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¶ … Marketing Mix in Marketing
Importance of Marketing Mix
Discussing Four P's
Importance of Marketing Mix in Marketing
Product
Price
Promotion
Need of Marketing Mix in a Business
Need of Marketing Mix in Marketing
Organizations are driven by customers who are the basic revenue generators and give the organizations an opportunity to launch the products and services. Marketing mix is a plan that enables the organizations to convey their presence and offers to the customers. It is to attract customers so that the objective of profit maximization can be fulfilled and businesses can sustain in the market.
Importance of Marketing Mix in Marketing
An important part of the external stimuli, which formulates the perception of the buyer, is the marketing mix part of the marketing plan (Botha, Strydom, Bothma, & Brink, 2006). These are the inputs launched by the marketers to attract the target market. They are commonly known as 4Ps. The description is provided below.
Product
The offer of any company, which initiates the whole plan, and fulfills the needs and wants of the customer, is the product. A marketing department should be able to define the product in an organized manner so that the customer is not confused (Gordon, 2009).
Price
Studying the price on which the customer makes a purchase decision is also an essential element of the whole marketing plan. The marketers need to consistently keep a check on the quality and price of their product, like marketers of Marlboro, once did, and gained their market share once again...
Place offers convenience to buy the particular product from and enjoy the service. Shelf-space has a great impact on the sales of a product, and if the marketer does not study this with respect to the allocated budget, may lose his goals (Gordon, 2009).
Promotion
It is the duty of a marketers, to convey their prospected customers with the features of their product or service, or tell them that a company named "ABCD" exists in this world or their country now, and also let the customer know the modes through which they can contact and avail the service if they need to (Botha, Strydom, Bothma, & Brink, 2006). Every company has a message or vision to be delivered by the marketer which cannot be done without the help of this P. Of marketing mix. Today's world of 21st century, is the world of media, there are various mediums to convey the product or service through and a marketing department can't put its hands away from advertising and promoting its product as it also establishes a place of their name in the subconscious of the customer, like soft drinks have done.
Need of Marketing Mix in a Business
When starting up with a new business, marketing is an essential part of it and in that plan, marketing mix makes the most of the essentials, which are long-term benefits and strategies, and are glued to the product and service as long as it is…
References
Botha, J., Strydom, J., Bothma, C., & Brink, A. (2006). Introduction To Marketing. Cape town: Juta and Company Ltd.
Gordon, K.T. (2009, September 28). 3 Steps to the Right Marketing Mix. Retrieved from http://www.entrepreneur.com/article/203556
McDaniel, C.D., & Gates, R.H. (1998). Marketing Research Essentials (2nd ed.). Ohio: Taylor & Francis.
Talloo, T.J. (2007). Business Organisation And Management (For Delhi University B.Com Hons. Course). New Delhi: Tata Mcgraw-Hill.
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