promotion, advertising, pricing, distribution and others. It involves influencing the
exchange of commodities for goods, services and money to deliver value to
customer. Marketing is viewed as an organizational function and set a step towards
creating, delivering, and communicating. This establish customer relationship in way
that benefit business and its shareholders. In this report marketing and marketing
mix is discussed with their 4ps of marketing which are product, price, place,
promotion. Application these marketing mix is applied to an organization called
ASDA which is an United kingdom based company (Gbadamosi, 2019). Its main
focus is on supermarket stores and groceries delivering. Explanation of marketing
mix with reference to this organization is done in this report and how it affects the
organization in growth and development. These report involves the marketing
methods and marketing mix factors that affect an organization product in relation
with the price, place, promotion and product.
Main body
An explanation of marketing
Marketing is an activity that a company undertakes as an responsibility to
promote the buying and selling of a product or service. In marketing the inclusion of
advertising, selling and delivery of products to customers and other businesses is
done. Marketing can be also carried out the company or by any third party party
organizations who specializes in the concept. Professionals who carry out marketing
operations and promotion try to catch audience attention through the potential
advertising. The engagements in marketing is very necessary for an successful
marketing. For capturing market and its insights, connecting with customers, building
strong brand names, product design, delivering and communication are important
(Manoli, 2018).
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There are various Role of marketing in business organization as the direction
of any organization is to reach out customers and achieve mission focused for
organizational goal. By marketing the vision of the business is sourced to people and
help in connect to consumers. Marketing is very essential for an firms success. As
many large business enterprise like ASDA depend on effectiveness of their
marketing effort (Tonkova, 2019). Due to marketing this kind of brand recognized by
the people and most of the people buys what they see and can relate with. Customer
wants and needs are derived by the marketing decision a firm takes for that reason a
organization takes time in consumer reaction and response research.
An important goal of an marketing process is focused on a company's
growth. This can be achieved by attracting and retaining new customers. Companies
apply different strategies to achieve this goals by the results of the research done by
the organization like giving discounts to consumers, running sale offers, festive offers
etc (Foroudi, and Palazzo, 2019). through marketing the product get recognized by
the consumers and receive some recognition which was missing due to lack of
awareness.
An explanation of marketing mix
The marketing mix is elaborated by use of an marketing tool that combines
different components in order provide strength to the brands products and help in
selling the product or service. Effective marketing have broad range of places and
areas to deliver message from the brand. Using the marketing mix makes the
marketing effective and be able to maintain focus on things that is important for the
business. Marketing mix have its components which are 4P's product, price, place
and promotion. Through focusing in marketing mix the professionals and
organization can make strategic decisions when launching a new product or service.
A marketing mix is important for an organization in short term and as well as long
term. The original P's of marketing mix is focusing in one common goal to identify
target audience and how to place the advertising. Price is a products basic factor
that drives the marketing mix (Chow,et.al 2018). Product is your service that
business is selling that is influencing the reach to customer. Place is the location
from the product is made available. Promotion is direct advertising which is done to
engage with the customer.
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A brief theoretical explanation of 4Ps marketing mix
The 4ps of marketing mix are place, price, product and promotion. The 4ps of
marketing are key factors which are involved in marketing of good or service. The
theory of marketing mix was founded by E. Jerome McCarthy in 1960. This is
strategy to apply and help brands to estimate what elements should be used to
reach marketing goals and objectives. By carefully combining the marketing
strategies business can ensure they have growth results of product or service. The
marketing mix addresses factors such as understanding the needs and desires of
consumers, helping in identifying the cause of failure of the current product, finding
ways to solve and changing public view towards product and service which is offered
by the organization, creating a different image of the product to increase and gain
benefit in competitive advantage (Mirror, 2019). There are four factors that are
considered in 4P's of marketing are:
Product:
Product refers to the services and items the business is providing to target
customers or audience. A product goal is to fulfill an existing consumer demand.
Product decision helps in deciding what to offer and what factor will encourage
customer to buy the companies product. what problem the product will solve of the
customer. With product companies can change the packaging, price range as per
demand and expand to new markets to meet their aims (Lehman, Fillis, and
Wickham, 2021).
