BSc Management BMP4004: Analyzing the Marketing Mix Importance

This report provides an in-depth analysis of the marketing mix and its importance within the marketing process, particularly in the context of contemporary marketing issues. It begins by defining the market and explaining the concept of marketing, highlighting its role in matching products with customer demands to enhance profitability. The report then delves into the marketing mix, defining it as a set of strategies encompassing product, price, placement, and promotion, and its role in strategic decision-making. It explains the 4Ps of the marketing mix, detailing how each element contributes to the overall marketing strategy. Using the example of an Android mobile phone, the report illustrates the application of the 4Ps, considering factors such as product features, pricing strategies, distribution channels, and promotional activities, and how these elements can be optimized to attract customers and increase market share. The report concludes by emphasizing the effectiveness of the marketing mix as a strategic tool for organizations seeking to enhance their business worldwide.

BSc (Hons) Business Management
BMP4004
Contemporary Issues in Marketing
The nature and importance of the
marketing mix within the marketing
process
Submitted by:
Name:
ID:
1

Contents
Introduction p
An explanation of marketing p
An explanation of marketing mix p
A brief theoretical explanation of 4Ps marketing mix
p
Introduction of product/service
p
Application of 4Ps marketing mix to the selected
product/service p-p
Product p
Price p
Place p
Promotion p
Conclusion p
References p
2

Introduction
The market is define as the the channel between the producers and
consumers to buy and sell their products as reasonable price and it work as pool for
organization to make potential and effective way for trading the goods and services
between producers and customers. It help in co-ordination and help in exchange of
goods, commodity and services (Domazet and Neogradi 2019). Market has different
prospective in different field like business, economics and development terms. There
are different types of market like manufactures markets, governments markets,
intermediary markets, consumers markets etc. and these all markets help in
understanding people about a certain products and it enhance the selling of products
.
An explanation of marketing
The term marketing is describe as the group of activities like selling and
delivering products as well as delivering products to consumers and help in
promoting the buying or selling of products as well as services. The main aim of
marketing to match the products of their company with demand of customers as
matching products enhance the profitability of the company. It is used as discipline
which draw the set of ideas to maintain the relationship between customers and
company(Ferrell and Ferrell, 2020). The function of marketing include all the process
and activity which enhance the productivity products and services or ensure
profitability by networking with clients, sending mails, and meeting with clients etc.
the various objective of marketing are describe as follows:
 It focus on in speeding the growth of company or businesses by attracting the
new customers.
 It focus on matching of products with customer demands by involving the
various efforts like knowing the accurate problems associated with products
and services as well targeting to remove the difficulties associated with
products and services(Mulet-Forteza and et.al., 2018).
An explanation of marketing mix
3

The marketing mix is defines as the group of various strategy which focus on
complete plan of market like product, price, placement and promotion. It is very
helpful tool for any organization which help the organization in taking strategic
decision in the time of launching the products and also help the organization to study
and analyze the existing products(Giantari and Sukaatmadja, 2021).It is the dynamic
concept which focus on mainly on needs and wants of customers in very effective
way. It is combination of brand, quality, unit price, discount price, advertising, sales
promotion, transports, storage etc of the products and services.
The marketing mix is also known as marketing decision making and focus on
overall development of the products starting from quality to storage of products. The
various process involved in determining the marketing mix are as follows:
 Identification: the first work done by marketing mix is to identify the customers
and their demands and needs for the products.
 Analysis: the whole process which is used to analyze the target market comes
in analysis of products. It includes the location, number and motives of
customers as well as it also focus on the competition in market and
government regulations associated with the products.
 Design: it is the process which determines the 4 components that is product,
price, promotion and placement of marketing mix.
 Testing: it is the process of testing the marketing mix by marketing
department(Sugiono, Nurwulandari and Junita, 2021).
 Adoption: it is the process which involves modifications in the components of
marketing mix to change the business environment.
A brief theoretical explanation of 4Ps marketing mix:
The 4P in marketing mix areas follows:
 Product: it is defined as the things, assets, objects and services which is
made as per customer' s demands. The product component includes planning
and development of right products and services. It focus on product line,
which is a group of products produced by company under the name of single
brand as well as durability and qualities of products(Ooi and Ramlee, 2021).
The product policy of a company deals with the size and weight of product,
design, brand name packaging, testing of product and ranges and warranties
of products.
4

