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

This report discusses the nature and importance of the marketing mix in achieving goals and objectives. It explores the 7Ps of marketing mix and their significance in achieving customer satisfaction and business success. The case of TESCO is used to illustrate the concepts, along with other marketing theories such as communication mix and AIDA model.

The nature and
importance of the
marketing mix within
the marketing process
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Marketing ...................................................................................................................................3
Marketing mix.............................................................................................................................4
Importance of marketing mix......................................................................................................7
Other marketing theories.............................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES:.............................................................................................................................10
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INTRODUCTION
Marketing is defined as the process which undertakes increasing of awareness, purchase,
preference and consideration of a product and service with the help of advertising, placement,
promotion, pricing and packaging. Marketing mix plays a crucial role in the achievement of
target market (Thabit and Raewf, 2018). It is the set of tools which used by an organisation for
the purpose of achieving goals and objectives. TESCO is taken in this report for showing the
nature and importance of marketing mix in marketing process. TESCO is the British
multinational organisation which is deal in groceries and general merchandise retailing business.
It is found in 1909 and had headquartered in Welwyn Garden City, England. This report will be
discussing marketing mix importance and other related theories which helps in marketing
department of an organisation.
MAIN BODY
Marketing
Marketing is defined as the practices which is very important to perform by organisations
in order to achieve the target market. It includes many practices such as increase the awareness
of products and services in the market (Pomering, 2017). According to AMA's definition of
marketing, it is the activity, process, and set of institutions which are creating, delivering,
communicating and exchanging for the purpose of valuing of customers, partners, society and
clients. In simple words, it is defined as the process which used by organisation for the purpose
of getting potential customers who shows interest in company's products and services. In today's
competitive world, it is found that marketing is becoming very important for organisations as
they can achieve the goals and objectives effectively. In order to beat with the competition, it is
necessary for an organisation to spread the awareness of their products and services in the market
so that they every customers get to know the products and services and start to purchase.
In the case of TESCO, it is found that they are spending a great amount on the marketing
department in order to promote goods and services. Marketing of TESCO ensures some
important following points:
 It raising the brand awareness in the market that makes the business successful.
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 It assists an organisation to generate traffic on organisational website which assist in
increasing the customer base of an organisation.
 Marketing helps an organisation to gain competitive advantage in the market.
Competition is increasing every day and that's why marketing activities should be
performed by organisation more effectively.
Marketing mix
Marketing mix is defined as the set of tools which is used by organisation in order to
pursue strategic objectives of an organisation. It is found that organisations used marketing mix
in order to promote the goods and services of company in the market ('Definition of 'Marketing
Mix', 2021). Traditionally, it is identified that marketing mix elements consists of 4Ps. But now it
adds 3 more. So now marketing mix consists of 7Ps. Companies are designed 4Ps as they were
sold only products as they were not offering services. But in today's business environment, not
companies are selling services also. That's why 3 more Ps are adding to the marketing mix. Each
marketing mix elements is very crucial for organisation as it helps a company to increase
customer satisfaction which leads to business success (Thwala and Slabbert, 2018). This can be
better explain with the help of below points:
Product
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It is the item which offer by organisation in the market. Products are the main element of
organisation for which they are doing their business in the market. In order to grow and becomes
a successful business, companies need to produce good quality products and services so that it
helps in satisfying the customers' needs and wants. For example, in the case of TESCO, it is
identified that they are offering wide range of products and services to the customers. So that
they are able to satisfy the customers' need and want. Their products includes clothing, groceries,
electronics, financial services, etc. Due to the wide range of products and services of TESCO, it
is found that customers are not switching for any other products to other organisations. This
increases the customer loyalty and retention. This is the reason that products in marketing mix
plays a crucial role in the success and growth of an organisation. With the assistance of wide
variety of products and services, company is able to achieve their desired goals and objectives.
Price
It is the another important element of marketing mix which is focusing on the deciding
the prices of products and services that offered by organisation. The organisational success is
depending on the price of products as it decides the profit margin of an organisation. Pricing
strategy should be formulated by an organisation so that they can attract more and more
customers in the organisation (Stead and Hastings, 2018). For example, TESCO is the leading
organisation in UK which have many competitors that provides same types of products and
services to the customers. This is the reason that they are not able to increase the process of
products and services as customers can easily switch to other organisation. TESCO is adopted
cost leadership pricing strategy.
Place
This is considered as one of the important element of marketing mix in which company
needs to decide that where company needs to sell their products and services. That means they
are concerned with the place or location which they will decide in order to sell the products. The
location should be choose by analysing the area market. Company needs to analyse that
customers can easily reach on the location or not. If it is found that they are unable to reach on
the location then how company sell their products and services. There are many offline stores
found in case of TESCO. They are not only provide their goods by online as they are offering
products and services by online website such as www.tesco.com.
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Promotion
It is not possible for an organisation to sell their products and services in the market
without promotional activities as it helps in spreading the awareness about the products and
services in the market. Customers get aware that which products are offered by which company
in the market with the assistance of promotional activities. It is necessary for an organisation that
they should make a promotional strategy in order to achieve the goals and objectives of an
organisation. In the case of TESCO, they are using both traditional as well as modern methods of
promotions. In the traditional method of promotion, it is found that company is focusing on using
newspapers, television, radios, etc. in order to promote the products and services of organisation.
They know that still people are connected with the traditional modes of promotion. In order to
promote on new and modern tools and techniques, it is found that TESCO is using digital
marketing which becomes very popular in these days.
