Nature and Importance of Marketing Mix in Marketing Process

This report explains the nature and importance of marketing mix in the marketing process. It provides an overview of marketing and marketing mix, followed by a brief introduction to Aston Martin's DB11. The report then applies the 4Ps marketing mix to the selected product and concludes with a summary of the strategies adopted by the company.

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 3
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 6-8
Product 6
Price 7
Place 7
Promotion 7
Conclusion 8
References 8
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Introduction
The nature of marketing mix is about knowing and ordering of the components
of the marketing mix that will help the organization to achieve profit through their
decisions in all the aspects which the business deals. The importance of marketing
mix is that it brings strength to the organization and decreases their weaknesses.
The significance in another measures can be that the business can stand above in
competition and acquire more customers than before (Steward, 2022.Stoll, 2022).
This report has a deep explanation on the nature and significance of marketing mix
within the marketing methods, the ways in which marketing mix can effect the
success of marketing methods in relation to customer's satisfaction. This report is in
reference to Aston Martin which is a luxurious British organization of sports cars. It
was founded by Lionel Martin and Robert Bamford in UK about 109 years ago. The
company has their product's utility on the basis of racing and tourism.
An explanation of marketing
According to Philip Kotler, “Marketing is a method in which the persons and
groups in society get whatever their requirement is by manufacturing and trading the
goods and services from the market”. The activities related to the promotion,
advertisement, sales, delivering of goods and services can be denoted to the
process of marketing. The professionals who are expert in influencing and
convincing others on the basis of their communication are bale to do it. It refers to a
technique that attracts the attention of the customers and balancing the relations with
them for further sales (Brembeck, Cochoy and Hawkins, 2022). This is done in order
to earn profit for a company and also accelerating in its growth. The organizations
have to implement some strategies so as to achieve their common goal. The
marketing is an aspect which achieves goals and objective of a company,individual
or a brand. There are different types of marketing that are digital marketing, email
marketing, direct marketing, inbound marketing and others.
An explanation of marketing mix
Marketing mix is represented by the combined actions and strategies that are
implemented in a manner to promote the goods and services for brand recognition
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and profitability. It is divided in 4 typical marketing mix components that are price,
product, promotion and place segments. The company does marketing by
concentrating and proceeding the strategies of marketing on these elements
separately. However in the present competition there are some more elements
introduced in the marketing mix that are positioning, people, politics and packaging.
For example Aston Martin is an automobile sector and they sell their right car in the
right place in a right price with a right strategy of promoting.
A brief theoretical explanation of 4Ps marketing mix
In an organization the leaders and managers have to plan for their marketing
strategies with the different considerations. The marketing mix has for essential
components that are specified below -
 Product mix – It is represented as a commodity for which the businesses
trade, the main aim for a company is to sell their goods and services in order
to earn profit. This can be either tangible or intangible that means goods and
services respectively. It is essential to know about the nature of the product
before designing and creating it. Then the company needs to do a deep
research for how to obtain their products. This element have to survive in a
life cycle from the formation to selling and utilizing phases. The product
should be attractable in design and it should also satisfy the needs of most of
the customers in order to earn profit (Rosenfeld and Menirav, 2022). Aston
Martin sells the cars of less varied ranges which have to utility of sports,
racing and touring. The public recognize by their brand as an automobile (car)
sector but apart from it the company is into some real estate, apparel,
monster trucks, bicycles, submarines and speed boats. They reflect their cars
in a heritage and prestige forms.
 Price mix – It is the most essential element for marketing. It is the value or
amount that is offered by the customer in order to get the product. It should be
set as per the targeted customer's willingness, cost in manufacturing and
margin value. It fluctuates with the demand, inflation, change in other effecting
elements. The profit making is dependent on it, if it is changed a little then the
demand and sales of the product in market will be affected as well. Eventually
the price should be worth to the quality and quantity of the product which
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should satisfy the customer's need ( Patel and et. al., 2022). In context to
Aston Martin, the company have kept their product's price high as they want
their customers to par for their status symbol. Their targeted market are a rich
class people who can afford to maintain their cars for a long period of high
performance. The offer their products in a premium price associated with the
high profiled persons.
Illustration 1: What is a marketing mix and how to apply it to business, 2021
 Place mix – It is an area for handling all the operations of the business and
the distributing channels. As the businesses decide for positioning and
delivering their products at the particular places, this can be decided
according to the target market approach. The customers should be able to
access the products and services easily. The areas of distribution should be
containing potential customers (Zaman, Zaman and Evan, 2022). Aston
Martin has covered a less areas over the world. It produces all their products
in the headquarters which is in Warwickshire, England. The company contains
of powerful connection with the distributors that sells from their dealership
meetings and showrooms. The company sets up their showrooms only in a
high classed society and this is the reason for which the company prevents
dealing in the undeveloped and some developing countries which covers at
least more than half of the population in the whole world. The company has to
imply high investments for research and development in order to open up in a
new location before starting their project in a new area.
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 Promotion mix – It is a method for introducing, communicating, advertising
the products and services of the company to all the targeted market and
potential customers. This element helps the company to attract the customers
and induce them to purchase. There are different techniques of promoting the
products and services to their targeted audience that are personal branding,
advertising, sales promotion and direct marketing (Hojnik, Prokop and
Stejskal, 2022). For an instance Aston Martin promotes their products in a
niche market and they generate an appropriate link between them and their
customers. They promote by putting advertising banners on billboards and
publishing their products in a magazine as the magazines are read by mostly
businessmen and high class persons. The company promotes their products
over social medias like Facebook and Instagram by posting some videos.
