BMP4004 Contemporary Issues in Marketing: Marketing Mix Report

This report provides an overview of the marketing mix and its importance in contemporary marketing, focusing on the 4Ps (Product, Price, Place, Promotion). It begins by defining marketing and the marketing mix, then delves into a theoretical explanation of the 4Ps. The report applies these concepts to a case study of Morrison, a UK supermarket chain, analyzing their product offerings, pricing strategies, distribution methods, and promotional activities. The analysis demonstrates how each element of the marketing mix contributes to Morrison's overall marketing strategy and customer satisfaction. The conclusion emphasizes the importance of adapting the marketing mix to meet evolving customer needs in a dynamic business environment. Desklib provides students access to similar solved assignments and study tools.

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 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
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Introduction
In current situations, marketing has became an important component for promoting
the product and services to customers. The marketing has various ongoing issues like
complete knowledge, cutting edge and being updated that shows analytical comprehension
of the ongoing outcome within the market. Inconstancy in the global economics are the result
of ongoing marketing issue. The people can aware about the product which is offered by the
producer, and influence them to buy the particular product. customers attention can be
captured by creative marketing. Comprehensive marketing plan include area of focus which
is an important element of marketing mix. For the promotion or brands and services,the
companies uses this type of initiative or strategies in market place. A chain of supermarkets
in UK named Morison, founded in 1899 has headquartered in Bradford, England. In this
report there is a explanation of marketing and marketing mix along with the applications of
4Ps of marketing mix (Pearson and Ellram,1995).
An explanation of marketing
It is an process of exporting and advertizing products or services by either online
mode or offline mode. Marketing includes advertising, exporting, and handling products to
targeted consumers or other businesses. The counter model or the digital model are options
present for product sell. Nowadays, the largest platform model is digital marketing for
advertising and exporting the products and services. This model upgrade the product in very
less time span and with a very less expense. Due to huge amount of investment, traditional
form of marketing is declining where as with cost effectiveness and target specific
customers ,digital marketing is growing with passing days. Without marketing, it is not
possible for the people because they are not aware of the product which producer is offering.
For making a product, a brand effective marketing plan is needed. Marketing can be done by
raising the brand awareness as it make customer aware about the products and services
provided by the company and by generating the traffic as increases the number of customer in
organization, through various strategies like optimizing website and SEO, creating email
campaign and much more. Company metrics should always been tracked for profitable
outcome (Zahran, 1998).
An explanation of marketing mix
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It is a combination of marketing approaches which can be used in any of the fusion in
order to satisfy the customers in the target market. It depend upon internal and external
environment but can be controlled. Different types of strategies are used by the company to
fulfill the customer needs and demands. It helps in acknowledging the product or service
which the customer wants Marketing mix comprises of the components like: Product, Place,
Price, Promotion. Now a days several more P's are also added: people, process, physical
evidence.
Developing a precised and effective description and market share is initial step and
the existing knowledge with organization can be combined with the interviews of target
costumers and information from the leaders within customer service, sales and marketing.
(Busenitz,1996)
A brief theoretical explanation of 4Ps marketing mix
All the strategical, manageble marketing tools that an company uses for making
desirable response in their targeted market are termed as marketing mix. It consist of
everything that a company needed to influence the demand of their products. Some much
needed marketing techniques are Marketing plan as it suggest when the company needs the
new marketing plan and how strong it should be. Digital marketing which enables the
company to grow in digital environment, Email marketing allows the company to directly
contact their customer through emails and show them the company outlets. Mobile marketing
brings all marketing campaign together and focus on action. Most interesting is the Viral
marketing which spread from person to person and can go extremely far. Thus, for marketing
planning and its execution, everything is under marketing mix (Sexton and, 1987). For
marketing the products or service to customers, the four P's are most important factors. It
develops a conceptual framework which makes the manager able to recognize the customer
needs and demands. For effective campaigns, marketing mix is important technique or
method that help in framing campaigns. It is a controllable part which company may use to
influence the customer's choice. It eliminates the unnecessary expense which helps in
successful offering of product and services. For making effective marketing planning, this
elements are very important. It indicate the customer satisfaction by fulfilling their wants
from product and services. By going through all these elements, company can target its
customers in effective manner. For managing the company budgets to reach their desired
goals combination of factors are used using effective marketing mix management.
