BMP4004: Marketing Mix and its Impact on Customer Satisfaction

This report delves into the nature and importance of the marketing mix within the marketing process, focusing on its impact on customer satisfaction, using Marks and Spencer as a case study. It defines the marketing mix as a collection of product, pricing, distribution, and promotional elements esse...Read More

The Nature and
Importance of
Marketing Mix
within the
Marketing Process

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................2
Nature and importance of the marketing mix within the marketing process.........................2
Discuss how the marketing mix and other key marketing theory can impact the success of
marketing activity to customer satisfaction............................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
In today's world, marketing is a key tool for every business organization. It is a process offer
understanding the Marketplace, analyzing the demand of customers, building relationship with
customers, making strategy for attracting them and providing quality among them. The business
organization wants to get an innovative approach towards a marketing strategy. The Chosen
organization for this report is Marks and Spencer. It is a British multinational retailer company
having headquarter in London, England, United Kingdom. It was founded by Miracle Marks and
Thomas Spencer in 1884. They are working all over the world having almost 1500 branches
worldwide. It is necessary for them to perform all the factors of marketing mix in an appropriate
manner so that they can attract the customers towards the organization. This report deals with the
nature and importance of marketing mix with in the marketing process of Marks and Spencer.
Along with this it also covers marketing mix or any marketing theory which impact the success
of marketing activity for satisfying the customer.
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MAIN BODY
Nature and importance of the marketing mix within the marketing process.
Marketing mix is defined as the collection of four elements which include product, pricing
structure, distribution system and promotional activities. These elements are used for the purpose
of satisfying the needs of the target market of an organisation. It is necessary for each and every
business organisation to recognize its marketing mix for the purpose of satisfying the needs and
requirements of customers. It has been found that the need of customer and environmental
factors are not stable. Hence the organisation is required to analyse both the aspects by the use of
marketing mix. Below mentioned are the nature and importance of marketing mix in the context
of Marks and Spencer.
Nature of marketing mix
 Product: A product refers to the board or services which are provided to the customers.
This element of marketing mix include planning developing and producing the correct
type of products and services. It is related to the proportions of product line,
imperishability and other qualities. The policy of producing product also deals with
proper branding right colour correct packaging and various other product features. In the
context of Marks and Spencer, product refers to the clothes, home product and food
products which they are selling at their stores (Dwivedi 2018). This component of
marketing mix is required to take the decisions related to the quality of product, product
arrange, varieties, volume of output size and weight of product, design of product and
many more.
 Price: It refers to an important factor as it affect the success of an organisation. The
decision regarding to the prices of products have a direct impact on the volume of sales
and profit of business organisation will stop hence it can be considered as an and
syncytial element of marketing mix. Fixing the price of a product is not an easy task.
Hence Marks and Spencer perform the function of a pricing Research and test marketing
for the purpose of determining the right price of product (Regier 2020). In order to selling
the product successfully, several type of exercises along with some innovation is
necessary for analysing the prices which is directly related to the sale of product.
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 Promotion: It another component of marketing mix which work for bringing the products
to the knowledge of customers and influencing them to buy their products and services. It
helps the organisation in order to taking the decisions related to the personal selling,
advertising and sales promotion. It helps the organisation in making the correct decision
of promoting the production services. Advertising is considered as the most insane shall
tool used by the companies to communicate their masses with the use of several channels.
Marks and Spencers also used for magazines televisions and other media of advertising
for the purpose of reaching to the customers (He, J. and Wang, C.L., 2017). It required to
take a lot of decisions while adopting advertising promotion. Such decisions include the
budget, the theme, media and many more. The another way of communication with
customers is personal selling. Marks and Spencer has started some programs under which
the salesman and consumer comes in the direct contact to close the deal. Promotional
camping refers to the collection of two or more than two methods of promotion in an
effective grinding of promotional inputs for the purpose of optimizing the expenditure on
each activity.
 Distribution: The decisions related to the selection of choice of place where the products
and services are to be displayed has been taken under distribution element of marketing
mix. In the context of Marks and Spencer, this component of marketing mix make the
decisions regarding the the outlets all channels of distribution. The major aim of selecting
and managing the channel of distribution is the important task are for each and every
organisation and it is necessary to be done at continuous basis. Marks and Spencer is a
providing their products and services by online and offline stores. They have several
stores on the different branches all over the world.
Importance of Marketing Mix
Marketing mix is considered as a tool for creating the right marketing strategy along with
their implementation with the use of effective tactics. It helps in analysing the organisation that
which marketing strategy is right for them (Sinha 2018). Marks and Spencer keep this as the
first step of preparing any marketing plan. The reason behind this is the marketing mix decisions
as they also have an impact on the positioning, targeting and segmentation decision of the
organisation.
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Marks and Spencer is making the decision of targeting and segmentation on the basis of their
products while this isn't regarding the positioning on the basis of their prices has been done.
These decisions are important as they are related to the promotion and prices element of
marketing mix. It states that the strategy of marketing mix goes hand in hand for the purpose of
positioning targeting and segmentation (Kemper 2017). It is necessary to have proper interaction
with each other element of marketing mix as it helps in extending the marketing mix. It is well
