Comprehensive Analysis of the Four Components of the Marketing Mix

This essay delves into the four fundamental components of the marketing mix: product, price, place, and promotion. It begins by defining marketing and emphasizing its importance in conveying information about products and services to customers to achieve organizational goals. The essay then breaks down each of the four components. Product is examined as the tangible goods or intangible services designed to meet customer needs, with examples like Kellogg's new cereals. Price is discussed as the monetary value customers pay, including various pricing strategies like market penetration, skimming, and psychological pricing, with examples from Apple and Samsung. Place is defined as the distribution channels, including physical outlets and online platforms, exemplified by Flying Machine's online presence. Promotion is explained as the methods used to create customer awareness, encompassing various advertising tools and promotional strategies, such as discounts and personal selling, with McDonald's as an example. The essay concludes by highlighting the significance of each component in effectively presenting products and services to potential customers and achieving marketing success.

Essay

Four components of Marketing Mix
Marketing can be defined as a process through which organization convey information to
its customers regarding the product and services to customers. It is very important for the
organization to provide awareness in order to achieve the goals and objectives which are been set
by the firm. Marketing mix can be defined as a genera phrase which is very helpful for the
organization to develop whole process of introducing the product or service in the market. In
other words, it is the mixture of different plans and ideas which are been followed by marketing
representatives in order to promote their product or services is known as marketing mix (Boddy
and Paton, 2011). With this respect, there are mainly four components involved in marketing mix
which are as follows: Product Price Place
 Promotion
All these four element of marketing mix are very important and they are very helpful for
the organization to present their product and services effectively to potential customers.
Product: Product play vital role in attracting customers. There are mainly two type of
product which can be provided and it includes tangible goods or in tangible services. Products
and services should be developed by identifying the needs and requirements of customers.
Accordingly, goods should be developed as it enable to satisfy service users effectively.
Organization sells any type of product but it is very important for the management to know what
exactly the product it is going to deliver (). Main aim of product is to develop right product for
the right target audience. All those products which one can not see, feel or touch falls under
intangible products as compared to tangible products. Further, a product can also be determined
as something which a seller sells to potential customers and that also i9n exchange of money. For
example, Kellogg's frequently develops new cereals for breakfast. In this case the element of
product is new product in itself.
Price: Price can be determined as the money which a customer pays for the product or
services which is been delivered by the organization. Price can be determined as one of the main
factor which highly influence the buying behaviour of service users. There are different
strategies which are been involved in pricing and it includes market penetration, skimming
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pricing, psychological pricing, etc. When a new product is been introduced, then mainly market
penetration strategy is been used. According to this strategy, the price of the product is kelp low
at the initial stage and when customer get to know about the product then the price is been raised.
This is very helpful in covering the large areas in speculated time period. The price of the
product is proportionate to the availability of the market. In case the availability id less, then the
price would be more and vice versa. Setting up cost, the price which are been determined
competitors are also considered (Pickton and Broderick, 2001). For example, the price of the
Apple mobile phones are very high compared to other competitors as they believe ion providing
high quality services and it has a brand name. On the other hand, price of the Samsung mobiles
are low as they aim at increasing the market share.
Place: This can be determined as the places in which the product will be distributed or
made available to its potential customers. There are many options of customers to buy the
product and it includes physical outlets, through online, etc. It is to deliver right product at the
right place. In modern world, the use of internet is increasing drastically and it is enhanced the
online distribution of products (Ivy, 2008). For example, Flying Machine provide clothing to
both men and women. The main source of distribution is mainly done through online. This has
enabled them to increase the sales effectively and in making the product reach to customers
efficiently.
Promotion: Promotion can be determined as the process through which organization
make customers aware regarding the product and services. There are different tools in
advertisement which includes television, radio, newspaper, radio, etc. with the help of which
information is provided to service users. In also includes promotional strategies like personal
selling, providing discounts, free gifts, etc. (Cravens and Piercy, 2006). These tools and
strategies are very helpful in increasing the sales and revenue of the organization. For example,
McDonald's make use of all the advertisement tool sated above in order to provide information.
Through promotions they also get to know the customer's perception and changes which have to
make in their product in order to satisfy customers.
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REFERENCES
Books and Journals
Boddy, D. and Paton, S., 2011. MANAGEMENT, An Introduction by Boddy. Pearson Education
Limited.
Cravens, D. W. and Piercy, N., 2006. Strategic marketing (Vol. 7). New York: McGraw-Hill.
Ivy, J., 2008. A new higher education marketing mix: the 7Ps for MBA marketing. International
Journal of educational management. 22(4). pp.288-299.
Pickton, D. and Broderick, A., 2001. Integrated marketing communications. Financial Times
Prentice Hall.
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