Organization that struggle in operating effectively and to achieve their desired goals have to
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pay well for maintaining all the components of market mix (Scarborough and Zimmerer,
1996).
Introduction of product/service
The most important element in any business are product and services as business can
not survive without them in market place. Product is considered as observable details which
is presented on market stage for attention, obtainment and utilization. Whereas service is
considered as those observable details that comes from feedback of various customers. The
things which are manufactured, advertised, transported, stored and sold are considered as
products. Product and services are differ from each other on the basis of various aspects
including Perishability, unevenness, and diverseness (Watson and Everett,1996).. The process
of product is mainly done by the sales and marketing department of an organization. it is
applied when a product is completely certified and tested for the use by its end users or
customers. In the technical world, A new product launch can generate a lot of buzz,
especially if the product is fore front. Marketers often plan on generating this kind of
consumer response to enhance sell of their product. The provided condition of the services
must be in the connection with product sales for example repair and after sale services. it may
not be in the connection with sale of the products such as catering, banking, insurance, legal
and many more services. Morrison offer product including food and drink item, florist, petrol,
magazines and books, home ware. This company also facilitate services to the private
business and local and central government bodies (Sexton and Bowman,1984).
Application of 4Ps marketing mix to the selected product/service
Marketing mix is group of strategies that company uses to promote their brand in
market. It is a very important concept for marketing management as the main focus of every
business is to earn maximum profit and satisfy the customer needs. Longer customer retain
can participate in generating good revenue and profits to company. Marketing mix help
business professionals to analyse what are customer demand, what customer want from them,
how much demand there is product is achieving according to market, identify there
competitors, study about competitors strategies and promotion skills, key elements of
competitors product(Parsons,Maclaranand and Chatzidakis, 2017).
Product
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It is a good or a service that is offered for sale. Every product or service is designed to
fulfil customer demands. Product consist of a name which customer can remember or relate
according to product use. Product is a Product formed should either focus on individual group
of population or it should be used in every season. Product taken into consideration as first
key detail of advertising blend which may lead to customer advantage. Concept of product
could be very large and include now no longer simply herbs products. Additionally,include
experience, places, business, people, idea, statistics and many more. Morrison sells huge sort
of product such as fish, sea food, meals and so on. This extensive categorization of
cooperation make sure that firms client can discover each element according to their needs. It
has also released new line of primarily based plant product which help purchaser to include
plant based meals s in their diets (Rishi, and Bandyopadhyay, 2018).
Price
It is a value which customer pay for the product. Price is set by business to satisfy
both manufacturer and customer needs. Business always focus on earning profits which is
earn by creating certain pricing method. Product pricing is set on basis of product type or
service provided, comparing them with competitors, cost of production which consist of
labour cost, raw material cost, machine cost, inventory or transport cost. Charge of product is
perceived as best element of marketing mix that generates sales and maximum signification
purchaser satisfaction and locality element. Morrison technique to pricing turn into primarily
based on competition as it turned into important for grocers. This organization make sure that
fee by no means emerge as purpose of customer to buy from some other place. So now this
company is using top class coverage, product package deal pricing and promotion to offer
high satisfactory product(Sarin, 2007).
Place
Place is an process in marketing mix which help for moving products from the
producer to customers. There is another word is also use which is known as distribution.
Distribution is defined as a method in which service or product reach customers. It is a
complex system in which broker produce goods and services and do independent trade.
Customer's interest completely compatible with each other within certain time and
environment (Czinkota and et. al., 2021).