Process
This element of marketing mix is new which generally used by organisation which offers
services in the market. Process is considered as the set of activities which used by an
organisation for the purpose of achieve something. For example, it includes a processing of
customers' orders. In the case of TESCO, it is found that there offline stores are providing
freedom to the customers. That means any customers can pickled up any products from their
offline store and then go to the customers assistant in order to pay of their products and services
which they want to purchase. TESCO is also having self-service machines to make payments
which can be used by customers of an organisation in order to make payments. It is identified
that if customers face any difficulty or queue in the line of purchase or payment then it will
automatically reduces their interest in the products and services of that organisation (Nikbin and
et.al., 2021). This is the reason that company needs to focus on effective process which makes
the transactions in the easiest way.
People
People is concerned with the human capital of an organisation who are the part of
organisational success and growth. It is very important for the purpose of success and growth of
an organisation that they have best human resources in the organisation. So that they will achieve
their goals and objectives in an effective way. It is found in TESCO that they have
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approximately 420000 people who works for the organisation in world wide. It is also found that
TESCO spend a heavy amount on the training and development of their employees.
Physical evidence
Physical evidence is not only limited to the tangible representations of organisation. It is
also include many intangible assets of an organisation (Kublashvili, 2019). For example, TESCO
have an excellent logo which can be easily recognised by any customers. They used their logo in
order to show their products and services in the market.
From the discussion of marketing mix elements, it is found that all elements are playing
an important role in the marketing process. The objective of marketing can be achieved when an
organisation is using these marketing mix elements in an effective way. It is found that with the
assistance of marketing mix elements, an organisation is able to successfully grow in the market.
Importance of marketing mix
Marketing mix playing an important role in the organisation especially in the case of
customer satisfaction. It is found that customer satisfaction is the key of success (Basyouni,
2019). This is the reason that every organisation is focusing on satisfying the customers' need
and want. In the case of TESCO, it is found that they are using marketing mix in order to
increase the customer satisfaction. That's why they decide the prices and places of products and
services accordingly. Customer satisfaction improvement helps an organisation to grow and
success their business effectively. There are some more importance of marketing mix are
mentioned below:
 With the assistance of marketing mix elements, an organisation is able to understand their
products and services which they are offering to customers.
 They can also able to formulate effective marketing strategy which they can plan, execute
and implement in the organisation in order to gain competitive advantage.
 A company is able to understand that when and where an organisation need to promote
their goods and services.
 They can become proactive in the case of any risks related to the organisational
operations and functions.
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Other marketing theories
There are many marketing models of theories found in the organisation which assists a
company to increase the satisfaction of customers in the market. Some more marketing theories
or models are communication mix and AIDA model.
Communication mix
Communication is the necessity of an organisation in which they needs to make a strategy
for interaction with the customers in an effective way (Goh and et.al., 2019). In communication
mix, there are five important elements are found such as advertising, sales promotion, personal
selling, public relations, and direct marketing. These are the elements which able to interact with
the customers. Communication is necessary in the marketing as it assists in analysing the needs
and wants of customers which helps them to make strategy accordingly. It will leads to increase
the customer satisfaction.
AIDA model
It is the model of sales promotion. It is found to be the marketing model which used by
organisations in order to focus on customers. It is the acronym of awareness, interest, desire and
action (Mahmoud, 2018). These are the important four stages in which a customer goes through
and it is necessary for an organisation to understand these stages. Company should focus on
evaluating strategies that how their customers retain in their company. This can be possible with
the application of this model.
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CONCLUSION
It can be concluded from the above discussion that marketing mix is very important for
the purpose of success and growth. In this context, it is analysed that marketing mix is very
important for organisation as all elements of marketing mix helps an organisation to achieve the
goals and objectives. There was a discussion of more marketing theory that helps an organisation
to increase the customer satisfaction.
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REFERENCES:
Books and Journals
Basyouni, S., 2019. Educational Marketing Mix and Student Satisfaction in Private Universities
in Dubai.
Goh, W.H., and et.al., 2019. How green marketing mix strategies affects the firm's performance:
a Malaysian perspective. International Journal of Sustainable Strategic
Management, 7(1-2), pp.113-130.
Kublashvili, T., 2019. The Marketing Mix in a Marketing 3.0 Context. International Journal of
Innovation and Economic Development, 4(5), pp.7-19.
Mahmoud, T.O., 2018. Impact of green marketing mix on purchase intention. International
Journal of Advanced and applied sciences, 5(2), pp.127-135.
Nikbin, D., and et.al., 2021. Marketing mix strategies during and after COVID-19 pandemic and
recession: a systematic review. Asia-Pacific Journal of Business Administration.
Pomering, A., 2017. Marketing for sustainability: Extending the conceptualisation of the
marketing mix to drive value for individuals and society at large. Australasian
Marketing Journal, 25(2), pp.157-165.
Stead, M. and Hastings, G., 2018. Advertising in the social marketing mix: getting the balance
right. In Social Marketing (pp. 29-43). Psychology Press.
Thabit, T. and Raewf, M., 2018. The evaluation of marketing mix elements: A case
study. International Journal of Social Sciences & Educational Studies, 4(4).
Thwala, K.C. and Slabbert, E., 2018. The effectiveness of the marketing mix for
guesthouses. African Journal of Hospitality, Tourism, and Leisure, 7(20), pp.1-15.
Online
'Definition of 'Marketing Mix', 2021. [Online] Available through:
<https://economictimes.indiatimes.com/definition/marketing-mix>
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