...IMPORTANT ELEMENT IN THE MARKETING MIX Definition of Marketing Mix According to Philip Kotler - "Marketing Mix is the combination of four elements, called the 4P's (product, Price, Promotion, and Place), that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy" Marketing Mix was first coined by Neil Bordon, the President of the American Marketing Association in 1953 and is referred to as the set of actions, used by a company or organisation to promote its product or service in the market. A typical Marketing Mix is made up of 4Ps – Product, Price, Promotion and Place. These 4 Ps were introduced by the marketer E. Jerome McCarthy in 1960 and since then they are being used worldwide by the marketers. Product A product is a good or service offered by the company to satisfy the demands of the consumer. Price Price is considered to be an amount charged by the seller for the product or service given to the buyer. Promotion The methods used by the marketer to bring the product into market and to create awareness among the people e.g. advertisement. Place Place is all about how the products reach its buyers for sale. A business can be profitable only when the right product with right price is made available to the right users. The Product ‘P’ is always the single most important element in the Marketing Mix Affirmative The product plays the most important role in the entire process of marketing mix. The product...
Words: 1186 - Pages: 5
...22 Marketing Mix 22.1 Introduction The basic task of marketing is the delivery of product(s) to consumers so that their needs are fulfilled and organisational objectives are also achieved. This involves several important decisions, e.g. deciding about the product or products which should be offered for sale, price of the product, markets where products may sell and the means of communication with the consumer for the sale of the product. All these decisions form part of marketing-mix. In this lesson we shall study about the concept of marketing mix, its components and the relationship among various components of marketing mix. 22.2 Objectives After studying this lesson, you will be able to : explain the concept and characteristics of marketing mix; describe various components of marketing-mix; establish the relationship amongst various components. 22.3 Concept and Characteristics of Marketing Mix The process of marketing or distribution of goods require particular attention of management of business because production has no relevance unless products are sold. Marketing mix, simply stated, is the process 20:: Business Studies of designing and integrating various elements of marketing in such a way as to ensure the achievement of enterprise objectives. The elements of marketing mix have been classified under four heads - product, price, place and promotion. That is why marketing mix is said to be a combination of 4 P’s. Decisions relating to the product include...
Words: 5521 - Pages: 23
...|Unit: |4 |Marketing Principles | | |Credit Value: | |15 credits | | |QCF Level 4 | |Unit Code: F/601/0556 | | |Assignment ref: 4/Term2/2012 | |Learning Outcomes: | | | |1 Understand the concept and process of marketing | | | |2 Be able to use the concepts of segmentation, targeting and positioning | | | |3 Understand the individual elements of the extended marketing mix | | | |4 Be able to use the marketing mix in different contexts. | | | | |Learner’s Name: | | | ...
Words: 2332 - Pages: 10
...Marketing Mix Paper Piña MKT/421 June 6, 2011 Carlyn Carmichael Marketing Mix Paper To achieve the marketing objectives the strategy must include different elements – that is the different parts of the marketing mix. In this reading, the elements of the marketing mix which is product, place, price, and promotion will be defined and explained. McDonald’s will be used in this reading to describe how each one of the four elements of the marketing mix affects the development, marketing strategy and tactics. Marketing is having a great product, being sold at the right price at the right place while utilizing the appropriate promotion. Sounds simple but a lot of hard work goes into these simple steps. A company has to go to great lengths to find what the customer likes, where they shop, and what they consider a good value. This is where the marketing mix comes in. The marketing mix was intended to recommend that you have a well-adjusted mix of marketing activities within your marketing plan. Reviewing these steps can help through the plans and avoid faults. The marketing mix as identified by McCarthy consists of the 4 Ps; product, price, promotion and place; and is a good way in outlining the marketing mix. Product – this element defines the characteristics of your product or service that will meet your customers’ needs. Price – this portion refers to the price of the product or service, including the strategy that is used. It is important to test numerous pricing...
