Premium Essay

Define Marketing Mix.

In: Business and Management

Submitted By shims79
Words 1483
Pages 6
Define Marketing Mix.

Marketing is a process that depends on customer needs and demands. Marketing concept proposes that an organization requires focusing on customer needs and wants, coordinating its efforts and endeavoring to accomplish organizational goals.

Marketing can be best defined as: “A process of identifying, satisfying and retaining customer’s profitability”.

The American Marketing Association defines market as:
“Marketing is an organizational function and set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.”

The marketing mix is a business tool used in marketing and by marketers. It is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. Traditionally the marketing mix consisted of just 4 Ps, getting the mix of these elements right enables the organization to meet its marketing objectives and to satisfy the requirements of customers.

The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four P's. When marketing their products firms need to create a successful mix of these four P’s:

• Product
• Price
• Place
• Promotion.

These four P’s are the parameters that help the marketing managers in controlling, subject to the internal or external constraints of the market environment. The aim is to make decisions that centre the four P’s on the customers in the target market in order to create perceived value and generate a positive response.

To create the right marketing mix, businesses have to meet the following conditions:
• The product has to have the right features - for example, it must look good and work well.
• The price must be right. Consumer will need to buy in large...

Similar Documents

Premium Essay

Short Critical Essay Explaining How the Poor Economic Climate in the Uk Might Affect the Marketing Mix of a Start-Up Retail Venture in the High Street.

...Write a short critical essay explaining how the poor economic climate in the UK might affect the marketing mix of a start-up retail venture in the high street. I will look critically at setting up a retail business on the high street in the current economic climate and the affect this may have on the marketing mix. I will first give a brief overview of the economic situation in the UK and high street retail in general. The UK economy has undergone a protracted period of instability since the banking crisis of 2007/08, which sparked economic downturn for the UK and caused a dramatic fall in both consumer and business confidence. Between 2008 and 2012, the UK experienced two periods of recession and has been subject to austerity measures, such as public spending cuts, welfare reforms and increased taxation, imposed by the UK Government in an attempt to reduce the country’s budget deficit and reverse economic decline. These measures coupled with high inflation, rising levels of unemployment and low wage growth have contributed to less disposable household income and subsequently lower consumer spending across most of the UK. The economic constraints of the last five years, such as falling consumer spending, increasing operating costs for businesses (20% rise since 2006) alongside less available, affordable borrowing to businesses have led to large numbers of high street retailers closing their doors. The Centre for Retail Research (2013) reported that 54 retail......

Words: 1967 - Pages: 8

Premium Essay

Marketing Mix Paper

...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......

Words: 1504 - Pages: 7

Premium Essay

Critical Review: Standardisation vs Adaptation

...Viswanathan, N. & Dickson, P. 2007, ‘The fundamentals of standardizing global marketing strategy’, International Marketing Review, vol. 24, no. 1, pp. 46-63. Introductory Academic Program – Academic English The issue of standardisation versus adaptation, which affects all international business organizations, continues to evolve as markets and technologies develop further. In the article ‘The fundamentals of standardizing global marketing strategy’ (2007), Viswanathan and Dickson contribute to the discussion by examining the considerations related to the standardisation of a multinational company’s marketing practices. The authors subsequently propose a new theoretical framework that identifies three complex drivers to be considered in evaluating the degree of marketing standardisation possible: the similarity of consumer response to the marketing mix, the transmissibility of competitive advantage, and similarities in the amount of economic freedom in different markets. The article imparts perceptive insights on the latter two drivers, which, according to the literature review, have been relatively ignored by researchers in comparison to the role of consumers. This critical review assesses the structure and practicality of the proposed conceptual framework, as well as the comprehensiveness of the authors’ exploration of the issue. The proposed theoretical model, intended for the use of marketing practitioners as an instrument in decision-making, appears reasonably......

Words: 981 - Pages: 4

Premium Essay

Xiangdangdang

...set the context for the essay. It introduces the main ideas of the essay and draws the reader into the subject. A good Introduction gets to the heart of the subject and captures (俘获) the interest of the reader, acting as a trailer to what is to follow. It tells readers what to expect by addressing Who, What, When, Where, Why and How? The Introduction outlines the main issues on which you intend to focus and others you just intend to mention. In this way it sets your parameters. It defines any terms or concepts that you need and acknowledges possible issues raised by the question and explains your approach. It could include a comment upon the importance of the topic. It may act as an overview in summarising the issues to show an understanding of the exact question and present the method of research or experiment. It is often about 10% of the length of the essay. An example of a basic Introduction for ‘ Discuss the relevance of the marketing mix for a tourism organisation’ might be: The purpose of this essay is to… (repeat the essay task in your own words, i.e....

