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

This report discusses the marketing mix and its importance in the marketing process. It provides an overview of the 4Ps marketing mix and its application to Cadbury Choco Bakes. The report also highlights contemporary issues in marketing. Course code: BMP4004, Course name: Contemporary Issues in Marketing.

Business Management
BMP4004
Contemporary Issues in Marketing
The nature and importance of the
marketing mix within the marketing
process
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Contents
Introduction p
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
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Introduction
Marketing could be determined as process of promotion or advertising of products
and services ofered by respected business organisation to their target customer
base. For instance, marketing function in a business organisation contributes
additional values towards overall sales of products and services ofered by the same.
The chosen organisation Cadbury is among leading businesses engaged in
manufacturing of chocolates and other confectionery items. Moreover, respective
business organisation operates with global presence in order to serve a large
customer base all around the globe. This report assessment will be comprised of
insightful as well as essential knowledge on the subject matter of marketing and
marketing mix in context of Cadbury (Ferrell, Hartline, and Hochstein, 2021).
An explanation of marketing
The primary and foremost purpose behind consideration of marketing practices in a
business organisation lies in contributing additional values towards sales of products
and services. This meaningful process is comprised of various different practices
including pricing, executing conception, promotional practices, etc. All these
practises further contribute towards spreading awareness among customers in
society in order to accomplish organisational goals and objectives. Furthermore,
there is a necessity to undertake marketing practises in a business organisation in
order to ensure further growth and success of that particular business entity. In
addition to that, It initially starts with acquiring required information and goes on
toward satisfying consumer needs with development of desired product or service
and serving the same to the customers (Rust, 2020).
An explanation of marketing mix
The marketing mix could be referred to set of actions or strategies taken into
consideration in order to promote a product or service of a company. For instance,
the determined framework is basically comprised of four major elements including
price, product, promotion, and place. in addition to that, all these elements play
crucial role in setting up of suitable and appropriate marketing strategies in order to
ensure effective and efficient completion of the same. Moreover, primary and major
consideration or purpose behind application of marketing mix lies in understanding
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the target customer base in order to develop desired product or service. These
develop products or service further contribute towards accomplishment of goals and
objectives of that particular business organisation (Bruhn, Kirchgeorg, and Meffert,
2018).
A brief theoretical explanation of 4Ps marketing mix
There are a few elements which makes up the marketing mix for a business
organisation which are as follows;
Product
This classification or element of marketing mix includes the product or service of the
business organisation that is going to be sold to customers in the market. For
instance, management representatives being engaged in an business organisation
are aimed at identifying factors or aspects that differentiates their product from other
competitive brands in the market. in addition to that, the determined product could be
tangible as well as intangible which could be in the form of a good or a service. The
primary importance of marketing mix lies in initial phase as well as declining phase of
product in order to develop or reinvent strategies associated with the same (Kamps,
and Schetter, 2018).
Price
This element of marketing mix is one of the most essential elements as it includes
strategies related to pricing of particular product or service that is going to be offered
to customers in market. For instance, management representatives of a business
entity analyse and determines what price or charges customers will be willing to pay
for their product or service. It includes various different aspects in determining a
specific price of a product including profitability, cost of production and supply,
perceived quality or value, etc. which further facilitates in consideration of most
suitable pricing for that particular product or service to be served into consumer
market. As the survival and growth of any business entity is completely dependent
upon profitability and pricing of products, this particular element of marketing mix has
been considered as most crucial step or stage in marketing mix.
Promotion
This particular element of marketing mix is comprised of activities and practices
organised by businesses in order to promote and advertise their products or service
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into market. For instance, it is comprised of marketing channels, investment towards
the same, sales promotion, public relations, etc. which facilitate in effective and
efficient completion of marketing function in any business organisation. The initial
step under this stage of marketing mix is determined as identification of target
customer base of the product in order to ensure maximum sales of that particular
product or service. In addition to that, suitable strategies are further developed in
order to reach the target customer base with consideration of appropriate strategies.
In order to promote a product or service, there is a huge role of effective
communication with target customers with consideration of suitable marketing
channels for carrying out these promotional and advertising practices and activities
in marketplace.
Place
This element of marketing mix includes strategic planning for consideration of
suitable placement of products and services in market in order to ensure easy
accessibility of customers towards the same. For instance, managers of any
business organisation look out for most suitable placement of products or services
available for products to be placed in order to attract maximum number of customers
towards the same. In addition to that, it may include placing products or service
under physical stores, online platforms or even at both these places. Furthermore,
the most suitable and appropriate place for products or services is taken into
consideration by management representatives in order to ensure maximum sales in
the consumer market. Therefore, decision-making under this stage plays a crucial
role further as it includes placement of products or service before customers
(Ndofirepi, Farinloye, and Mogaji, 2020).
Introduction of product/service
The respective business organisation has been engaged in manufacturing
and supplying chocolates and other confectionery items. For instance, Cadbury
Dairy milk is the star product of respective business organisation which resulted in
being the reason for these immense heights and success. In addition to that,
respective business organisation was established in 1824, in Birmingham, United
Kingdom. With further growth and expansion, customers in society could easily find
the products offered by Cadbury in local market as it is present in global international
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market in enormous number of economic nations. It has been engaged in providing
employment to immense number of workforces engaged in their business units all
around the globe.