Words: 1504 - Pages: 7
...THE ROLE OF MARKETING MIX STRATEGY IN DETERMINING CONSUMER PURCHASES DECISION. A CASE STUDY OF GIVANAS NIGERIA LIMITED. BY AJIBODU OLAYEMI OLUGBENGA MATRIC NO. ADP11/12/H/0460 A PROJECT REPORT SUBMITTED TO THE DEPARTMENT OF MANAGEMENT AND ACCOUNTING FACULTY OF ADMINISTRATION, OBAFEMI AWOLOWO UNIVERSITY ILE IFE. IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF MASTER OF BUSINESS ADMINISTRATION (MBA.) 2013. CERTIFICATION This is to certify that this research project was conducted by AJIBODU OLAYEMI OLUGBENGA in the Faculty of Administration, Obafemi Awolowo University Ile Ife. _____________________ ___________________ PROJECT SUPERVISOR SIGNATURE AND DATE PROF. J.O ADETAYO _____________________ ____________________ HEAD OF DEPARTMENT SIGNATURE AND DATE PROF. T.O ASHAOLU ______________________ ____________________ DEAN OF FACULTY SIGNATURE AND DATE ______________________ ___________________ EXTERNAL MODERATOR SIGNATURE AND DATE DEDICATION GOD, Late MAA, OYEKEMI and TENIOLA. ACKNOWLEDGEMENT In preparing this research project, the researcher received valuable advice and ideas from well-meaning people, which made the work, saw the light of the day. First, my gratitude goes to Almighty God for giving me life and strength to come up this stage. My gratitude also goes to members of staff of the department...
Words: 15076 - Pages: 61
...Marketing Mix Paper Alyce Shelton MKT/421 December 5, 2011 Instructor: Susan Craver Marketing Mix Paper The key to business success is smart marketing. Today’s mega-businesses consistently seek to develop unique products, use multiple combinations of marketing techniques, and reach new consumer targets. Verizon Wireless currently operates the world’s largest wireless cell phone network, with customers in over 150 countries. The company has clearly demonstrated good use of the marketing mix, and will be used as an example of how the elements of this mix can benefit an organization. Marketing Mix Defined The marketing mix can be defined as the classification phrase to describe organizational choices for development of effective marketing strategies. The term was introduced in 1953 by Neil Borden, former president of the American Marketing Association (AMA). In 1960, Jerome McCarthy added specific elements to further define the marketing mix, known as the 4 P’s: product, price, place, and promotion (Investopedia, 2011). Product Although it is generally thought of the tangible, physical entity that is bought or sold, a product can also be broken down into three levels: 1. The actual product as just described 2. The core product, which is the benefit of the physical product that makes it of value to the buyer 3. The augmented product, which is the added value to the product. An example of this would be a warranty. (Marketing Teacher, 2000-2011) ...
Words: 1684 - Pages: 7
...3 The Effects of Marketing Mix Elements on Brand Equity* Edo Rajh** Abstract The structural model of the effects of marketing mix elements on brand equity is defined in line with the existing theoretical findings. Research hypotheses are defined according to the identified structural model. In order to test the defined structural model and research hypotheses empirical research was conducted on the sample of undergraduate students of the Faculty of Economics and Business in Zagreb. Research results indicate that the structural model has an acceptable level of fit to the empirical data. The estimated structural coefficients and indirect effect coefficients indicate the direction and intensity of effects of each analysed element of marketing mix on brand equity. Finally, implications of research results for the theory and practice of brand management are analysed and discussed. Keywords: brand equity, brand, strategic brand management, marketing mix JEL classification: M31 * This paper was originally published in Privredna kretanja i eknomska politika (Economic Trends and Economic Policy) No. 102, 2005, pp. 30-59. ** Edo Rajh, Research Associate, The Institute of Economics, Zagreb. Croatian Economic Survey 2005 53 1 Introduction The concept of brand equity was first introduced in marketing literature in the 1980’s. During the 90’s this topic received significant attention from both scientists and marketing practice, which resulted in a large number of articles and books...
Words: 8122 - Pages: 33
...Marketing 2014 Unit 2935GENERIC MARKETING(v4) Determine the marketing mix (Level 5, 10 Credits) Due:23rd FEBRUARY 2014 11.55 PM Instructions: 1 You are encouraged to present your work in a word processed report formatusing appropriate headings, page and section numbering, indentations, figures and tables, appendices, style (Arial or Times New Roman) and size (font 12, line spacing 1.5). 2 This assignment is to be submitted electronically via www.abacusinstitute.ac.nz/moodle by 5:00pm on the due date above. OR Alternative arrangements can be made for presenting and submitting your workwith help of the course instructor/tutor, in case of any special needs. 3 The presentation of your work must use appropriate tone, register, vocabulary (includingnon-sexist language), grammar and syntax. Unit Standard 2935 [v4] Determine the marketing mix ER | Description | Range | LO1 | Analyse the inter-relationships of elements of the marketing mix. | | 1.1 | Variations in individual elements of the marketing mix are assessed for their impact on related elements of the mix. | Variation of any two elements. | 1.2 | Environmental factors are assessed for their impact upon elements of the marketing mix. | social, economic, demographic, cultural, ethnic, natural, political, legal, regulatory, technological, competitive. | 1.3 | Customer response to the marketing mix is assessed in terms...
