Nature and Importance of Marketing Mix in Marketing Process - Desklib

This report analyzes the nature and importance of the marketing mix within the marketing process. It also discusses how the marketing mix affects marketing activity and customer satisfaction. The report uses Tesco as an example and covers the four elements of the marketing mix: product, place, price, and promotion. It also discusses the STP analysis as another marketing tool that helps in making customers more satisfied.

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The nature and
importance of the
marketing mix within the
marketing process

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Analysing the nature and importance of the marketing mix within its marketing process.........1
Analyse how the marketing mix as well as other important marketing theory can affects the
success of marketing activity within particular reference to customer satisfaction....................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Marketing describes an action that assist organisation to promote as well as sell their
products and services by conducting proper market research and advertising. Marketing mix
describes set of marketing tools that helps in selling product and service to the target customers
of company (Stead and Hastings, 2018). This will help company develop their own strengths in
order to limit their weaknesses in appropriate manner. With the help of these marketing tools,
companies become more competitive and adaptable within its industry. For the following report,
selected company is Tesco which is multinational retailing company of UK. The company is
founded in 1919 by Jack Cohen and its headquarters is in Welwyn Garden City, Hertfordshire,
England, UK. The report covers a knowledge as well as understanding of the marketing process
in the contemporary business context along with the understanding of the concept of the
marketing mix as well as explanation on how this is employed when developing a new product
or service.
MAIN BODY
Analysing the nature and importance of the marketing mix within its marketing process
Marketing mix refers to a most essential tool for promoting and selling companies'
product and service in market. Companies used this method to identify as well as arrange their
marketing mix elements for making more valuable as well as profitable decisions related to
marketing in each level. In the model of marketing mix it consist four basic elements which
includes product, place, price and promotion that help companies in making their most profitable
as well as successful marketing strategies (Purohit, Paul and Mishra, 2021). In respect of Tesco,
the importance of marketing mix that helps in selling and promoting their products are
mentioned below:
It helps in a clean mix creation- It is important for the company to determine that their
four elements of marketing are compatible with each other. This makes important for the
company to analyse that their product and its price should matched with the product's place and
place will matched with the promotion. It helps in making the strong bond chain for the product
and service of the company. This strong bond chain helps in making most marketing strategy in
order to make company to use for longer purpose and maximise their profit in better manner.
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This makes management of Tesco to watch their overall strategy of marketing mix while adding
certain new features and changes within its existing product.
Marketing mix helps in new product development- This makes essential for
companies to develop new design and ideas related to their products for achieving competitive
advantages and maximise their profit (Nguyen-Viet, 2022). For designing the new features for
their product and service, company need to analyse the place, price and promotion for their
product. Marketing mix is an excellent method that help company to develop most effective
ideas that help is making new developments in their product. The management of Tesco can also
identify most effective ideas that help in making new development in their product for making
strong competitive position in the market.
Marketing mix helps in increasing the product portfolio- Certain changes are required
to make whenever an organisation wants to increase their product line and lengths within its
existing product. This also creates some changes within the marketing mix of the company. This
helps management of Tesco to make certain modification in their marketing mix as well as
certain features within its marketing strategies in order to make expansion in their products
portfolio in effective manner.
It provides proper guidance for improving a business- The most important marketing
element within marketing mix is physical evidence that help in making improvement within
business in order to make strongest competitive position within its market (SANTOS, 2022). The
physical evidence, people and process are some important marketing elements of Tesco that
helps in improving their overall performance in order to make strongest competitive position
within its industry.
It helps in differentiation- This makes important for every company to determine as
well as identify the marketing mix strategies of their competitors to analyse the effective ways
that helps in making differentiation in their product or service. The management of Tesco need to
focus on identification of poor elements to make their own elements more effective which helps
in making differentiation in their products in order to gain competitive position in the market.
Marketing mix for the products of Tesco-
Tesco is an international retailing company of Britain that sold wide range of products
that includes clothing, electronics, food beverages, financial services and many more. Its ever-
growing product lines address every potential need of its customers. It also makes their
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expansion on online market industry in order to offer their product and service in all over the
world in effective manner. In respect of Tesco, its marketing mix are described below:
Product- It describes the offerings that a company need to sold in the market in order to
earn more profit (Eti, 2020). This makes essential for every company to analyse their product life
cycle properly for overcoming the issues that may arise at that time when customers used them.
Tesco provide huge range of variety within every category of products that ranging from regional
produce, brand as well as international cooking in food in order to meet the choice of their
potential customers in better manner. In its supermarket chain customers can purchased different
kinds of products according to their needs and wants which includes clothing and jewellery,
technology and gaming, health and beauty, home electrical, entertainment and books, home
appliances, baby and toddler, garden, toys as well as DIY and car accessories.
Price- It refers to the cost in which company want to sale its products and services in
market. The product price is mainly depending on the customers' perception and even changes as
per their marketing strategy. This makes company to use effective pricing strategies that helps in
attracting more customers to their products. In Tecso, cost leadership pricing strategy is used. Its