known that if Marks and Spencer want to sale their product it is necessary for them to decide
their prices so that customers can take the buying decision of products.
Discuss how the marketing mix and other key marketing theory can impact the success of
marketing activity to customer satisfaction.
Marketing mix is found as an important aspect for every organisation as it impact the
success of marketing activity to the customer satisfaction. This is possible only by creating the
best marketing mix for a product launch. It is important for every organisation to to make their
plans according to the marketing mix. It will increase the chances of success of that marketing
activity and satisfy the needs and requirements of customers as well.
Product variable include the characteristics of a product. By performing market research,
the business organisation can know about characteristics of product (Marrone, P.G., 2019). They
are also required to take the feedback from their customers regarding the development of existing
aur any new product. In order to performing the successful marketing activity it is necessary to
know about the concentration of audience as it is an important part of development process of
any new product. The organisation should bring sumproduct which affect the buying decision of
customers.
Price of any product and services can suddenly reflect the buying decision of customers. It is
necessary for the organisation to consider online reviews product quality and brand values while
deciding the prices of products. It can also done by official price comparison sites for the
purpose of checking live price related to the several Product Suppliers of the same product
(Banerjee 2017). It has been founded Atta selling products online is much cheaper than the
traditional High Street retailing. In online shopping, the marketer cancel their products once a
product has been added to the Shopping Cart of site. Where as a the distribution process of
online products become expensive as the customers want the delivery charges would be included
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in the prices. By following the effective pricing strategy, the organisation can impact on the
marketing activity by influencing the customers to buy the product which leads to the
profitability of organization (Stead 2018).
While selecting the place of selling product it is necessary to keep in mind that the customers can
find the place easily. Customer always prefer nearby stores to purchase the product. While
adopting offline channel of distribution, the main objective of place is to maximize the reach of
distribution for achieving a the widest availability of products which leads to the minimising the
cost of transport storage and inventory. On the other hand making product available online
require page picture and parcel (Bachev 2018). It is necessary to have the website assessable and
they should provide the complete pictures and videos of product. If the parcel is dispatched on
time it will implies a positive impact over the customer which leads to the success of marketing
activity with customer satisfaction.
Now a days a promoting the product is an essential part of a successful marketing activity. I
doing promotion of products, organization reach to the customer and inform them about the
products they are offering. It become an important element which leads to the success of
marketing activity and customer satisfaction for stopper The Organization are using the several
channels of promotion such as the organic search, paid search, organic social, paid social, Public
Relations and affiliate marketing. By selecting the effective channel of promotion the
organization directly impact the buying behavior of customers (Nenonen 2019). It creates the
need and requirement of products to the customers.
CONCLUSION
From the above report it has been analyzed that the marketing mix is an important tool for
every business organisation as it leads to the buying decision of customers. Marketing mix
include four elements i.e. price, product, place and promotion. The nature of marketing mix in
the context of Marks and Spencer has been explained by these elements. Under the product
element, organisation take the decision that what product should be produced so that they can
fulfill the need and demand of customers in a satisfactory manner. Price element state the pricing
strategy which is adopted by the Marks and Spencer for deciding their prices of products.
Promotion leads to the advertisement of products of Marks and Spencer. This element focus on
the the spreading of product related information so diet the customer can know about the
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products and buy them. Distribution refers to the the making availability of products and services
through various mode. Marks and Spencer has their stores all over the world. Along with this
they are providing products online as well. Marketing mix is considered as a very important tool
for a business organisation as it make all the important decisions related to the product which
leads to the growth and development of business organisation as well. Marketing mix is also
considered as theory as it will directly impact the success of marketing activities. By the use of
this tool, the organisation can make a fair and truth plan which increase the chances of success of
marketing activity of an organisation.
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REFERENCES
Books and journal
Bachev, H. and Terziev, D., 2018. A study on institutional, market and natural environment
impact on agrarian sustainability in Bulgaria. Journal of Environmental Management &
Tourism, 9(3 (27)), pp.452-478.
Banerjee, S.B., 2017. Corporate environmentalism and the greening of strategic marketing:
Implications for marketing theory and practice. In Greener Marketing (pp. 16-40).
Routledge.
Dwivedi, A. and McDonald, R., 2018. Building brand authenticity in fast-moving consumer
goods via consumer perceptions of brand marketing communications. European Journal
of Marketing.
He, J. and Wang, C.L., 2017. How global brands incorporating local cultural elements increase
consumer purchase likelihood: An empirical study in China. International Marketing
Review.
Kemper, J.A. and Ballantine, P.W., 2017. Socio-technical transitions and institutional change:
Addressing obesity through macro-social marketing. Journal of Macromarketing, 37(4),
pp.381-392.
Marrone, P.G., 2019. Pesticidal natural products–status and future potential. Pest management
science, 75(9), pp.2325-2340.
Nenonen, S., Storbacka, K. and Windahl, C., 2019. Capabilities for market-shaping: Triggering
and facilitating increased value creation. Journal of the Academy of Marketing
Science, 47(4), pp.617-639.
Regier, H.A., 2020. The notion of natural and cultural integrity. In Ecological integrity and the
management of ecosystems (pp. 3-18). CRC Press.
Sinha, M. and Sheth, J., 2018. Growing the pie in emerging markets: Marketing strategies for
increasing the ratio of non-users to users. Journal of Business Research, 86, pp.217-224.
Stead, M. and Hastings, G., 2018. Advertising in the social marketing mix: getting the balance
right. In Social Marketing (pp. 29-43). Psychology Press.
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