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

This report discusses the nature and importance of the marketing mix in the marketing process. It explains the concept of marketing and the 4Ps marketing mix. It also introduces Tesco PLC and its products and services. The report analyzes the application of the marketing mix to Tesco's products and services, covering product, price, place, and promotion.

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 3
An explanation of marketing 3
An explanation of marketing mix 3-4
A brief theoretical explanation of 4Ps marketing mix
4-5
Introduction of product/service
5-6
Application of 4Ps marketing mix to the selected
product/service 6-7
Product 6
Price 6
Place 6
Promotion 7
Conclusion 7
References 8
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Introduction
The term marketing means the activities of the company which undertakes for
promoting buying and selling of goods and services. Marketing is the combination of
research, promotion advertising the product or services and distribution of products to
consumers and other organizations. It study the behavior of consumers and market which
help in analyzing the commercial management of the organization with the purpose of
attracting, retaining and capturing the consumers by fulfilling the requirements of the
consumers. This report is analyze the Tesco PLC a British multinational company
headquarter is in Welwyn Garden City (Arrigo, 2022). It is the world largest retailer of food
and non food products, groceries, home, baby product, entertainment, house hold appliances,
clothing, electronic products and health and beauty products. In 1919 Tesco was founded by
Jack Cohen. Present report discuss the different dimensions marketing and its activities. This
report also discuss about the application and practices of marketing mix in reference to
organization for achieving the aims of the company.
An explanation of marketing
Marketing is the combination of research, promotion advertising the product or
services and distribution of products to consumers and other organizations. It examine the
behavior of consumers and market which help in analyzing the commercial management of
the organization with the purpose of attracting, retaining and capturing the consumers by
fulfilling the requirements of the consumers. It attracts the potential clients towards their
products and services (Dixit, 2020). It consider as the important organ of the organization
which emphasis on the description of the product, the price of the product by stating the
brand value of the company which assist in generating the revenue of the company.
Marketing covers the several aspects of business like research determine the market trends,
demands of the consumers etc. Distribution, advertisement, sales and product development
also cover in the marketing which helps in spreading the awareness among consumers about
the product and services of the company. There are various kind of marketing such as print
marketing, social media marketing, internal marketing and many more.
An explanation of marketing mix
Marketing mix is a cover the several area of marketing which emphasis on extensive
marketing plan. It classify into four P's which are as follow: products, prices, placements &
promotions. It was fist time introduce in 1960 for developing efficacious market strategies by
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professor E. Jerome McCarthy. Marketing mix helps the company in formulating strategic
decision at the time of introducing their new products or modify their existing product.
Company with the aid of such implement company enhance the marketing share by
increasing the demand of the product. Several company which adopted such strategies for
selling their product and services. Marketing mix consider as the set of tools which are used
by the companies for the purpose promoting their products and services in the market. With
the effective implementation of the marketing mix strategies company attain the distinct
position in the market. It helps in analyzing the promotion, product, price and place which
plays important part in approaching the market (Scott and Vallen, 2019).
A brief theoretical explanation of 4Ps marketing mix
4P's marketing mix is considered as set of tools which is used by the company for
promoting the product and services in the market. It emphasis on the fundamental arena of
the business which provide assistance in formulating the market plans. It is considered as
essential for making strategies and decisions which assist in launching of existing goods and
services. With the help of such instruments the decision and strategies regarding business can
be implement in effective manner. company with the exchange of money provides several
types of products and services to their customers (Fraser-Arnott, 2020). Company with the
assistance of 4P's marketing mix tool can determine the price, product, place and promotion
of their products and services. Tesco is one of the company which adopted such techniques
while promoting their products and services. There are various types of strategies used by the
Tesco which includes innovation in product, economic price, planning for promotion and
many other strategies which are considered as effective for the organization. Tesco also used
different types of components of marketing mix in its operations for promotion of their
products and services. By using such strategies, components company attain the distinct
position in market and the brand value of company also increase in market. With the intention
of increasing the sales of the company, it is necessary for the company to identify the
appropriateness in the market which can be done with the help of using such marketing-mix
tools. It is considered as uninterrupted process in which firm has to review their strategies
time to time. There are certain components of market review which are as follow:
 Product: It is an item which is sold by the company in the market with intent to fulfill
the requirement and demands of the customers. Company launch their product with
the motive to enhance the experience of their customers by using their products and
services at large scale. Company get the more benefit from their products and services
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by covering the maximum market. Large market share help the company in enhancing
the brand value and goodwill of the company which assure the success of business for
long period. Company should conduct research from time to time so they can develop
the products as per the demand of the customers.
 Price: It is the monetary value of the product and services which are charged by the
company in exchange of their product and services. The price of product determine on
various basis such as demand of the product, manufacturing cost, rate of competitors
products etc. it is one of the important component which is used by the firm for
differentiating their product and build good reputation among consumers. Companies
laid down different strategies regarding pricing for attracting more consumers. Price
plays important role in determining the success and failure of the company so, the
company set the price of product in such a manner as it increase the demand of
product in the market (Gbadamosi, 2019).
