Contemporary Issues in Marketing: The Nature and Importance of the Marketing Mix within the Marketing Process

This report discusses the nature and importance of the marketing mix within the marketing process, with an application of the 4Ps marketing mix to Cadbury. It includes an explanation of marketing, an explanation of marketing mix, and a brief theoretical explanation of the 4Ps marketing mix.

BSc (Hons) 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..........................................................................................................2
MAIN BODY.................................................................................................................2
Explanation of marketing.......................................................................................2
An explanation of marketing mix..........................................................................3
A brief theoretical explanation of 4Ps marketing mix.........................................3
Introduction of product/service.............................................................................6
Application of 4Ps marketing mix to the selected product/service..................6
CONCLUSION..............................................................................................................9
REFERENCES...........................................................................................................10
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INTRODUCTION
The term marketing mix includes the various types of areas which focuses on
the comprehensive marketing plan which can increase the position of the product.
The marketing mixes us the foundation of every business which is required by the
business and the organizations to use the various strategies and tactics for
promoting the marketing in their organization and also by which they can achieve a
well-known position in the market which can help the organization to encourage their
products and services through different customers and targeted market. This report
will include the various types of marketing mix along with their components and
application to various departments (Foroudi and Melewar, 2021). Marketing is
considered an important part of any business and organization by which they can
make their customers aware about the various policies and features of their products
and services so as to make it more understandable and clearer by them.
MAIN BODY
Explanation of marketing
The term Marketing is an activity which is used to show off the company’s
products and services, it is referred to the process of exploring, creating and
delivering the value which are used to meet the needs of the target market. When it
comes to its comparison with traditional concepts of business such as selling,
marketing is a much more extensive activity which comprises of many processes
which involves market segmentation which goes all the way to providing after sales
services to target customers. The main aim of marketing is to identify the major
audience for the products of a firm and devise strategies and techniques to satisfy
this segment in the best way possible (Fraser-Arnott, 2020).
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Figure 1 Marketing process ((Marketing Process: 5 Steps of Marketing Process,
2022).
An explanation of marketing mix
The term Marketing Mix refers to an important part of marketing. It includes
the opting of those activities which are taken by the companies to promote the
buying and selling of their goods and services. The aim of Marketing Mix is to deliver
the best of their potential to the customers through their various strategies and
tactics which are opted by the marketers. Marketing Mix is a great tool for the
acceleration of business and various activities related to the functions and operations
of the business and the organization which can help them to maintain a well-known
position in the market.
A brief theoretical explanation of 4Ps marketing mix
The term marketing is a broad concept which is used by the marketers to
increase their marketing skills and various other activities which can help them to
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grow their business (Frynas and Yamahaki, 2019). The term marketing is an
effective tool which has many components these are the four essential components
which are involved with the production to selling the goods to the customers. The 4
Ps of Marketing are described below.
 Product - The term product refers to an object or something which is ready to
be opt by the customers and they also agreed to pay the amount for the
same. The product is the basic term which is used by the organization so as
to lure the customers, which can help the business and organizations to make
their customers more and more satisfied in terms of their wants and
achievements.
 Price – The term price is a thing or an amount which is ready to be paid by
the customers in order to purchase the goods and services. Price is a basic
tool which is required to purchase or to promote any other objects in the
organization. The price is that tool or a strategy which is opted by the
business and the organization to sets a target for their customers to purchase
the specific commodity or an object. According to marketing, The Barter
system was considered as Marketing in which the products and services were
exchanging terms of goods so as to promote the marketing. The products and
services were exchanged without the involvement of monetary transactions.
As along with time, the marketers and the businesses has developed the
techniques of promoting marketing within the organization so as to perform
the activities and functions more effectively and efficiently (Issock, Mpinganjira
and Roberts-Lombard, 2021).
 Place - The term place is referred to that area or location in which the
prepared or finished goods would be placed so as to make it easier and more
convenient at the time of the order. For e.g. The Warehouse is the perfect
place for keeping the goods safe and danger free so as to make them ready
to deliver at the time of selling. There are a lot of damages such as loss by
fire, loss by theft and other damages which can be occurred to the goods
when they are prepared. In order to keep them safe and danger free, the
warehouse is provided so as to keep the products free from any problem.