Price:
The product should always show as representing good value of money. The
price factors depend on many reasons like on competitors market pricing of
customers, demand, cost to produce and consumer preference. The customers
demand value for money and they will buy products which provide satisfaction.
Place:
A company decision about place they try to determine where they should sell
a product, how to deliver the product to the market. The product should be placed
from where target customer finds product easily available. The goal of business
executives is to make present the product in front of consumers who are most likely
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to buy them. A place decides the decision regarding placing of product and pricing in
place where outlets are present of the brand.
Promotion:
Promotion consist advertising, Public relations, direct marketing and
promotional strategy. The aim of promoting a product is to attract consumers and
make them know why they need the product and pay for it. Promotion is important as
it acts like a bridge between customers and company, this process includes
communication to inform, remind and influence customer for a product.
Introduction of product/service
A product is any item or service that has been offered to fulfill consumer
demands. A product can be physical or virtual or can be in a form of service.
Physical product include the goods which can be stored, touched such as cars
furniture, computers etc. where as non durable goods such as food and beverages
and services are something that can be experienced in real time and cannot be
stored (Foroudi, and Palazzo, 2019). As per the organization, ASDA the company
offers lot of products and services but one of the best product which is non durable
bu physical offered to consumers and widely consumer accept are fruits. As widely
audience is shifting towards health the demand for healthy food is increasing day by
day. ASDA offers food combination in ten euros in stores and super markets and
widely popular in the country UK which have huge demand shown from past few
years. The combination offers products such as 2 sweet potatoes, a bag of apples ,
2 white onions, a pack of mushrooms, a bag of spinach, 3 peppers, 1 cucumber, 1
bag of frozen peas, 1 kg frozen broccoli etc. because of pandemic beverages and
unhealthy trans fat food are prohibited by the consumers and they shifted towards
healthy food which resulted in huge demand of this product.
Application of 4Ps marketing mix to the selected
product/service
Product
This represents an item or service designed to meet client dreams and wants.
To efficiently market a products or services, it's far crucial to select out what
differentiates it from competing products or services. It's moreover crucial to
determine if unique products or services can be marketed together with it. ASDA is
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required to provide mango lassi in order to fulfill long term demands of customers
which is an innovative products helping in staying ahead of its competitors.
Price
The sale price of the product presentations what clients are willing to pay for
it. Marketing specialists need to consider expenses related to research and
development, manufacturing, advertising, and distribution—otherwise known as
price-based totally absolutely pricing. Pricing based totally absolutely extra frequently
than now no longer on clients' perceived terrific or price is known as price-based
totally absolutely pricing. This element issues the manner you price your offerings or
products(Chow,et.al 2018). A well-balanced price lets in to live competitive on the
equal time as although developing an first rate diploma of profit. Pricing can be
elaborate because of the truth need to calculate the price of what offer collectively
with what it expenses in materials, time, and overhead to offer it. So, in order to
target all customers within market price of Mango lassi should be divided as per
customer’s class. This leads towards capturing market in more effective way.
Place
The shape of product presented is important to bear in mind even as
identifying areas of distribution. Basic patron products, which incorporates paper
goods, often are and not using a hassle available in plenty of stores. Premium patron
products, however, generally are available most effective in choose stores. Another
interest is whether or not or now no longer to region a product in a physical store,
online, or both. This leads over understanding about geographical conditions which
helps in making product placed accordingly.
Promotion
Joint marketing and marketing campaigns also are known as a promotional
mix. Activities might likely embody marketing and marketing, earnings promotion,
non-public selling, and public relations. A key interest should be for the fee variety
assigned to the marketing and marketing mix. It helps ASDA in promoting its product
on large scale making mango lassi reach to maximum customers.
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Conclusion
From the above report, it has been concluded that marketing is most essential
part of an organization while facilitating consumer needs. Marketing connects
business with essential supplies for an organization. It has been concluded that main
focus of marketing is providing customer satisfaction. Further in this report the four
P's of marketing mix is discussed and their impacts on organization goals is briefly
explained. With relation to an business enterprise its marketing mix is discussed with
relevance to its product. The products or service applications towards the marketing
mix is done with briefly explaining the factors of product, place, price, promotion. At
last of the report, organizational product effects in various factors is concluded with
relevance to this marketing mix factors.
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References
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