Words: 1442 - Pages: 6

Premium Essay

Marketing Comms

...Critically evaluate some elements of Marketing Communications and their use to The Marine Hotel Introduction The ‘Post Crisis’ Consumer – Consumer behavioural shifts and how this has affected management Declasse Consumption – not spending money frivolously Cooperative Consumerism – Consumers connected to the brand Durable Living – Consumers looking for ways to extract value Marine Hotel’s Communication Objectives Integration, the attempt to present a consistent message across the available promotional mix elements has always been important to successful organizations (kitchen and Burgmann, 2003) IMC is the concept and process of strategically managing audience-focused, channel-centerd, and result-driven brand communication programs over time (kitchen and Burgmann, 2003) nternal/external integration. All internal departments and all external employed agencies are working together to an agreed plan and strategy. (Holm, 2006) Vertical objectives integration. It means that communication objectives fit with marketing objectives and the overall corporate objectives (Holm, 2006) from a communicative perspective, is not the changing set of tools. More important is to adjust objectives and strategies to changing marketing and communication realities (Holm, 2006) The characteristics commonly associated with the concept of strategy and strategic decisions are, first, that strategy is concerned with the ......

Words: 1922 - Pages: 8

Premium Essay

Xiaomi vs Apple

...Xiaomi Vs Apple Introduction Xiaomi Inc. (Chinese: 小米科技; pinyin: Xiǎomĭ Kējì, literally "Xiaomi Tech", or "Foxtail millet tech")is a privately owned Chinese electronics company headquartered in Beijing, China. It is the world's 3rd largest smartphone distributor that designs, develops, and sells smartphones, mobile apps, and consumer electronics.[4] Since the release of its first smartphone in August 2011, Xiaomi has gained market share in mainland China and expanded into developing a wider range of consumer electronics. The company's founder and CEO is Lei Jun, China's 23rd richest man according to Forbes. The company has over 3,000 employees, mainly in mainland China, Malaysia, Singapore, and is expanding to other countries such as India, and Indonesia. As per the new research by IDC, Xiaomi is now the third largest smartphone maker in the world followed by Lenovo and LG at fourth and fifth place respectively. Samsung remains at the first place despite declining shipment volume, followed by Apple Inc. at second place. Apple Inc. is an American multinational corporation headquartered in Cupertino, California, that designs, develops, and sells consumer electronics, computer software, online services, and personal computers. Its best-known hardware products are the Mac line of computers, the iPod media player, the iPhone smartphone, and the iPad tablet computer. Its online services include iCloud, iTunes Store, and App Store. Apple's consumer software includes......

Words: 1129 - Pages: 5

Premium Essay

Summary of Learning

...important for a company to define. This allows companies to better target the markets that are more likely to buy their product. While some have to work to capture the attention of their target market, other companies create products that are necessary to their potential customers’ lives. An example of a company who displays this is Resmed. Resmed is a large company that operates in over one hundred countries. They target adults from ages thirty to seventy years old that suffer from sleep disorders, particularly with an emphasis on sleep apnea. While Resmed does have competition in the market, they dominate because they continue to expand into different markets and have a greater reach and larger target market over time. Another company that has specific target markets is DuPont. DuPont is another large company that over time has expanded into many markets. These markets include agriculture, food and beverage, building and construction, packaging, and finally mining. DuPont does not sell their products directly to customers, but to other companies in these fields. For example, during the visit they discussed how they distribute their innovative agricultural products to farmers. Product The product or service a company creates and provides is an extremely crucial part of the marketing mix. It must be a product that consumers would be willing to buy and use over an extended period of time. McGuigan Wines is a prime example of how a product defines a company. McGuigan is a......

Words: 888 - Pages: 4

Premium Essay

Marketing

...INTRODUCTION This essay reviews the role of the 4 elements of the marketing mix, and the role they each play in the retail petrol environment. The 4 elements of the marketing mix are product, price, place and promotion and collectively they are referred to as the 4 P’s. The 4 P’s are very much the foundation of marketing in in this essay I will define each of the 4 P’s and discuss their roles within the marketing mix of the petrol retail environment. This essay will then conclude with a review of the 4P’s, their relevance within the marketing mix and their overall significance within the retail petrol environment. PRODUCT Product can be defined as what is exchanged in a sale with the customer, whether that is a good, service, idea people or places. Within the retail petrol environment there are countless products, the majority of which are non-durable goods such as the core product of the outlet, fuel, and all the convenience products such as the food, drinks and entertainment products (magazines etc). Many retail petrol outlets have become stores within a store, where there is the main store that sells the petrol and convenience products, and a second store that is a fast food outlet. These stores within a store add to the appeal of outlet, customers understand that they have a greater choice and subsequently a greater chance that their needs can be satisfied. Jerath and Zhang commented that “the introduction of new products through stores within a store can bring new...

