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

This report discusses the importance and nature of marketing mix in the marketing process. It provides a brief theoretical explanation of 4Ps marketing mix and its application to Dyson's vacuum cleaner. The report also covers contemporary issues in marketing. The subject is Business Management, and the course code is BMP4004.

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
An explanation of marketing 3
An explanation of marketing mix 3
A brief theoretical explanation of 4Ps marketing mix 4
Introduction of product/service 5
Application of 4Ps marketing mix to the selected product/service 5
p-p
Product 6
Price 6
Place 6
Promotion 6
Conclusion 7
References 8
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Introduction
In today's world a huge and unifying theme in contemporary marketing is the speed of
change in the marketplace (it includes change in marketing technology, product development
and consumer tastes). The increasing amount of markets(product and services) and
consumer’s, are real-world challenges that result from this rapid modification. Contemporary
issue is a kind of resource that helps a firm in complete study and understanding of issues
faced by them in marketing(Dilger, and Lowry, , 2019) .The following report is based on
Dyson limited which is british multinational technology company. It is founded in year
1991.This company has an expertise in designing and manufacturing various household
appliances. This report will cover a detail explanation of marketing and marketing-mix .
Later on the complete summary on 4ps of marketing-mix will be a part this report. Further a
complete brief of a product(vacuum) manufactured by dyson will present in this report.
An explanation of marketing
It refers to all the act performed by an organization to sell and promote their products
to the final user or consumer. It also includes all the action's a company initiate to draw in
customers and maintain relationship with them. With the help of marketing a company
generates interest in customers mind regarding to the services and products they are
providing or manufacturing. Every company and organization should practice marketing
process which helps them to increase in their overall growth. Through proper and effective
marketing techniques it helps an organization in achieving their goals. If a firm promote
themselves in an organized way that leads to increase in sales of their product and services. It
is a important function that links the consumer, customer and public to the marketer. By this a
firm can have the complete knowledge of the needs and wants required by the customer's of
their targeted market. It is one of the most important component of business management and
commerce. It is generally done by the sellers, retailers, and manufacturers. Sometimes, an
organization also takes the help of multiple advertising or marketing agencies which helps
them to do marketing on the behave of that firm. The 2 major segments of marketing are
business-to-consumer(B2C) marketing and business-to-business(B2B). B2C it refers to the
strategies and tactics used by a company to promote its product and services to individual
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people. An individual can shop for personal products in a broad sense. More recently the
companies are using online platform to sell their products to the consumer’s. B2B is a
marketing technique that is engaged towards a business or firm.(Grier, Thomas, and
Johnson., 2019.) For selling products and services to other organization business typically
uses B2B marketing strategies. Major equipment, accessory equipment, raw materials are
some kind of products sold through these strategies.
An explanation of marketing mix
Marketing mix refers to the technique, process, strategies and tool used by a firm to
reach out to potential customers and drive sales. An effective and organized marketing mix
includes a range of various plan of action that allow business owner to target a selected or
particular market and create a optimistic brand image that occupy customers. It helps an
organization in both short-term and long term strategy for increasing their sales. Businesses
are completely depend on their marketing-mix which helps them in market research and to
identify their core values and most demanded projects. A good marketing mix is objective-
focused, adjusting each variable to reach optimum sales. By adding different tools in
marketing-mix it will allow an organization to be flexible when responding to the buying
behavior of customer's. It plays a very important part in building brand identity, by this a firm
can differentiate themselves from their competitors for reaching or capturing new market. A
effective marketing-mix helps a businesses to make proper or appropriate use of their
strengths and avoid unnecessary costs. It can helps the firm to identify that the product or
services provided by them are fulfilling the needs and wants of their customers.(Horáková,
and Uusitalo, 2021)
A brief theoretical explanation of 4Ps marketing mix
The 4ps of marketing-mix are the essential factor that help a firm in marketing of their
goods and services. These 4ps are strained by overall business environment which includes
both (external and internal factors), and they are attached with one another. These 4Ps are as
follow-:
Product- All the goods and services providing by the company in order to satisfy the needs
and wants of the customers. Before manufacturing or developing the product, an organization
must considered the life cycle of product and program for various challenges that may arise
in future. A firm or company should develop such kind of product that create an impact on
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customer's mind, which is exclusive and have various properties from the rival product.
(.Huang, 2020)
Price- Pricing strategy is an art and science. It is a very necessary element of the marketing-
mix. The price is a premium or amount paid by a customer through which they can enjoy the
ownership of that product. Price of the product will decide the company's survival and profit
that's why it is a very crucial element. Skillful balancing between pricing that is it too low or
high which can be evaluate by a firm with the help of both market research and careful
calculations. Factors to keep in mind before allotting the cost to the product are , customer's
location, terms of sale, discount, etc.
Place-It refers to the location from where a customer can purchase goods or services.
Nowadays's, buyers are purchasing the goods and services provided by the company from
various markets( includes physical and virtual). Location is a very important part of the
marketing-mix. An organization should place and distribute their products in that place which
is easily accessible to potential buyers or customer's. Not every place makes sense for every
product due to various reasons it includes climatic conditions, use of that product etc. Quality
or expanded distribution chain help an organization to capture new market or customer's.