This process includes action and decision related to the product's movement from
producer to customers. It is also includes the other method where product can be purchase
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like online or over phone. It is intermediate part of service that include intermediaries service
provider and same customers or service user. It is imperative that when consumer comes into
the store to purchase a product that product is easily available to consumer without any issue.
Promotion
The promotion is the very last part of market mix which aid the company to rise the
customer cognizance in the term of establishment product as well as leads to broad sale that
help in building brand name. The publicity in the selling mix is tool which help to spread the
content as well as promote the purchase and help in outcome the process of buying
conclusion.
The different methods are used for promotion which are mentioned below:
Publicity- It is a tool which are widely used by markers, its core consist of
practically important social information which related with advertising image as well as
involvement with compelling (Ali, Wang and Johnson, 2020).
Sales promotion- It is a tool of promotion which is used by customer's provocation or
purchase faster and more such as prize, free samples, coupons as well as many more other
items. It particularly provide the short term measures. Morrison is working with the suppliers
through the Morison farming program which help the British farming remain sustainable as
well as competitive. This organization permanently improving its products quality along with
offering the low price to tits customers (Schmitt and et.al., 2018).
The main intention of this organization is to make their store at pleasant property for
shopping which offering the customer rewarding plan of action through mach as well as with
more other game. Morrison's triumph pull its customers by offer them a very inexpensive as
well as good quality products and also they using both online as well offline marketing
promotion for sales.
Conclusion
From the above report it is concluded that marketing mix objectively focus on clients
requirement. In this contemporary era, enterprise operate with continuously converting
environment. To be on profitable grounds, it turn out to vital for organization to provide
offering which could meet clients need. Product is marketing element that cowl selection
associated with variation and pricing. Distribution consist of motion and selection associated
with product motion from the manufacturer to clients. Promotion include practise which
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entice customer to make a purchase. Hence, ,marketing is very important to impose business
techniques effectively.
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References
Busenitz, L.W., 1996. Research on entrepreneurial alertness. Journal of Small Business
Management, 34(4), p.35.
Pearson, J.N. and Ellram, L.M., 1995. Supplier selection and evaluation in small versus large
electronics firms. Journal of Small Business Management, 33(4), p.53.
Scarborough, N.M. and Zimmerer, T.W., 1996. Effective small business management: An
entrepreneurial approach.
Sexton, D.L. and Bowman, N.B., 1984. Entrepreneurship education: Suggestions for
increasing effectiveness. Journal of Small Business Management (pre-1986),
22(000002), p.18.
Sexton, D.L. and Upton, N.B., 1987. Evaluation of an innovative approach to teaching
entrepreneurship. Journal of small business management, 25(1), p.35.
Watson, J. and Everett, J.E., 1996. Do small businesses have high failure rates?. Journal of
small business management, 34(4), p.45.
Zahran, S., 1998. Software process improvement: practical guidelines for business susccess.
Addison-Wesley Longman Ltd..
Parsons, E., Maclaran, P. and Chatzidakis, A., 2017. Contemporary issues in marketing and
consumer behaviour. Routledge.
Rishi, B. and Bandyopadhyay, S. eds., 2018. Contemporary issues in social media marketing.
Routledge.
Sarin, A., 2007. Contemporary issues in services marketing. Indian Journal of
Marketing, 37(10).
Ali, A., Wang, H. and Johnson, R.E., 2020. Empirical analysis of shared leadership
promotion and team creativity: An adaptive leadership perspective. Journal of
organizational behavior, 41(5), pp.405-423.
Schmitt, J.B., Rieger, D., Rutkowski, O. and Ernst, J., 2018. Counter-messages as prevention
or promotion of extremism?! The potential role of YouTube: recommendation
algorithms. Journal of communication, 68(4), pp.780-808.
El-Gohary, H., 2020. Coronavirus and Halal Tourism and Hospitality Industry: Is It a Journey
to the Unknown?. Sustainability, 12(21), p.9260.
Czinkota, M.R. And et. al., 2021. Marketing Management: Past, Present and Future. Springer
Nature.
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