They have a big fan following and celebrities as the Brand ambassadors and
influencers like James Bond.
Introduction of product/service
Aston Martin had released their product named DB11 in March 2016. This
product is a luxurious car which was launched in Geneva Motor show and it was
awarded as the world's most beautiful car in 2017. The design of the car is so
attractive and there was a heavy demand from their loyal customers after launching
of the car. It is the most powerful car ever with an efficient engine (Makovskaya,
Korabava and Aliakseyeva, 2022). The interior of car is made up of temperature
control and with technology in a comfort manner. Moreover the interior of car has
been build with natural materials and the exterior carries a style with a strong body.
Application of 4Ps marketing mix to the selected
product/service
Product
The product so called Aston Martin DB11 is a luxuriously build car which is
known for its style and elegant performance. The car carries customization so as to
satisfy the demands of customers of varied background (Güven, 2022). The car has
horsepower and high technology in its functions. The car displays their owner's to
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carry a rich and classy status. The owners need to maintain highly and handle the
car with utmost care. The product has a design that is way too unique from Aston
Martin's competitors that's why the model has won an award from being most
beautiful among all in world. The utility for this particular model is for the
performance and style and sportiness for racing. The car has different versions and
the versions define their own utility for which the customers should keep their
matching perspective before purchasing the car.
Price
The starting price for Aston Martin DB11 was £154,900 initially in England.
The price was set according to the targeted customers that are 10 percent of the
population approximately in which most of them are high class women. The price
was decided by the experts and leader of the company according to the efforts and
input costs of DB11. They have served this car in a premium price as they always
owned this strategy in pricing of marketing mix. There is a specific reason for which
they don't serve this car in a low price that is to maintain the status symbol for the
brand. The affluent category class people would not think twice before buying thus
car is the most far approach this model can go according to its price. Moreover the
company has set the price of this product on the basis high qualitative input material
used in the manufacturing of this car, investment in research work and testing and
labor work by engineers that are very limited in their business.
Place
Aston Martin DB11 was promoted in a specific areas of highly developed
countries and it was distributed to showrooms built in the rich locations. However the
customers have to make some efforts to reach to the location of their showroom but
if it is a demand for the customer they would make it somehow (Schlager and
Christen, 2022). The manufacturing of particular model was always done at
headquarters by the experts in engineering and designing. The company decided the
location that was Geneva Motor Show for a performance for the first time in the
audience. Their distribution was done to specific countries such as China, Turkey,
Denmark, Russia, Sweden, Canada, US, Peru, Abu Dhabi, UK, Riyadh, Jordan,
South Africa, Greece , Italy, Monaco, Canada and more.
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Promotion
The promotion of Aston Martin DB11 was done through publishing the
pictures and its specifications in best magazines. The product was also displayed at
social media with some videos and photos. Also the influencers shared their
experiences of owing the car by explaining the ways of functioning and reviews over
the social media lie Instagram, YouTube and Facebook with high views. While the
brand ambassador of Aston Martin is Jessica Hawkins who had uploaded videos and
pictures on her profile for promoting the fan following base. Also James Bond had
promoted this car in the movie as a sporty model. But the targeted market is niche.
The company had spent a heavy amount in order to display their car on digital
media.
Conclusion
This respective report concludes with the aspect of nature and importance of
marketing which had a description on marketing and then marketing that tells about
their definition and characteristics. Then the four elements were specified which
were price, product, place and promotion that had a deep explanation in terms of the
strategies that can be applied in the perspective of company. Then there is a brief
introduction on the product of company which was later justified in marketing mix
elements. As a conclusion this report summaries with the strategies adopted in the
product were according to a sports and better performing model that was served in a
high classed society.
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References
Journals and Books
Steward, D., 2022. Insights from Labor Market Research and Data. In Economic
Losses and Mitigation after an Employment Termination (pp. 57-73).
Palgrave Macmillan, Cham.
Stoll, L., 2022. Study I: Definition and Conceptualization of Customer Inspiration.
In Providing a New Perspective on Understanding and Measuring of
Customer Inspiration (pp. 1-34). Springer Gabler, Wiesbaden.
Brembeck, H., Cochoy, F. and Hawkins, G. eds., 2022. Market Detachment:
Breaking Social Ties in Economic Settings. Routledge.
Rosenfeld, B.Z. and Menirav, J., 2022. Markets and marketing in Roman Palestine.
Brill.
Patel, R., and et. al., 2022. A bibliometric review of financial market integration
literature. International Review of Financial Analysis, p.102035.
Zaman, M.H., Zaman, S.S. and Evan, M.A.M., 2022. Niche Growth: The Case of
Heavy Metal Apparels. SAGE Publications: SAGE Business Cases
Originals.
Hojnik, J., Prokop, V. and Stejskal, J., 2022. R&D as bridge to sustainable
development? Case of Czech Republic and Slovenia. Corporate Social
Responsibility and Environmental Management. 29(1). pp.146-160.
Makovskaya, N., Korabava, A. and Aliakseyeva, A., 2022. January. Skills
development for digital transformation in textile. In AIP Conference
Proceedings (Vol. 2430, No. 1, p. 040011). AIP Publishing LLC.
Güven, E., 2022. Digital Evolution in Brand Communication. In Impact of Digital
Transformation on the Development of New Business Models and
Consumer Experience (pp. 231-252). IGI Global.
Schlager, T. and Christen, M., 2022. Market Segmentation. Handbook of Market
Research, p.939.
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