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

This report discusses the concept of marketing and the marketing mix, which includes product, price, place, and promotion. It also covers the application of the 4Ps marketing mix to Aston Martin's new product, a mountain bicycle. The report emphasizes the importance of identifying the right strategies to promote products and attract customers.

Business Management
BMP4004
Contemporary Issues in Marketing
The nature and importance of the
marketing mix within the marketing
process
Contents
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Table of Contents
Introduction................................................................................................................................2
An explanation of marketing.................................................................................................3
An explanation of marketing mix..........................................................................................3
A brief theoretical explanation of 4Ps marketing mix...........................................................4
Introduction of product/service............................................................................................6
Application of 4Ps marketing mix to the selected product/service......................................6
Conclusion .................................................................................................................................8
References..................................................................................................................................8
Introduction
The marketing is defined as the various activities which is performed by the business
organization in order to promote its product and services. The marketing is wider concept
where every business enterprise need to focus on the various strategies which can be adopted
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in order to attract customers. The marketing also includes making aware of the people about
the brand. There are various issues related to marketing which need to be analyses by the
business enterprise. It is very essential for the marketing to identify the various issues which
can influence in the various activities of the business organization. Aston Martin is the sport
luxury car brand which is established in United Kingdom. This company has a high brand
image in an automotive industry. It was founded in 1913 by Lionel Martin and Robert
Bamford and it is headquartered in Gaydon, Warwickshire, England, and UK. (Desbordes,
Aymar, and Hautbois,. Eds., 2019). This report will cover various topic such as defining
marketing, explanation of marketing mix, explanation of 4 P's of marketing mix, introduction
of products/ services, application of 4 p's of marketing mix.
An explanation of marketing
Marketing is the process of undertaking various actions into
consideration for promoting the products or services of the business
enterprise. It is the process of targeting the large audience with the use
of variety of activities. The various marketing activities which can be
used are advertising, sales promotion, so that the organization can
communicate with its potential customers. It is very essential for the
marketer to analyses the customer preferences in order to satisfy their
needs and wants. (Mirror, B., 2019) The marketing concept include
the segmenting, targeting and positioning of the product or services. It
is very important for the organization to communicate the right
information of the product or service to its customers so that they are
willing to purchase it. In context of Aston Martin, the company focus
on its brand awareness by advertising its product. The company focus
on celebrity endorsement where the brand ambassador of the
organization is Sebastian Vettel who is the world most famous
German motorsports racing person. It is very important to advertise
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its products in such a way that customer are attracted. (Mari, and
Algesheimer, 2021).
An explanation of marketing mix
The marketing mix is defined as the tool which is used by the business organization to
set various actions and tactics in order to promote goods and services to its potential
customers. It is very important for the organization to analyses the market in which the brand
can be promoted and who are its potential customers. The main purpose of the organization is
to satisfy customers so that they can get high loyalty from them. There are various elements
in marketing mix such as product, price, place,, promotion. In the case of service industry it
consists of 7 elements such as product, price, place, promotion, people, process and physical
evidence. These are the various elements which need to be undertaken by the company in
order to make sure that the company is targeting the right customers and at the right time for
achieving the goals and profit. There is the importance of marketing mix which is discussed
below:
 It assist to understand which kind of product or services are offering to customers to
get the customer satisfaction.
 It also helps to plan, develop and execute effective marketing strategies in order to
gain the profits.
 It also helps the organization in using their business strategies effectively and
efficiently.
 It helps to identify the various changes which need to be adopted in the product
development so that the customer are satisfied.
 Most important factor for marketing mix is that it helps to learn that when and how to
promote a product and services.(Costello, 2020).
A brief theoretical explanation of 4Ps marketing mix
There are various elements in marketing mix which is essential
or the growth of the business organization. This also helps in
promoting the product or service to its customers. The first elements
in the tool is the product which defines the basic characteristics of the
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offered item by the company. There are various aspect of the product
such as what advantage the customer will have in order to use
particular item is defined as the product of the company. It is very
essential for the organization to produce the right kind of product and
use product life cycle at the various stages. This is an important for
the company in order to attract potential customers. (Chon, and
Zoltan, 2019).The second element is the price which means the
monetary value of the product which is been charged by the company.
It is identified that the pricing strategy is the most important concern
for the company in order to attract customers. It is necessary that the
company uses the low prices as compared to its competitors because
this influences the customer in purchasing the product. It is important
for the organization to analyses the income of the customers to whom
they are targeting ad keep the cost of product according to it. The
another element is place where the customer can purchase the
product. It is important for the business organization to use different
channels in order to make available of the product to its customers.
The various channels such as online and offline mode of distribution
of products needs to be considered by the organization. The
distribution channel for the company helps in increasing its sales as if
the company adopts both online and offline channels. The also
elements is the promotion. This is the most important factor of the
marketing mix where the company needs to identify the best and
suitable promotional tech ques in order to attract customers. As in
today's world the digital platforms is the most common and the
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effective for the promotion of the products or service. The company
can focus on the use of the social media where it can make brand
awareness by various aspect. The advertisement is important in order
to make aware about the product to its customers. The promotion
means that the company should guide the customer with the right
information to its customers so that they can decide whether to
purchase the product or not. This also effects the company in
increasing its sales if the disorganization is able to promote its product
or service to the right customers. This also helps the company in
profit maximization. (Cuffy., Bakas, and Coetzee, eds., 2020).
