Marketing Mix, Consumer Behavior, and Business Challenges

This report provides an overview of the marketing mix, encompassing product, price, place, and promotion, and their significance in business success. It delves into how marketers analyze consumer behavior, recognizing the various factors that influence purchasing decisions and the strategies employed to impact the target market. The report highlights the crucial role of marketers in identifying market needs, creating demand, and addressing marketing challenges such as resource constraints and the ineffectiveness of marketing tools. It also outlines the shift towards online marketing platforms, the targeting of specific consumer demographics, and the objectives of increasing sales and establishing product positioning. The report emphasizes the importance of market research, risk assessment, and the continuous adaptation of marketing strategies to achieve long-term business success, along with the use of social media, email, and internet marketing tools. It references key academic sources to support its findings.

MARKETING

In the present scenario, development of appropriate marketing mix is crucial for overall
success of a business enterprise. The concept of marketing mix relies on four key elements which
are product, price, place and promotion. Further, product can be termed as the goods or services
which are offered to the target market to satisfy their actual need and requirement (Hanssens et
al. 2014). Marketer helps in identification of the risk associated with changing customer demand
with regards to consumption of product. On the other hand, price is the monetary value at which
product is offered to the target market. Marketers play important role in setting up the price of
product and service. Strategies such as competitive pricing strategy, penetration strategy and
another form of tools are employed by the marketers to determine the price.
Another important element of marketing mix is place which can be termed as the actual
location from where products are offered to the target market. Marketer supports companies in
identify good locations which are convenient for customers and large volume of sales can be
easily generated by the same. Nowadays, marketers focuses on making use of physical store and
online stores which support in attracting customers (Huang & Sarigöllü 2014). The last element
of marketing mix is promotion where marketers use different tools and techniques to create
awareness and demand of their products/services. Here, techniques such as discount, offers and
social media marketing are used by marketers to attract people from target market and increase
sales.
The theory of consumer behavior accepts that consumer has a proper understanding of all
the commodities present in the marketplace along with price and his/her income level. It can be
expressed that there are various factors which affect the behavior of consumers (Leonidou,
Katsikeas & Morgan 2013). Marketers play a crucial role in identification of the key factors
associated with buying behaviors of people in the market. Further, marketers also influence
purchase behavior of target market by different tools and strategies.
Considering the nature of marketing theory, the ultimate objective of every company to
maximize its sales volume and enhancing the overall brand value. Further, marketers apply
various tactics with the motive to position its brand properly and this reduces risk associated with
product failure. Apart from this, due to the high level of competition marketers are required to
place higher efforts in identification of needs, creating demand and to achieve long term success
of the business. Marketers carry out intense market research to identify the changing demand if
1

people in the market. Marketers also develop and implement different type of promotion and
marketing strategy to attract customers and increase the volume of sales.
Various marketing issues are faced by the marketers and it influences overall productivity
of the business. Further, lack of resources is the main challenge where marketers do not have
adequate finance to invest in branding, marketing and another form of promotions (Steenkamp
2017). At risks assessment marketers play significant role in identification of the different
internal and external risk which can affect the overall operations and business activities.
Marketers also developed appropriate strategies to manage and control the identified risk.
Ineffectiveness of marketing tools used can be termed as another business problem faced by
marketers.
In order to address the identified problem, the marketer has carried out certain changes in
the overall marketing strategy. At present the business is making use of traditional marketing
channels and now more emphasis will be laid on online platform for marketing. The target
customer will be people who fall under middle income group and age 25-40. The marketing
objective will be to increase sales of X product by 20% within one year. Product position will be
done as a low cost premium quality product. The marketer will be carrying out certain changes in
products as per the existing customers need and demand. The tools which are going to be used
here include social media, email and internet marketing.
2

REFERENCES
Books and Journals
Hanssens, D, Pauwels, KH, Srinivasan, S, Vanhuele, M & Yildirim, G 2014, 'Consumer attitude
metrics for guiding marketing mix decisions. ', Marketing Science, vol 33, no. 4, pp. 534-550.
Huang, R & Sarigöllü, E 2014, 'How brand awareness relates to market outcome, brand equity,
and the marketing mix', In Fashion Branding and Consumer Behaviors , pp. 113-132.
Leonidou, CN, Katsikeas, CS & Morgan, NA 2013, 'Greening” the marketing mix: do firms do it
and does it pay off?', Journal of the Academy of Marketing Science, vol 41, no. 2, pp. 151-170.
Steenkamp, JB 2017, ' Global Marketing Mix Decisions: Global Integration, Not
Standardization', In Global Brand Strategy, pp. 75-109.
3