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Also, it reduces the cost of transportation if the warehouse is near to the
production area, which can make it easier and more convenient to make the
goods available for the customers (LAASCH, 2022)
 Promotion - The term promotion is an activity which is basically used to
encourage and increase the reputation of the brand or a product. The
promotion is a part of an effective marketing system which is the most
important activity through which the customers can be known and aware
about the product or the brand. There are a lot of promotional activities which
can be opted to promote the product and services offered by the business and
the organization such as, advertisement, Sales promotion, personal selling,
Door to Door selling etc. These activities can help the marketers to promote
the goods effectively.
Figure 2 4 P's of marketing mix (The 4Ps of Marketing, 2018).
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Introduction of product/service
Cadbury is a British multinational confectionery company which is owned by
the Mondelēz International. It is referred as the second largest confectionery brand in
the world after Mars. Cadbury is headquartered in London, and operates in more
than fifty countries worldwide. Its best-known products include the Dairy milk
chocolate. Cadbury was actually the first company to use them to showcase its
chocolates. The Founder of Cadbury was John’s son, Richard who actually came up
with the idea, and from 1861, Cadbury chocolates were sold for Valentine’s Day and
other special occasions of love for their heart-shaped boxes covered in cupids and
roses for the uniqueness (Lahtinen, Dietrich and Rundle-Thiele, 2020). Cadbury
worked hard and deserve the respect and fame they have gained. The perfection in
every bite can be tasted by the customers with the Cadbury chocolate as it is by far
the creamiest chocolate according to the customer’s preferences. There are two
consistent brand selling points of Cadbury that are Quality Healthfulness and Luxury.
The brand has always been advertised as affordable luxury. And Purple has been
the dominant color in the packaging since back then.
Application of 4Ps marketing mix to the selected product/service
The Cadbury use different marketing strategies such as Product, Price, Place,
Promotion which helped the Cadbury to growing their business all over the world and
earn more profit more which listed below:
Product
The Cadbury Company offers a large number of verities in their products to
attract the large number of target customers. They sell the different products in
different countries and the decision to selling the product in which nation is based on
their production cost, demand and competition in the market. The Cadbury product
mix such as chocolates, candies, biscuits, 5 stars, gems, temptation, bournvita and
further more. Cadbury Company always invest the large amount of money in
research and development, so that they can offer something unique for the
customer. They have lots of standard products sold in throughout the year.
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Cadbury’s should look into cornering more of the chocolate market by researching
new and innovative flavor profiles which should be unique along with being related to
a marketable theme which can help them keep staying on top of the chocolate
industry for a long time which the company has been doing for a long time (Liu,
2021).
Figure 3 New flavors of Cadbury chocolates (Cadbury's Dairy Milk Flavours For The
Inventor Competition Are Here, 2022).
Price
The Cadbury product price depend on their qualities. Price means the
monetary value in exchange product. The Cadbury pricing mix is depended on their
demand, packages size, target customers, market computation, along with it the
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price of the product depend on their size. It is the well- thought strategies to attract
the target of customers. The Cadbury strategies is based on three distinct pricing
strategies such as skimming pricing, these prices are set the high prices of the
product and giving the different verities of product to the customers, second is
economy pricing this pricing strategies is based on the product variations. Along with
lastly is bundle pricing in this technique helps the company to make a bundle of
variety of products at low prices, and this strategy helps to increase their sale. This is
because people think that if the purchase is bundled so it is more effective and full of
value when compared to purchasing in terms of single units. Cadbury Company
should make sure that its chocolates, both new and old are made available to
customers at a price point which is fair enough to attain profits without driving them
away. On the other hand, Cadbury can also look into entering into the luxury industry
segment and use the high price point as a USP to sell the product line like Ferrero
Rochere does (Mitterfellner, 2019).
Place
Cadbury Company having a strong distribution channel, that’s why their
products are easily available in the market. Because of the good distribution channel,
the product is available in every rural and urban area which is beneficial for their
growth of the company and earn huge profit (Oates, 2020). If any company wants to
expand their business globally, so they need to focus on that they are having the
good distribution, because if in case they are not having good channel, so they face
difficulty to sale their product. The company should also look towards replacing some
of its extensive physical logistics channel with more digitized channels of retail and
distribution to cope up with external changes such as the COVID-19 pandemic. In
order to make the entire supply chain system more agile, the company should look to
integrate AI driven systems in both online and offline channels.