Introduction of product/service
It is been discussed that in context of the Aston Martin, the
company is going to launch their new product which is racing by-
cycle. In the current scenario the company is dealing in the luxury
product of the sports car. The company is planning to expand its
market by developing a new product and make a new customer base.
It is very important for the organization to target customers in order to
promote it and increase its sales and revenue. They mainly focus to
launch mountain featured bicycles for their customers.
Application of 4Ps marketing mix to the selected
product/service
Product
The item which is offered by the company is mountain bicycle which is
designed in such a way that they are be ride off road. The Aston Martin is
planning to manufacture some of specific featured mountain bicycle in order to
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satisfy the demand and needs of customers. The organization is focusing on the
durability of the product which will help in attracting customers. The product
which is been produced will have an advantage that if people use it on rough
areas it can be ride smoothly and the customer will not face problem. Its light
weight of just 8-9 kilogram helps the customer to make balance. The cycle will
include the large knobby Tyre. more durable wheels, suspension fork, more
powerful brakes, and extra wide handlebars to maintain balance while riding it.
Also , it will have a camera attached at the front side of the bike. This will help
in making more attractive and adventurous bicycle. (SANKAR, , 2020.).
Price
This is most important for the business organization as it affects in the decision
making of the customers to purchase the product or not. The cost of the product is the price
in which the customer is ready to purchase the product. In context of Aston Martin the
pricing strategy which will be adopted by the company is high because as its deals in luxury
brand. It is very important for the company to attract customers. The product which is been
produced and keeping in mind the quality of the product. The company will keep enterprising
according to the rich people who can have an advantage of the bicycle which is a luxury
cycle and adventurous. The price plays an important role in attracting customers. The
customer should be satisfied with the price of the product as this this plays the vital role for
the company to keep it with accordance of the customers preferences. (.Liu, , Zhang, and
Desbordes, 2017).
Place
This is the another element which consists of the distribution channel of the business
organization. It is very important for the company to make the both online and offline
availability of the product to its customers. The company can use its own website for the
distribution of the products. This will help making more customer base and analyses that
there is increase in sales and revenue by making it online available. The place is important for
the organization as it helps developing the customers and increase more of sales for the
company. In context of the Aston Martin the company can focus on the various websites
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which can make available of the product and this will help the customer to reach to the
product in a more convenient way.
Promotion
The promotion includes the use of the various strategies in order to
promote the product. The company can focus on the various promotional tool
such as advertisement, sales promotion which can help in attracting customers.
The use of the social media will be beneficial for the promotion of the brand
and the product. As in today's scenario, the youngsters are the most active
people over social media and this can influence the wide range of customers for
the business organization. The use of various promotional tools for the Aston
Martin can increase its brand awareness and this will also help in making a
profitable business. The brand awareness of the company can be made through
the celebrity endorsement which will be beneficial for the company. (Line,
and Wang, 2017).
Conclusion
From the above report it is concluded that marketing is the
wider concept which includes the various activities and actions in
order to promote the product or services to the potential customers.
Marketing is defined as the activities and the ways in which the
company can increase its sales and revenue. The marketing mix is the
tool which is used by the organization in order to identify the right
ways to promote its products and which strategies are helpful for the
company. The various elements which is been discussed in relation to
marketing mix are product, price , place and promotion. The product
which is been launched by Aston Martin is mountain bicycle which
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will attract customers. This will help the organization to increase its
sales and make new customer base.
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References
Chon, K.K.S. and Zoltan, J., 2019. Role of servant leadership in contemporary
hospitality. International Journal of Contemporary Hospitality Management.
Costello, G.J., 2020. Contemporary Issues for Design and Innovation Studies. In
The Teaching of Design and Innovation (pp. 131-154). Springer, Cham.
Cuffy, V.V., Bakas, F. and Coetzee, W.J. eds., 2020. Events Tourism: Critical
Insights and Contemporary Perspectives. Routledge.
Desbordes, M., Aymar, P. and Hautbois, C. eds., 2019. The global sport economy:
Contemporary issues. Routledge.
Line, N.D. and Wang, Y., 2017. A multi-stakeholder market oriented approach to
destination marketing. Journal of Destination Marketing & Management, 6(1),
pp.84-93.
Liu, D., Zhang, J.J. and Desbordes, M., 2017. Sport business in China: Current state
and prospect. International journal of sports marketing and sponsorship.
Mari, A. and Algesheimer, R., 2021. AI-based voice assistants for digital marketing.
Contemporary Issues in Digital Marketing.
Mirror, B., 2019. Advances in the Technology of Managing People: Contemporary
Issues in Business. marketing, 135, p.136.
SANKAR, J.G., 2020. Innovative celebrity endorsement and consumer purchase.
Journal of Contemporary Issues in Business & Government, 26(2).
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