The product chosen for further marketing mix is latest product introduced by
respective organisation i.e., Cadbury Choco bakes. For instance, these are cookies
filled with liquid chocolate which results in being the speciality of this confectionery
product by Cadbury. The respective business organisation believes that there are no
limits in heights of success for a business organisation. In addition to this, Cadbury
came up with this creative and innovative product to be served to customers in
market. It will facilitate respective company in diversifying their product portfolio with
additional products added to the existing list of confectionery items (Lim, 2021).
Application of 4Ps marketing mix to the selected
product/service
The marketing mix framework has been taken into consideration in order to
develop suitable marketing strategies for increasing the sales of determined product
in consumer market. For instance, elements of marketing mix will facilitate in
consideration of all the factors and aspects associated with this particular product in
order to determine effective and efficient marketing strategies. Therefore, the
elements of marketing mix in context of Cadbury Choco Bakes are as follows:
Product
The Cadbury Choco bakes are cookies filled with chocolate filling which falls
under the category of confectionery items. For instance, this particular product of
respective business organisation could be consumed by customers in their daily life
routine in the form of light snacks. The development of this particular product or any
other product of Cadbury is a initiative towards diversification in order to ensure
survival and growth of organisation in business environment. Moreover, the target
customer base of respective company is customers with each and every
demographic characteristic as almost every individual in society is fond of chocolates
and other confectionery items. With the access to large customer base in the market,
management representatives have decided to introduce this product into consumer
market in order to increase overall sales of company’s products by providing
customers with increased product portfolio.
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Price
With the large product portfolio and high-quality products offered to customers
in market, respective business organisation is operating with different pricing of
products. For instance, many of the products offered by Cadbury are quite expensive
while some of them are available at lower price.
Referring to above mentioned product, low to medium pricing strategy has
been taken into consideration in order to attract maximum number of customers
towards the same. Though, Cadbury uses price skimming strategy for some of their
star products including Dairy milk Silk, Bournville, Oreo, etc. whereas other products
are priced economically in order to promote affordability of customers in purchasing
these products. Furthermore, the consideration of low to medium price for this
particular product will further facilitate in increasing overall sales of this product in
consumer market. Therefore, this particular pricing strategy has been determined as
most suitable and appropriate for the determined product in the initial stage (Warrink,
2018).
Place
The distribution network of respective business organisation is way too strong
all around the globe. For instance, products of Cadbury are easily available in retail
stores as well as local general stores in consumer market. In addition to that, it
covers small towns as well as large urban areas in order to serve each and every
customer in society with their large product portfolio. This positive aspect of
respective business organisation will facilitate in getting in reach of maximum
number of customers in society which lead to increasing overall sales of products
offered by them in the market. Furthermore, the primary aim of Cadbury lies in
providing their products to each and every customer in society over distribution costs
incurred in distribution of their products. Therefore, this broad market network and
strengthened presence in international markets will facilitate in ensuring maximum
sales of determined product in the market (Solimun, and Fernandes, 2018).
Promotion
Though, respective business organisation has efficient promotional
techniques with their creative slogans and advertisements but still it always has a
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scope of improvisation. For instance, Cadbury must initiate additional efforts towards
promotion of their products over online marketing platforms such as social media
and search engine optimisation. As the maximum number of customers in society
are engaged in using social media and search engine optimisation for some or the
other purpose. It will facilitate respective company in attracting maximum number of
customers towards their products in the market. Furthermore, people with all the
demographics are using social media platforms which will contribute additional
values towards increasing sales of products in consumer market. Therefore, the
advertisement must be attractive and creative which must include brief and essential
information with attractive images as well as tagline in order to attract customers
attention towards the same (Abedian,and et. al., 2021).
Conclusion
From the above report assessment, it could be concluded that Cadbury is
among leading business organisations engaged in manufacturing of chocolates and
other confectionery items. For instance, this report highlights marketing mix in
context of Choco bakes cookies introduced by Cadbury in market in order to serve
customers with diversified product portfolio. With the strong product, low to medium
pricing strategy, broad distribution network, and online marketing platforms,
respective company will be able to ensure accomplishment of determined goals and
objectives. Therefore, all these positive initiatives will further contribute additional
values towards growth and development of respective business organisation.
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References
Abedian, M., Amindoust, A., Maddahi, R. and Jouzdani, J., 2021. A game theory
approach to selecting marketing-mix strategies. Journal of Advances in
Management Research.
Bruhn, M., Kirchgeorg, M. and Meffert, H., 2018. Marketing Weiterdenken.
Wiesbaden: Springer Fachmedien Wiesbaden.
Ferrell, O. C., Hartline, M. and Hochstein, B. W., 2021. Marketing strategy. Cengage
Learning.
Kamps, I. and Schetter, D., 2018. Performance marketing. Springer Fachmedien
Wiesbaden.
Lim, W. M., 2021. A marketing mix typology for integrated care: the 10 Ps. Journal of
Strategic Marketing, 29(5), pp.453-469.
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.
Rust, R. T., 2020. Outside-in marketing: Why, when and how?. Industrial Marketing
Management, 89, pp.102-104.
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.
Warrink, D., 2018. The marketing mix in a marketing 3.0 context. International
Journal of innovation and economic development, 4(4), pp.7-11.
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