Marketing mix strategies and applications

Marketing mix is the term used for the four marketing variables over which the company can exercise control. It can be defined as the combination of detailed strategies, tactics, operational policies, programs, techniques and activities to which resources may be allocated such that the company's marketing objectives are achieved. The role of the marketing mix is to move objectives and plans into the reality of implementation and achievement (Kotler & Fox, 1985).

Marketing mix consist of 4-Ps as described below from a company -- Barnes and Noble -- a bookseller: This company is a private company that specializes in selling the books of various categories to the readers.

Price:

Pricing a product or service is one of the most important business decisions. A company like Barnes and Noble, a book seller, must offer its books for a price that its target market is willing to pay -- and one that produces a profit for the company. Barnes and Noble can use discounts, or lower price for increasing its sales.

Place:

This "P" addresses what distribution channels that a company is going to use eg. Is the company a manufacturer, a wholesaler or a retailer. Over time, distribution channels change as businesses grow (Lewis, 1984). So, a company, like Barnes and Noble, is required to decide how to make best sellers available in time. In short, Barnes and Noble uses a variety of techniques to make books available. It uses both intensive distribution, and selective distribution for selling the books.

Promotion:

There are a number of promotional activities a company can undertake including, advertising including magazines, newspapers, radio, television, billboards, banner advertising on websites, bus shelters, Yellow Pages and more, publicity including press releases, feature articles, television interviews, authoring a book and referrals, sponsorship - anything from sponsoring a sporting event to a television show, and sales promotion including making special one-off offers to get people through the door including sales, incentives and contests (Smith, 1988). Barnes and Noble makes use of all of the above promotional avenues for selling its books. For example, it makes use of direct marketing as well as the Internet marketing also promotes its books through newspaper, TV advertisements, and Internet advertisement.

Product:

product can be a physical item, a service, or an idea. In 4-P the company needs to describe in detail the products or services in terms of the features and benefits they offer customers.