Report: Key Elements of the Marketing Mix for Business Success

This report provides an overview of the key elements of the marketing mix, emphasizing the importance of understanding the marketplace and customer needs. It discusses the customer-driven strategy, including market segmentation and value proposition development. The report also covers integrated marketing, focusing on the 4Ps (product, price, place, and promotion) and customer relationship management (CRM). The goal of marketers is to generate value from consumers, build customer loyalty, and increase market share. The report references key marketing principles and real-world examples, such as Amazon, to illustrate successful marketing practices and strategies. It highlights the role of marketers in bridging the gap between consumers and businesses, driving economic growth through research and customer analysis.

Running head: Key elements of marketing mix 1
Introduction to marketing
Key elements of marketing mix

Key elements of marketing mix 2
Overview
Marketing is the process to raise the interest of customers or clients towards services or
products. It involves researching, monitoring, promoting and selling of the products and
services. Marketers come under those professionals who are liable to carry out these activities.
As per Kolter and Armstrong, (2008), marketers are responsible to build the customer value and
relationship by following certain steps. In the first step, there is need to marketer to understand
the market place along with the needs of customer. It has been stated by Sharp that marketers
should research in the form of survey or observation to identify the opportunity in the market so
that business can dictate which kind of market presenting to provide to the market and which
kind of adaption will be required to remain in the competition. It is the process which is
considered as the evidence based marketing. It is the market where marketers make decision on
the basis of relevancy about the selling and purchase behave (Wirtz, Tuzovic and G.
Kuppelwieser, 2014).
In the next step, marketers focus on target customers to gain the more profit, growth and
sustainability. Marketers choose the groups of customers to perform through distributing the
markets in to segments of consumer using market segmentation. After that marketers make
decision about the set of values in which they want to serve so that their segmented customers
can get satisfied by distinguishing and positioning their products and services. It is referred as
customer-driven strategy. For instance, Amazon is the company that initiated its business from
online bookshops, but now it is the most well known online company that deals in almost all
products such as grocery, electronics, households and so many. The main approach behind this
achievement was to design a personalized home page for its consumers with having the features

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of “Recommendation-for -you”. It was the feature that reflects the recommendation of the
products for customers with various market segments (Kumar and Bosangit, 2014).
In the third step, integrated marketing product conducted by marketer to sow the integrated value
to the targeted customers. Marketers focus on metrics off marketing in order to make effective
marketing decision. The metrics is made up of 4ps and marketing mix tools. Marketers make a
plan so that their targeted customers can be satisfied by using the effective products and offer the
affordable price to them as well. They try to find the place of targeted customers and
communicating and offering them about products and services in the form of promotion. With
the help of customer relationship management marketers create a profitable relationship with
targeted customers. In the final step, the aim of marketers to reproduce value from consumers
through building satisfied and loyal in order to enhance the share of market and develop profits
in return (Perreault, Canon & McCarthy, 2014).
The act of marketers is likely to be bridge between the consumer and business, designing
and introducing strategic marketing to gain business’s goal. Marketers are those professionals
who play a crucial role in the armlet to stimulating the economic growth by research and analyze
the needs of the customers.

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References
Kotler, P & Armstrong, G 2008, Principles of Marketing, Pearson Education, New Jersey.
Kumar, A. and Bosangit, C., 2014, Introduction to marketing communications and social media
marketing, In Marketing cases from emerging markets (pp. 139-142). Springer Berlin
Heidelberg.
Perreault, D, Canon, P, McCarthy, E 2014, Basic Marketing- A Marketing Strategy Planning
Approach, 19th edn International Edition, McGraw-Hilll/Irwin, New York.
Sharp, B 2013, Marketing: Theory, Evidence, Practice, Oxford University Press, South
Melnourne.
Wirtz, J., Tuzovic, S. and G. Kuppelwieser, V., 2014, The role of marketing in today's
enterprises, Journal of Service Management, 25(2), pp.171-194.