 Price : it refers to the cost at which companies or businesses sell their in the
markets. It consist of all the expenditure done by company or business to
make their products able to sell in the markets(Asamoah, 2021). It consist of
unit cost price, marketing cost and trading cost. The price of any products and
service determines by their demands, regulation by government and
competition of products in the market. The price mix of marketing mix
consider the product price according to base price, remittance, credits etc.
 Place: it is associated with the distribution of products indicate that whether
the sell of products is either through online or by physical store or either
through both networks. The distribution of products includes the transporting
of products as well as handling of products.
 Promotion: it is the 4P of marketing mix and and consist of activities like
advertising, promotion of sales, direct marketing and sponsorship which
increase the product sell and enhance the profitability of company. It includes
the set of ideas uses by company or business to increase the sell of products
and oppose the competition of markets. The promotion can be done through
the advertising components like news paper, television, radios and magazines
etc. and also by promotion of the products through the campaigns. The
promotion of products is done by both modes either by online and offline by
selling of goods personally(Ashraf and Bhalla, 2018). The promotion mix
consider the various decision of advertisement and also focus on physical
selling and promotion of sales.
Introduction of product/service
The above report has chosen the mobile as product to define the nature as
well as significance of marketing mix in the development of given products. The
reason for choosing above products is that mobile phones or smart phones have
created big opportunities for marketing because of digitization process. Here the
chosen product is android mobile which have all facilities to attract the customers
and available in market at reliable price(Limanto, 2021). The chosen mobile has
features like android phone it has liquid retina HD display , true tone display, wide
color display and hap-tic touch as well as it has new technical specifications of visual
voice mail and voice dialing. It has also added new feature like share location, notes
5

scanner etc. it has facilities like iPhone and available in market in cheap price
means affordable to commoners.
Application of 4Ps marketing mix to the selected
product/service
Product
The selected product is android mobile with specific features like iPhone and
available in market at reliable price. The product has launched in market and focus
on product mix of marketing mix to enhance the production mobile as iPhone has
very specific features but every one can not afford it because of its high price . The
company has consider the following ques before launching the new mobile :
 what is the significance of this new mobile?
 Is the new mobile phone is specific or not?
 Who are the target consumer for new products?
Price
It is the very important factor which affect the trading of product as price is
very important tool in marketing mix. It consider the price of products at reasonable
rate to the targeted consumer(Gulan, 2020).The product should not be overpriced
as it is not affordable by everyone only few customer are able to purchase it. The
chosen android mobile has analyzed with different function of prices first of all
determination of produced price should be based on quantities of products and
second stage the way through which it is produced and the final third stage
determines the customer which gets the goods. And price is known to perform the
main function of the economy and it is said to be the cost of the service or the
product which is offered to the customers in the market. That is why it is must to pick
a price in order to meet the goals of the business. There are various points which are
considered while fixing the price of the chosen mobile that is the range of the
product, about the target guideline, the price band of the mobile, about the target
market and many others. In addition to this, price is known to be the amount which is
paid by the customers for a products. That is why the strategy of pricing is both art
and science which comprises of both the market and proper calculations which must
be manged properly. Due to which the term price not only refers to the medium of
exchange value of a product, but also the time or effort the consumers are willing to
6

use to take on it. Determining this will always be an essential factor in order to
consider revenue for the brand as it will impact various elements that is profit,
supply, demand, and how much marketers should spend on a promotion or
marketing strategy.
Place
place for mobile product business should be not far area means remote place
it should be near from market for selling the product and delivering the product to the
market. The main goal of business executive is to select the place where it is easy
for consumers or customers to buy them. The given mobile product is android
version so its better place for company startup and business is city area as android
mobile company has more customer in city area as compared to village area. This
company sells their product directly to retailers and focus on distribution system
means the company follow the strategy to sell their product in single location from
where it is distributed to other locations(Ganesh, 2019). The accurate place for
business of this version of mobile is developed area because it enhance the sell of
product as well as it also help in increasing the business in other location.
Promotion
It is the process of encouraging the product in market for enhancing the
product development and their business in wide area. The chosen mobile has
android features and some iPhone features also and its GPS is very fast . The most
effective way to attract customers regarding this product will enhance by company
through advertisement and for this mobile company has used print media, digital
media and social media as well (Eriyani Sihaloho, 2021). The chosen mobile has
invited the popular celebrity sir Dwayne Johnson for promoting the product and effort
on proving the product efficient. The company of chosen mobile also focus on
exclusive packing, colors, their features and their quality for promotion of their
products. For promotion of given mobile the company has followed the rewarding
policy like special discount and prizes and gift vouchers for attracting customers. The
chosen mobile company targeted youth as the features of this mobile is attracted by
youth. The chosen mobile company has also started a strategy of test marketing,
which allows customers to receive and send message to company to share their
views directly to company.
Conclusion
7