Words: 1289 - Pages: 6
...The marketing mix 7 Ps of the marketing mix… …a framework for complete marketing © 2005 Clarity Marketing Ltd www.clarity-in-communication.com 1 Why is a framework for marketing important? When you are developing your marketing plan, there are many factors that need to be considered. So many, that it could be easy to miss an important element. And since all these elements are interlinked, overlooking one factor could mean that the decisions you make about the others are not fully informed. So why 7 Ps? Traditionally, the marketing mix was developed for the fast moving consumer goods sector, and there were 4 Ps: Product, Price, Promotion, and Place (or distribution). As service sectors have become more aware of marketing, this marketing mix has been developed to also include: People, Process and Physical Evidence. Even if you think you only sell a product, so the original 4 Ps will suffice, it can be useful to think how much of a service element there is to your business. Indeed, the goods-service continuum demonstrates that very few products are purely goods and very few purely service. Goods Service Tangible Intangible Most of us sell either products with a surrounding service element (for example, a customer care help-line for a software retailer) or services with a tangible element (the skill of a hair stylist is a service but tangible products are required to deliver it). So it could be wise, even for product manufacturers, to consider all 7 Ps in...
Words: 1025 - Pages: 5
...bills. This report will analyse where the promotional mix lies in the marketing mix, what the promotional mix is, the four key elements it comprises of and whether TV advertising really is the most important. Research was conducted by drawing on marketing text books, industry magazines and phone/email questionnaires with marketing professionals. The results of the research indicate that the promotional mix is imperative to a marketing campaign and is tailored to suit the marketing message. The report concludes that the promotional mix should definitely be a part of any marketing campaign. Introduction There are many ways businesses choose to promote themselves or their next product or service and the consensus seems to be promotion is all about television advertising, advertising agencies and big bills. But what is promotion? Promotion forms a vital part of the marketing mix. The marketing mix has four to seven elements that form part of its structure – product, price, promotion, place, people, processes and physical evidence; and can be defined as a framework describing the different elements that marketers need to consider (Elliot, Rundle-Thiele & Waller, 2010, pp18). This report will analyse where the promotional mix lies in the marketing mix, what the promotional mix is, the four key elements it comprises of and whether TV advertising really is the most important. Promotion is a vital part of the marketing mix as it allows people to be informed of products and services...
Words: 1577 - Pages: 7
...------------------------------------------------- THE INFLUENCE OF MARKETING MIX TOWARDS SALES VOLUME AT GOOD DAY Genoveva Claudia By: Agatha Rannu Pati Senda Mega Rizky Varianto Ciawi Marketing 2013 CHAPTER I INTRODUCTION 1.1 THEORITICAL FRAMEWORK PRODUCT PRODUCT SALES SALES PRICE PRICE PROMOTION PROMOTION PLACE PLACE 1.2 RESEARCH PROBLEM Brand | Year | | 2013 | 2014 | 2015 | Nescafe | 43.14% | 28.4% | 30.4% | Granita | 20.97% | 30.2% | 22.0% | Good Day | 9.22% | 5.2% | 10.9% | Kopiko 78’C | - | 5.5% | 7.4% | Capucini | 5.41% | 5.6% | 5.0% | *Top Brand Index of Ready to Drink Coffee year 2013-2015 Based on data above, Good Day's top brand index decreased from 2013 to 2014 about 4% and increasing from 2014 to 2015 for 5.7%. This increasing certainly caused by the increasing quality of marketing mix and brings good effect to its sales. 1.3 STATEMENT OF PROBLEM 1. Is there a significant level of influence between Product towards change in sales at Good Day? 2. Is there a significant level of influence between Price towards change in sales at Good Day? 3. Is there a significant level of influence between Promotion towards change in sales at Good Day? 4. Is there a significant level of influence between Place towards change in sales at Good Day? 5. Is there simultaneously influence of Product, Price, Promotion and Place towards...