 Place: It is one of the important component of the marketing mix. It determine the
placement of the product. Selection of appropriate place determine the actual sale of
the product in the market. So, the company select the proper place which can cover
the maximum market share. Firms adopted different methods while selecting the
perfect market place. It covers not only actual geographical area but virtual also by
using internet facilities. It covers retail stores, company's sites, online shopping sites
etc. it consider as effective way in approaching the customers.
 Promotion: It is the most crucial ingredient of the marketing mix which focus on
spreading knowledge about their product and services. For creating awareness about
the products and services company adopted various methods such as advertisement,
sales promotions, door to door selling, social media and many more. Identifying target
market is essential for for the market so that they can offer their products and services
at large scale. Strategies regarding promotions assist in attracting new customers and
retaining existing customers by offering their products.
Introduction of product/service
Tesco is one of the leading multinational company of Britain which provide wide
range of product and services in the market. It is famous for its grocery items, health and
beauty products, baby products, dairy products, entertainment and many more (Ndofirepi,
et.al 2020). With the use of effective marketing strategy company become successful in
making attention and attraction among customers towards their products and services. Its
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purpose is to improve the quality of their product as the product of Tesco are world famous
for it quality which generate new opportunities for their business with the increment of the
consumers. Tesco works on providing high quality product at affordable price and building
goodwill of the company.
Application of 4Ps marketing mix to the selected
product/service
Marketing mix is considered as essential technique of the business which is used to
enhance the competition in the market. In order to maximize the profitability of business
market management should be implement in effective manner. There are various forms of
company which emphasis on formulating the fundamental policies and plans of the company
regarding marketing mix. The manages of Tesco manage the marketing activities in an
efficacious manner so, it can become world largest retail market of the globe. It emphasis on
the effectiveness of the business by making proper plans for different business activities of
the firm which assist in taking advantage of the competition in the market (Pizam and Tasci,
2019).
Product: It is an item which is offering by the company to their customers which the
purpose of earning profit. It is the one of the essential component which states about the
quality and the use of the product which affect the sale and consumers gratification. As Tesco
deals in the grocery, baby products, entertainment, health and beauty product and many more
to the customers. Company emphasis on the quality of the product as the Tesco is famous for
their quality products in world wide so, they always concern about improving the quality of
products and services. It also focus on the innovation in their product by making research
regarding the products with the advancement of the technologies which differentiate with
other products.
Price: It is the worth of the product which the customer pays in exchange of product. Price
are determine by considering several others factors. It consist cost price and profitability. As
Tesco is world wide famous for it product and services which have several chains around the
globe. By providing their products in international market it go through several procedure
which increase the cost of the product. To overcome from such issue they make various
strategies with the aim of providing their high quality product in effective price.
Place: It is the another important component of the marketing. As selection of appropriate
market place affect the sale of the company. There are various companies around the globe
which focus on the geographical location for launching their product in order to raise the
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profitability of the company. Tesco is one of the firm which provides their products on the
stores and online sites. By using online mode company get success in providing their
products to maximum customers which aid in expanding their business at various locations.
Promotion: It is the most important component of the marketing mix. It is the
combination of advertising and publicity of the product and services of the company.
Promotional strategies are necessary for ensuring the growth of the company which increase
the competition in the market (Sergi, 2019). Tesco is one of the firm which are also using
such component for promoting their product and services at large scale. So, they can attract
the more consumer towards their wide range of products and services with the help of social
media platform or blogs on internet. It supports the company in reaching international
market.
Conclusion
It is concluded from the above mention report that marketing considered as important
organ of the organization. It plays an important part in creating awareness about the product
among the consumers. This assist in increasing the sell of products and services among the
targeted consumers. It considered as essential business activities which enhance the sales and
revenue of the company. Effective marketing strategies helps in building good customers
relations. This report also conclude about the components of the marketing-mix their
application and practices by the company in order to recorganise the product, price, place and
promotion in order to improve the efficiency of the business.
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References
Arrigo, E., 2022. Collaborative Fashion Consumption: A Contemporary Marketing Trend.
In Socially Responsible Consumption and Marketing in Practice (pp. 51-61).
Springer, Singapore.
Dixit, S.K. ed., 2020. The Routledge handbook of tourism experience management and
marketing. Routledge.
Fraser-Arnott, M., 2020. The marketing mix in parliamentary library websites. Journal of
Library Administration, 60(8), pp.875-888.
Gbadamosi, A., 2019. A conceptual overview of consumer behavior in the contemporary
developing nations. Exploring the Dynamics of Consumerism in Developing Nations, pp.1-
30.
Ndofirepi, E., Farinloye, T. and Mogaji, E., 2020. Marketing mix in a heterogenous higher
education market: A case of Africa. In Understanding the higher education market in
Africa (pp. 241-262). Routledge.
Pizam, A. and Tasci, A.D., 2019. Experienscape: expanding the concept of servicescape with
a multi-stakeholder and multi-disciplinary approach (invited paper for ‘luminaries’
special issue of International Journal of Hospitality Management). International
Journal of Hospitality Management, 76, pp.25-37.
Scott, M.L. and Vallen, B., 2019. Expanding the lens of food well-being: An examination of
contemporary marketing, policy, and practice with an eye on the future. Journal of
Public Policy & Marketing, 38(2), pp.127-135.
Sergi, B.S., 2019. Tech, smart cities, and regional development in contemporary Russia.
Bingley, UK: Emerald Publishing Limited.
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