As per above report the marketing mix is the strategies followed by company
which give a complete plan of market like product, price, placement and promotion. It
is very effective parameter for any organization in taking strategic decision in the
time of launching the products and also help in enhancing the business world wide.
The marketing mix follows the 4P rule like product, place, price and promotion in
marketing process. The mobile company follow the various strategies for growth of
company or businesses by to enhance their productivity and also focus on attracting
the customers.
Marketing mix involving the various efforts like studying the accurate problems with
products and services as well focus on removing problems and difficulties associated
with mobile. The marketing mix is very important in marketing process as it focus on
overall development of of business as well as it creates right marketing strategy by
effective tactics. It play a very vital role in targeting and positioning the business. It
focus on branding, packaging and labeling of products. As per above discussion the
marketing mix involves in the new product development, guide to access the
business, increase the product portfolio which include product price and also focus
on developing advertisement to promote the product development.
8

REFERENCES
Asamoah, E.S., 2021. The Effect of the Marketing Mix on Customer Purchase Decision in the
Mobile Telecommunication Industry in Sub-Sahara Africa. Journal of Applied
Business & Economics, 23(7).
Ashraf, T. and Bhalla, A.S., 2018. Marketing Mix Strategies: A Case Study of Jammu &
Kashmir Cements Ltd. ZENITH International Journal of Business Economics &
Management Research, 8(3), pp.96-105.
Domazet, I.S. and Neogradi, S., 2019. Digital marketing and service industry: Digital
marketing in the banking industry. In Managing Diversity, Innovation, and
Infrastructure in Digital Business (pp. 20-40). IGI Global.
Eriyani Sihaloho, Y., 2021. Analisis Pengaruh Marketing Mix Terhadap Sustainable Business
dan Evaluasinya Pada Industri Kreatif Dual-Channel Supply Chain Bidang Fashion
(Studi Kasus: Goodscelta) (Doctoral dissertation, Universitas Brawijaya)..
Ferrell, O.C. and Ferrell, L., 2020. Technology challenges and opportunities facing marketing
education. Marketing Education Review, 30(1), pp.3-14.
Ganesh, A., 2019. Influence of Four Ps of Marketing in Buying Behavior. Academic
Discourse, 8(2), pp.34-43.
Giantari, I.G.A.K. and Sukaatmadja, I.P.G., 2021. Effects of environmental orientation, green
marketing mix and social capital on the competitive advantage of real estate
developers in Bali. Property Management.
Gulan, Z., 2020. Analysis and evaluation of the marketing strategy of the selected
company (Doctoral dissertation, Katedra Systemów Zarządzania).
Limanto, Z., 2021. Correlation of Marketing Mix toward Purchase Intention of Teh Roso in
Surabaya and Sidoarjo. iBuss Management, 9(2).
Mulet-Forteza, C and et.al., 2018. Twenty five years of the Journal of Travel & Tourism
Marketing: A bibliometric ranking. Journal of Travel & Tourism Marketing, 35(9),
pp.1201-1221.
Ooi, S. and Ramlee, A.A., 2021. Marketing Mix in International Marketing: The Strategy of
Gano Excel Industries Sdn Bhd.
Sugiono, E., Nurwulandari, A. and Junita, C., 2021. The Influence of Marketing Mix Variables
on Purchasing Decisions and Its Impact on Post-Purchase Customer Satisfaction of
Royal Garden Residence Bali Housing (Study at PT Properti Bali Benoa). Open
Access Indonesia Journal of Social Sciences, 4(3), pp.264-280.
9