Importance of Marketing Mix in the Marketing Process

This article explains the concept of marketing mix and its significance in the marketing process. It provides a brief theoretical explanation of the 4Ps marketing mix and introduces the product/service. The article then applies the 4Ps marketing mix to Morrison, a UK-based supermarket chain. The 4Ps include product, price, place, and promotion. The article concludes by emphasizing the importance of marketing mix in marketing strategies.

Business Management
BMP4004
Contemporary Issues in Marketing
The nature and importance of the
marketing mix within the marketing
process
Contents
Introduction p
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An explanation of marketing p
An explanation of marketing mix p
A brief theoretical explanation of 4Ps marketing mix
p
Introduction of product/service
p
Application of 4Ps marketing mix to the selected
product/service p-p
Product p
Price p
Place p
Promotion p
Conclusion p
References p
Introduction
In today's scenario marketing becomes an essential tool in promoting a product or
service to the customers. There are various contemporary issues in the marketing including
including up to date, cutting edge, comprehensive that present coherent understanding of the
topical issue within marketing (Wati,. and Sutrisna, 2017). The contemporary marketing
issues are result of changing global economies. The people can aware about the product that a
producer is offering and influences them to buy that particular product. It helps in capturing
the attention of the customers by creative advertising. Marketing mix has significant
element that include areas of focus as a part of the comprehensive marketing plan. This set of
the action and tactics are used by companies to promote their product or brand in market.
Morrison is a chain of supermarkets in UK, founded in 1899 as is headquartered in Bradford,
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England. This report includes the explanation of marketing and marketing mix along with the
applications of 4Ps of marketing mix.
An explanation of marketing
It is the act of selling and promoting products or services by either of the channel
online and offline. The products can be sold on over the counter model or by digital model. It
involves the steps such as advertising, selling and delivering the of a particular product. In
recent trend, digital marketing becomes the largest platform model to sell or offer the
products and services (Mrkvová, 2018). This model promotes the products in a very short
span of time with a very minimum expense. The traditional form of marketing is slowly
degrading as it involves a huge amount of expenses while on the other side digital marketing
is cost effective as well as targets specific customers too. Without marketing the people are
not aware of the product that the seller is offering. Effective marketing strategies should be
formulated in order to make a product, a brand.
An explanation of marketing mix
It is a set of marketing tactics which can be used in any of the combination in order to
satisfy the customers in the target market. It can be controlled but depends on the external
and internal environment (Vásquez Condori, 2017). In order to meet the customers needs
and wants, company uses different marketing tactics. It will help in knowing, what the
product or service can offer to customer. There are some components of marketing
mix:Product, Place, Price and Promotion.
A brief theoretical explanation of 4Ps marketing mix
The marketing mix is set of the tactical, controllable marketing instrument that an
organization uses for producing desired response for their target market. It also consists of
everything that an organization can do to influence the demand for their products. Thus, this
tool help in marketing planning and execution (Setiawan,, Rini, E.S., Sadalia, and Daulay,
2019). The four Ps are the most crucial factors in marketing the product or service to the
customers. It is considered as the conceptual framework that allows a manager to identify the
needs and wants of the consumers. In order to create marketing campaigns, marketing mix is
the tool or method that helps in framing up of effective campaigns. Marketing mix is
incomplete without all these elements. It is a controllable elements that a firm may use to
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influence the buyer's choice. It helps in successful product or service offering and eliminates
the unnecessary costs. These elements are very important in every organization to make en
effective marketing plan. It signifies on the customer satisfaction by fulfilling their needs
from product or service. By analyzing all these elements a firm can target its customers in an
efficient manner. effective marketing mix management help the marketers to create
combination of the factors that will enable wisely manage the organizational budget to
accomplish their desired goals. Organization that strive for operating in effective manner and
accomplish their objectives have to pay well for controlling all component of the marketing
mix. Formation of marketing mix factors requires to take in to account characteristic of all
component so that they could be aligned.
Introduction of product/service
The product and services are important element in any business as without them no
business scan survive in market. Product is consider as tangible item which is put on market
for attention, acquisition and consumption. Whereas service is considered as an intangible
item that arise form output of different individuals. The products are simply object which are
manufactured, transported, advertised, stored and sold. The product are services are different
from each other on the basis different element including perish ability, variability, tangibility
and heterogeneity (Bruskova, 2019). Provision of the services can be in the connection with
product sales for example repair and after sale services and it may not be in the connection
with sale of the goods such as insurance, catering, banking, legal and other services.
Morrison offer product including florist, petrol, food and drink item, home ware, magazines
and books. This company also facilitate services to the private business and local and central
government bodies.
Application of 4Ps marketing mix to the selected
product/service
Marketing mix refers to product, pricing, distribution and promotional strategies of
an organization in order to produce or carry out and attain target market. The marking mix is
an interrelated action and the solution to meet customer requirement and accomplish the
organizational marketing objectives. Marking is considered as complex range of the
marketing mix solution variable which is use din organization seek to sell company's product
or services. In relation to Morrison its marketing mix strategies are mentioned below:
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Product
It is defines as physical service and product to customer for which they are willing to
pay. Product involve half of the material goods like clothing, grocery item, furniture, services
that user purchase. Product considered as first and key element of the marketing mix which
can be offered to gain customer's attentions. Concept of product is very broad and include
not just natural product but also experience, places, business, place, people, ideas,
information and many more (Minculete,. and Olar,, 2018). Morrison sells large variety of the
product including fish and seafood, fresh bakery and food, meat and poultry, frozen, beer and
wines, household, well being and medicines, toys and entertainment, clothing and so on. This
wide categorization of respective company ensure that firm's customer can easily find every
thing that they want without needing to go anywhere else. Respective organization take affect
of their product on customer and environment seriously. For instance, it has launched new
line of the plant based product that help customer bring in the plant based food in their diets.