Promotion- It creates brand identity and increase their sales. It is a tool of marketing that
helps a company to advertise their product to the customer's. Through this process features
and abilities of the product is conveyed to the potential buyers. Advertising, direct marketing,
sales promotion, personal selling are some kind of tools which includes in promotion mix. On
the companies budget, combination of promotional strategies is dependent. The firm can
communicate with the help promotion-mix to their target market. There are various types of
promotion platforms presents such as press, TV,radio etc.(Khotamov, et.al., 2021.)
Introduction of product/service
Product advantage has been a key element for the success of dyson ever since they
have launched the Dyson DC01 vacuum cleaner in 1992. They introduce DC01 with spinning
“cyclone chamber” which did not clog and produce maximum suction with the help of this
feature they clearly distinguished themselves with the other competitors in the vacuum
market. It is a cleaning device that uses air pump to create a partial vacuum to suck up
unwanted particle's usually from surfaces. There are various types of vacuum cleaners are
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present as per the requirement on an individual. Small battery, wheeled canister etc are some
kind of vacuum cleaners.(Méndez-Suárez, 2021)
Application of 4Ps marketing mix to the selected product/service
Product
The brand image dyson seeks to adopt is that they are very innovative, imaginative
and always provide better quality of products as compare to its rival. In starting, dyson image
is enforced with the help of fresh and top-quality vacuum cleaner design manufactured by
them. After the success of vacuum cleaner dyson has become the leader in consumer
electronics and home appliances. According to Dyson, batteries will play a very important
role in powering appliances in future because the consumer's or industries are shifting to
cordless vacuum cleaner's. They have built their each product which is offering a unique set
of features. Company has used these technological concepts in many appliances besides
vacuum cleaners. This centered approach has allowed dyson to perfect the capabilities and
design of its product.
Price
The products manufactured by dyson are generally on the higher end of the price
orbit. The customer's are willing to pay extra price for both early adoption and elite design
because the product's which dyson is providing has high technological features. Value of the
product should be resolute in thinking of approximate development cost, expenses in
manufacturing product and additional cost to promote the product. Dyson has able to
differentiate themselves from their competitors by focusing on creating value for customer
by offering modern features rather than attempting to attract them through pricing point. The
established pricing point is based on the perceived value that the product holds for various
consumers and applications. Dyson use value based pricing strategy by these they set the
prices according to the product's worth considered by the customers. (Wisudawati and
Rizalmi,, 2020)
Place
Dyson has to maintain a complex or effective global supply chain that reaches into
every regional market because they are leading vacuum cleaner manufacturer in the world. A
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company's supply chain affects its power to deliver their products which can help them in
total financial performance. They consists of 2 billion shipped parts from 300 suppliers which
help them to deliver their products from factories to the consumer's. By focusing on effective
supply chain management, dyson can increase its competitiveness in the market by ensuring
the responsibility and quickness of product delivery. Distribution of home appliances are
generally takes place through retail stores. They have use selective distribution strategy, so its
products are available for sale in specific stores or locations. The massive rise in
e-commerce, leads dyson to conduct their sale from its official website or by collaborating
with different general shopping or home appliances website such as amazon, flip-kart etc.
Promotion
Dyson has adopt new marketing communication strategy which discloses the
company's mission and values to the customers. The company should made it clear that they
are more product- oriented with a focus on innovation and development, which leads to
consumer satisfaction. This communication will allow them to be distinguished from rivals
who are mainly profit-oriented firm. In today's world majority customers are on social media.
Dyson use these platforms to catch the attention of their customers and talk about their
business's products and services. Increase brand awareness, improves brand loyalty, increase
inbound traffic, helps reach specific audience and targets niche customer's are some kind of
advantages social media provides to an organization. (Żemła, 2020)
Conclusion
From the above study it has been concluded that marketing-mix and marketing is very
essential element of the business's that helps in enhancing its profitability and performance.
The report discuss about 4ps of marketing mix that include product, price, place and
promotion. Marketing-mix helps an organization to identify and understand the demand of
customer's. The proper analysis result in effective decision making process. It is a very
important tool in keeping a balanced approach and helps the organization to be on the right
path. In addition to this in order to understand the competitive position of the
organization(dyson), management of the respective firm need to evaluate its product in the
market area. In this organization need to utilize proper pricing strategy in order to get an edge
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over the rivals in the same market. Further more organization can also use several
promotional strategies in order to increase their sale in market area.
References
Dilger, and Lowry, , 2019. SBA veterans assistance programs: An analysis of contemporary
issues.
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Grier, Thomas, and Johnson., 2019. Re-imagining the marketplace: Addressing race in
academic marketing research. Consumption Markets & Culture, 22(1), pp.91-100.
Horáková, and Uusitalo, 2021. From places to platforms. Contemporary Issues in Digital
Marketing.
Huang, 2020. Essays on the Cross Effects of Marketing Mix.
Khotamov, et.al., 2021. Improving the Analysis of Profitability Indicators in Motor Transport
Enterprises. Journal of Contemporary Issues in Business & Government, 27(1).
Méndez-Suárez, 2021. Marketing Mix Modeling Using PLS-SEM, Bootstrapping the Model
Coefficients. Mathematics, 9(15), p.1832.
Wisudawati and Rizalmi,, 2020. Analisis Metode Marketing Mix 7P Sebagai Strategi
Pemasaran Produk Daur Ulang. Journal Science Innovation and Technology
(SINTECH), 1(01), pp.26-29.
Żemła, 2020. Reasons and consequences of overtourism in contemporary cities—Knowledge
gaps and future research. Sustainability, 12(5), p.1729.
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