Promotion
It refers to those activities which helps the company to attract the target
customer’s and provide the information related to the product. It is the most
important factors. Because promotion helps the company to promote their product
and increase their sales. Cadbury company are very active in promotion strategies,
there mostly campaign and promotional activity is related to the family, value and
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ethics that’s why costumer feel more connected. The Cadbury company are using
the different advertising camping’s to promote their products. They realize that BTL
promotion and use of Vernacular communication promotion helps the company to
promote their product in different states and regions. This promotion n activates
helps the Cadbury company to build their brand image and improve they’re in the
market which support the Cadbury company to compete with their competitors in the
market (Smith and Zook, 2019).
CONCLUSION
The above report went into detail with many complex topics such as the
marketing and its components such as marketing Mix which are basically used to
promote the goods and services through various activities. in this report the
marketing mix and its components were described which are referred as the most
important tool to promote the goods offered by the business or an organization.
Furthermore, The Cadbury is taken for giving the detail about the brand. Along with
that, the 4 Ps were also described with the context of Cadbury, as these activities
can help the business to make people more aware about their products.
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REFERENCES
Books and Journals
Foroudi, P. and Melewar, T.C., 2021. CORPORATE BRAND SIGNATURE
MANAGEMENT. Corporate Brand Design: Developing and Managing Brand Identity.
Fraser-Arnott, M., 2020. The marketing mix in parliamentary library websites. Journal
of Library Administration, 60(8), pp.875-888.
Frynas, J.G. and Yamahaki, C., 2019. Corporate social responsibility: an outline of
key concepts, trends, and theories. In Practising CSR in the Middle East (pp. 11-37).
Palgrave Macmillan, Cham.
Issock, P.B.I., Mpinganjira, M. and Roberts-Lombard, M., 2021. Investigating the
relevance of the traditional marketing mix across different stages of change:
empirical evidence from household recycling. Journal of Social Marketing.
LAASCH, O., V GREYSTON’S BAKERS ON A MISSION TO SCALE OPEN
HIRING®. y IP address 192.168. 10.4 on 2022/04/05, p.970.
Lahtinen, V., Dietrich, T. and Rundle-Thiele, S., 2020. Long live the marketing mix.
Testing the effectiveness of the commercial marketing mix in a social marketing
context. Journal of Social Marketing.
Liu, Y.L., 2021. MARKETING MIX PLUS DIGITAL PLATFORM INNOVATION IN
PHARMACEUTICAL INDUSTRY: WHERE WE ARE AND HOW TO MOVE
FORWARD UNDER COVID-19. In 30th International Conference of the International
Association for Management of Technology: MOT for the World of the Future,
IAMOT 2021 (pp. 991-1002). Liu, Y.L., 2021. MARKETING MIX PLUS DIGITAL
PLATFORM INNOVATION IN PHARMACEUTICAL INDUSTRY: WHERE WE ARE
AND HOW TO MOVE FORWARD UNDER COVID-19. In 30th International
Conference of the International Association for Management of Technology: MOT for
the World of the Future, IAMOT 2021 (pp. 991-1002).
Mitterfellner, O., 2019. Fashion marketing and communication: Theory and practice
across the fashion industry. Routledge.
Oates, C.J., 2020. Sustainability Marketing: Products, Fairtrade, and
Greenwashing. The SAGE Handbook of Marketing Ethics, p.226.
Smith, P.R. and Zook, Z., 2019. Marketing communications: Integrating online and
offline, customer engagement and digital technologies. Kogan Page Publishers.
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Online referencing
Marketing Process: 5 Steps of Marketing Process, 2022 [online] available through
https://www.iedunote.com/marketing-process
The 4Ps of Marketing, 2018 [online] available through
https://expertprogrammanagement.com/2022/03/4ps-of-marketing/
Cadbury's Dairy Milk Flavours For The Inventor Competition Are Here, 2022 [online]
available through https://www.delish.com/uk/food-news/a33120470/cadbury-dairy-
milk-inventor-competition-flavours/
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