Price
It is consider as key element in marketing mix. This item of marketing mix is very
important and it is considered ad most significant factor of market that enhance
organizational profit and market share. It is not just key element in competitive situation, that
directly impact organizational profitability and sales indicator, but also most flexible
component of marketing mix that quickly adopt to the environmental changes (Octavia,. and
Fatricia,, 2017). Thus, price of product is perceived as only factor of marketing mix that
generate revenue and most signification customer satisfaction or loyalty factor. Morrison
approach to the pricing was based on competition as it was crucial to the grocers. Now the
respective company efforts to improve organization offering by bring down their product's
price and also provide a better quality products. This firm ensure that price never become
reason to shop elsewhere by customers. Now this company is using us premium policy a,
product bundle pricing and promotional pricing
Place
It is another important factor of the marketing mix that is also known as distribution.
It is defined as methods and process in which service or product reach customers. It become a
complex system where, broker, produce and independent trade and customer's interest
wholly compatible with each other within certain time and environment (Siswanto, , 2019).
The distribution include action and decision related to the product's movement from
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producers to customers. It is integral part part of the service that include intermediaries,
service provide r and same service user. Morrison offering its services in entire UK and also
have its physical presence in more than 660 stores. Its around 15p stores are the convenience
stores with having approximately 117000 employees. Respective organization is 2nd biggest
fresh food retailing company across UK. It operated and control a great portion of fresh food
supply chain. Its most of food product are sold through online and within retail stores. This
firm has seven regional distribution centers and one national center. It has more than 545
tractors and around 1606 trailers that help in the efficient deliveries.
Promotion
It is last element of the marketing mix that help company to increase customer
awareness in the term of company's product and lead to a high sale that build brand loyalty.
Therefore, promotion in marketing mix is that tool which help disseminate information,
encourage purchase and impact the process of buying decision. There are different methods
of the promotion which are mentioned below:
Advertisement- It is tool is used by markers widely, core of which consists of the pragmatic
valuable social information connected with advertising image and concerned with direct
compelling (Firna, 2018).
Sales promotion- This attribute of decision and action provide particular short term
measures, this tool of promotion is used by customers provocation o purchase faster and
more. It include prize, free samples, coupons, promotional items and many more (Oo,,
2019) .Morrison is working with suppliers through Morrison farming program so that the
British farming remain sustainable and competitive. This organization offer a low price on
permanently by improving its product's quality to customers. Purpose of this company is to
make their store at a pleasant place for shopping that offer customer rewarding scheme
through match and more cards. Morrison's triumph by offering very cheap and good quality
product to its customer and pull is created nu the promotion or special offer online and offline
Conclusion
From the above report it is concluded that marketing mix- certain decision and action
aimed at organizational objectivity and fulfilling customer's requirement. In this modern era,
business operates with constantly changing environment. To get success and remain
profitable, it become essential for company to offer services which can meet customer's
needs. Business is very essential for the users, whose desires should be satisfied. The
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satisfaction is implemented in the action and decision related to 4p complex factors. This
complex is composes of organizational variables. Product is marketing element that cover
action and decision related to sale of the property development and changes. Price in
marketing mix basically cover the action and decision related to the variation and pricing.
Distribution include action and decision related to the product's movement form the
producers to customer. Promotion include those practices that attract customer to make
purchase. Therefore, it is determined that the marketing mix is an essential element of
marketing that is very important for business to implementing their strategies efficiently.
References
Bruskova, O., 2019. MARKETING MIX (THE CONCEPT OF 4PS). In Public Relations as
a Brand Awareness Booster (pp. 22-27).
Firna, A., 2018. Analisis Respon Konsumen Terhadap Strategi Bauran Pemasaran (Marketing
Mix) di Apotek XM Kota Samarinda.
Minculete, G. and Olar, P., 2018. RELATIONAL APPROACHES TO THE DIGITAL
MARKETING MIX. In International Scientific Conference" Strategies XXI" (Vol.
2, pp. 13-19). " Carol I" National Defence University.
Mrkvová, A., 2018. Návrh marketingového mixu potravinářské společnosti: Proposal of the
Marketing Mix of the Food Company (Doctoral dissertation, Brno University of
Technology).
Octavia, A. and Fatricia, R.S., 2017. The influence of service marketing mix and service
quality on students’ satisfaction in Jambi university, Indonesia. International
Journal of Economics, Commerce and Management United Kingdom, (6), pp.398-
414.
Oo, T.Z., 2019. THE EFFECT OF MARKETING MIX, CUSTOMER SATISFACTION AND
REVISIT INTENTION OF EMERALD RUBY GARDEN LODGE (ERGL) (Doctoral
dissertation, MERAL Portal).
Setiawan, A., Rini, E.S., Sadalia, I. and Daulay, M.T., 2019. Analysis of Murabahah
Financing Marketing Strategy at PT BPRS Amanah Insan Cita, Medan, North
Sumatra, Indonesia. International Journal of Science and Business, 3(2), pp.64-73.
Siswanto, S., 2019. Financial Ratios Analysis and The Effect Of 4Ps Marketing Mix on
Market Share Case on PT Indosat Ooredoo. Tbk (Doctoral dissertation, Sekolah
Tinggi Manajemen IPMI).
Vásquez Condori, D., 2017. Marketing mix y el posicionamiento de los productos
agroindustriales Urusayhua Echarati 2017.
Wati, H. and Sutrisna, E., 2017. Pengaruh Marketing Mix Terhadap Minat Pasien
Mengunakan Jasa Layanan Kesehatan Pada Rumah Sakit Lancang Kuning
Pekanbaru (Doctoral dissertation, Riau University).
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