Words: 953 - Pages: 4
...Introduction Marketing mix comprises four P’s: Product, Place, Price and Promotion, which is one of the most fundamental concepts of marketing. These Ps are quite essential for developing a marketing strategy of any organization (Perreault & McCarthy, 2004). The marketing mix (price, product, distribution, promotion) forms the entire promotional campaign. As stated in “Management of a Sales Force” by Rosann L. Spiro, Gregory A. Rich, and William J. Stanton, “when these are effectively blended, they form a marketing program that provides want-satisfying goods and services for the company’s market." The term became popular in the article written by Niel Borden called “The Concept of the Marketing Mix.” He started teaching the terms to many after he learned about it with an associate. The marketing mix is a broad concept that includes several aspects of marketing which all are required to obtain a similar goal of creating awareness and customer loyalty. The marketing mix is not only an important concept, but a guideline to reference back to when implementing the price, promotion, product, and distribution. Those are the four main ingredients of the marketing mix, but there are other components not already mentioned on the Wikipedia site, including, planning, branding, packaging, display, distribution channels, personal selling, advertising, servicing, and physical handling. All in all the current description of the marketing mix is accurate, but missing some vital pieces of...
Words: 1605 - Pages: 7
...Individual elements of the extended marketing mix & its usage in different context Second assignment issued by Fatima Bagherian Daniel Pisch Business E2020 (evening) 12.11.2015 1 Contents Foreword…………………………………………………………...............3 Methodology………………………………………………………………….4 Referencing..………………………………………………………………5-6 Task 1 - question 1.……………….……………………………………….7 Question 2………….……………….…………………………………….....8 Question 3…………………………………………………………………….9 Question 4…………………………………………………………………..10 Question 5…………………………………………………………………..11 Task 2 – question 1………………………………………………....12-13 Question 2…………………………………………………………………..14 Question 3…………………………………………………………………..15 2 Foreword This assignment has been commissioned by Fatima Bagherian. In order to do this assignment student must study the Unit 4 marketing principles. The goal of this assignment is that the student is able to: Explain how products are developed to sustain competitive advantage Explain how distribution is arranged to provide customer convenience Explain how prices are set to reflect an organization’s objectives and market conditions Illustrate how promotional activity is integrated to achieve marketing objectives Analyse the additional elements of the extended marketing mix Plan marketing mixes for two different segments in consumer markets Illustrate differences in marketing products and services to businesses rather than consumers Show how and why international marketing differs...
Words: 3223 - Pages: 13
...MARKETING FUNDAMENTALS (BMAN 70441) University Student ID: 7922185(0) Application of the marketing mix is no longer relevant for firms adopting a contemporary approach to marketing. Is this statement true? Write an essay that critically assesses this statement with reference to relevant literature and briefly outline suitable practical examples of firm’s practices where appropriate. Introduction Marketing developed as a distinctive management function in the period between the First World War and the Second World War (Lindgreen et al., 2004) which according to Marshall (1927) focused purely on distribution and exchange of goods. Period through the 1950s and 1960s as observed by (Borden, 1964) saw a tremendous increase in the evolution and interest in the subject of marketing, leading to the development of the concept of transactional marketing. The Marketing Mix Model also called as transaction marketing has been used as a corner stone of marketing for virtually four decades (Grönroos, 1994). Since its inception, McCarthy’s (1964) Four Ps- Product, Promotion and Place have been of utmost importance in the marketing management text (Yudelson, 1999). The model has seen little change since 1950s and as time has progressed; goods and services have noticeably transformed, both in terms of appearance and perceived value (Grönroos ,1994). Piller and Müller (2004) further observed that the customers had changed...
Words: 3027 - Pages: 13
...106 Int. J Busi. Inf. Tech. Vol-4 No. 1, March 2014 Review and Explain the Impact of Promotion Elements on Brand Equity (Case study: Samsung Brand) #1 1 Hamidreza Salmani Mojaveri, #2Amin Allahbakhsh, #3Mostafa Salmani Mojaveri Ph.D. candidate, Department of Management and Economic, Science and Research Branch, Islamic Azad University, Tehran ,Iran mazisalmani@yahoo.com 2 Master of Executive Management, Payam e Noor University, Babol, Iran 3 Department of Industrial Engineering student , Department of Industrial Engineering, Islamic Azad University,Firoozkoh,,Iran Abstract— This study has been examines the relationship between elements of promotion and brand equity in the home, audio and video products (Samsung brand case study). Type of present Research Method is descriptive and correlation based on structural equation modeling. For this purpose a questionnaire with 36 questions has been designed. Results of data analysis with use structural equation modeling is supported the research hypotheses about the direct effects of variables on each other. Results indicate positive effects of the brand equity dimensions on the brand equity and strong impact of promotion dimensions on these dimensions. finally use of brand enrichment activities (such as extensive advertising, employing qualified and efficiently vendors, increase communication with goal customer use of various and appropriate sales promotion and extensively , use of marketing without intermediaries e.g. creating...
Words: 4058 - Pages: 17