management is focus on reducing the cost of purchase as well as operational costs through
economics of scale as well as a set of other measures in order to provide the cost advantages to
their customers to enhance their brand value. It also uses club card systems in order to allow its
customers to collect several points from their purchases which can be converted into money or
free voucher. This refers to its best promotional strategy related to price that are usually provides
to their good and loyal customers along with certain discounts. This pricing strategy may reduce
their prices but increase their sales without affecting their profit.
Place- It refers to the physical location where products and service of the company being
sold in order to make easily accessible to their potential customers in better manner. The physical
location of the company is classified in different categories that covers inventory decisions,
transport, warehousing, distribution centres, and transports (Faria and Ferreira, 2021). The
headquarters of Tesco is situated in Chestnut, Hertfordshire, England and it has wide range of
stores in all over the world. The company uses both types of modes in order to distribute their
products through online and offline services. Its online sales channels are increasing daily from
the last many years which creates an effective opportunity in order to increase their sales in
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better manner. This will also help in making their products easily available in the market in order
to attract more and more customers towards it.
Promotion- It refers to the strategy that helps company to promote or market their
offerings in the market in better manner. It involves what is required for communicating with
customers to influenced them to purchase their product and service in better manner. It covers
various elements of marketing which covers sales promotion, advertising as well as direct
marketing which helps company to market their product and service in better manner. Tesco is
most strong strengths are its advertising and branding that makes it stronger to their competitors
in effective manner (Dahl, Gorn, and Weinberg, 2018) . Its largest advantages is its low prices in
their product which makes it most different from the other supermarkets chains. The company
uses various methods in order to advertise or promote their product and service are sponsors
charitable events, advertisements, offers propagative discounts and so on in order to attract more
and more customers towards it. The company is mainly focus on low pricing strategy in order to
attract more and customers towards their products in efficacious manner.
Analyse how the marketing mix as well as other important marketing theory can affects the
success of marketing activity within particular reference to customer satisfaction
Marketing mix is an effective model that help company to market their products and
service in better manner as well as makes their customers more satisfied. The other important
marketing theory is STP analysis that helps company to market their product as well as make
their customers more satisfied. STP analysis is an effective method that helps company to
identify most profitable and target customers for their offerings in order to make them satisfied
in the company. In regards of Tesco, its market segmentation, targeting and positioning are
described below:
Segmentation- It describes that customer are divided in different segments or group
according to their common traits and characteristics in order to help company to analyse most
profitable and valuable segment for the company. This will help company to make their
customers more satisfied in better manner. There are mainly four types of segments that help
company to identify most profitable segments which includes demographic, psychographic,
geographic and behavioural. The products of Tesco are available in wide variety as well as
provides their product in different countries. For its wide range of products all segments are most
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useful and valuable for all products and services. This will help company to make their
customers more satisfied.
Targeting- This makes company to find most large, profitable and reachable target
market and customers for their product and service. The Tesco are providing retailing products
for which different age and behaviour customers which makes company to provide most
effective and quality products to their customers in order to make them satisfied in better
manner.
Positioning- This makes company to find those factors that makes them unique from
their competitors in order to increase their competitive advantages (Benar, and Goharostami,
2019). The company has wide variety with the low price which makes them effective from their
competitors in order to attract more and more customers towards. The company is also focus on
research and development in order to provide most effective and valuable to their customers in
order to gain competitive advantages as well as make their customers more satisfied.
CONCLUSION
From the above mentioned report, it has been concluded that marketing is an effective method
that help company to promote their product and service effectively in order to fulfil the needs
and wants of their potential customers. Marketing mix is an important method which helps
company it helps in a clean mix creation, marketing mix helps in new product development,
marketing mix helps in increasing the product portfolio, it provides proper guidance for
improving a business as well as it also helps in differentiation. STP analysis is another marketing
tool which also helps in making the customers more satisfied.
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REFERENCES
Books and Journals:
Stead, M. and Hastings, G., 2018. Advertising in the social marketing mix: getting the balance
right. In Social Marketing (pp. 29-43). Psychology Press.
Purohit, S., Paul, J. and Mishra, R., 2021. Rethinking the bottom of the pyramid: Towards a new
marketing mix. Journal of Retailing and Consumer Services, 58, p.102275.
Nguyen-Viet, B., 2022. The impact of green marketing mix elements on green customer based
brand equity in an emerging market. Asia-Pacific Journal of Business Administration.
SANTOS, B., 2022. MARKETING MIX FOR SUSTAINABLE CULTURAL INDUSTRIES
BÁRBARA SANTOS AND OSCAR BERNARDES. Concepts and Dialogues across Shifting
Spaces in Intercultural Business, p.48.
Eti, I.A., 2020. Theoretical Inspection And Rethink of Marketing Mix. Available at SSRN
3685642.
Faria, S. and Ferreira, P., 2021. From the 4 PS to 5 PS: prompt, a new element for the Marketing
mix: a specific analysis of the coffee market: the Portuguese market. In Eurasian Business
Perspectives (pp. 307-320). Springer, Cham.
Dahl, D.W., Gorn, G.J. and Weinberg, C.B., 2018. Marketing, safer sex, and condom acquisition.
In Social Marketing (pp. 169-185). Psychology Press.
Benar, N. and Goharostami, H.R., 2019. The Effect of Green Marketing Mix on Word of Mouth
Advertisement with the Mediating Role of Brand Love and Brand Loyalty.
(Stead and Hastings, 2018)
(Purohit, Paul and Mishra, 2021)
(Nguyen-Viet, 2022)
(SANTOS, 2022)
(Eti, 2020)
(Faria and Ferreira, 2021)
(Dahl, Gorn, and Weinberg, 2018)
(Benar, and Goharostami, 2019)
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