Words: 282 - Pages: 2

Premium Essay

Four P's Represent

...Which of the 4P’s is most important? First, let focus on what the “P’s” represent. THE PRODUCT: Exactly what product or service are you going to sell to this market? Define it in terms of what it does for your customer. How does it help your customer to achieve, avoid or preserve something? You must be clear about the benefit you offer and how the customer’s life or work will be improved if he or she buys what you sell. THE PRICE: Exactly how much are you going to charge for your product or service, and on what basis? How are you going to price it to sell at retail? How are you going to price it at wholesale? How are you going to charge for volume discounts? Is your price correct based on your costs and the prices of your competitors? THE PLACE: Where are you going to sell this product at this price? Are you going to sell directly from your own company or through wholesalers, retailers, direct mail, catalogs or the Internet? THE PROMOTION: Promotion includes every aspect of advertising, brochures, packaging, salespeople and sales methodology. How are you going to promote, advertise and sell this product at this price at this location? What will be the process from the first contact with a prospect through to the completed sale? (UMUC,1) Whenever a decision is made to rebalance one of the “P’s", it also impacts decisions in other areas. For example, changing the price of a popular product, by lowering its price, could impact the placement aspects by requiring increased...

Words: 427 - Pages: 2

Premium Essay

Cuctomer Satisfaction

...the Thai Chamber of Commerce 2012   Thesis title Name Degree Major title Thesis adviser Graduate Year Factors and Customers Satisfaction of Budget Hotel Customers in China Yang Yu Master of Business Administration International Business Assistant Professor Dr. Arisara Seyanont 2012 ABSTRACT The purpose of this research was to study the customer perception toward marketing mix (7P’s), customer satisfaction and customer loyalty of budget hotel in China. The researcher distributed 450 questionnaires during the month of September to October to the customers who stayed at budget hotel in China. There were 400 questionnaires completed and usable. Collected data from questionnaires processed by computer program in terms of frequency, mean, standard deviation and regression. Results showed that customer perception toward product/service and promotion had a positive impact on custom satisfaction, and customer satisfaction had a positive impact on customer loyalty. The budget hotel operators can use the result to determine their target market, make a good marketing mix plan to make the customer satisfaction and loyalty. iv   ACKNOWLEDGEMENTS I would like to express my gratitude to all those who helped me during the writing of this thesis. My deepest gratitude goes first and foremost to my thesis advisor Assistant...

Words: 22636 - Pages: 91

Premium Essay

Toyota

...MARKETING TASK 3 Understand the individual elements of the extended marketing mix The service marketing mix is also known as an extended marketing mix and is an integral part of a service blueprint design. The service marketing mix consists of 7 P’s as compared to the 4 P’s of a product marketing mix. Simply said, the service marketing mix assumes the service as a product itself. However it adds 3 more P’s which are required for optimum service delivery. The product marketing mix consists of the 4 P’s which are Product, Pricing, Promotions and Placement. These are discussed in my article on product marketing mix – the 4 P’s. The extended service marketing mix places 3 further P’s which include People, Process and Physical evidence. All of these factors are necessary for optimum service delivery. Let us discuss the same in further detail. Concept of Product A product concept plays a vital role in the new-product development process. It serves as a means by which to present a new-product idea to consumers. A product concept can be presented either physically or symbolically. It is through the use of the product concept that companies can receive feedback from consumers as to the possibility of implementing and furthering the proposed concept (Kotler 237). Introduction to the product TOYOTA PRODUCTION SYSTEM Cost control through the elimination of waste TOYOTA PRODUCTION SYSTEM Cost control through the elimination of waste Toyota is the market leader in its......

Words: 1063 - Pages: 5

Premium Essay

Chatime

...The target market is the basis for creating a marketing mix to satisfy the needs of the market. It is the in-depth research into the characteristics of the target market and it consist of product, pricing, promotion and place. Based on graph above, the research found out that majority of Chatime’s customers are between the age of 18 to 22, which is 25 out of 50 persons. Other than that,the second highest range of chatime customers age are below the 18, which is 14 out of 50 persons. The target market of Chatime is probably the college age students and post graduate individuals. They are mostly from the urban areas and care about trends and enjoying good lifestyle. A company`s product is an important variable in the marketing mix. If a company`s products do not meet customers` wants, the firm will fail unless it is willing to make an adjustments. Chatime diversify their products into several categories. There are mellow milk tea, fresh tea, coffee, chatime special mix, oriental pop tea, QQ jelly, energetic healthy juice and smoothie series. In total, there are 73 choices of drinks for customers to choose from. Besides, customers can also customize their drinks according to their likings in terms of ice options, sugar levels and choice for toppings. _____________. Furthermore, Chatime provides comfortable lounge that features modern European which is designed by Ana Marcelo. The white and purple couches and cushion chairs give customers a calming and relaxing feel to......

Words: 934 - Pages: 4

Premium Essay

Pricing Strategy

...Assignment #1 Posted by Ge Gao at Saturday, July 7, 2012 1:49:33 PM CDT   1. Are you influenced by coupons and promotions? Does it change your buying patterns? How does it influence your perception of value?  Yes, I’m influenced by coupons and promotions. It does change my buying patterns. I would buy some products for the future or products I don’t need. It makes me feel that if I spend time on looking for coupons and promotions, I can get those products at a lower price. I think I can pay less to get the same value, or get a higher value than what I pay by coupons and promotions.   2. Ron Johnson had a successful track record at Target and Apple. Are the questions around his new pricing strategy for Penney premature?   JC Penney is trying to find a customer segment that is not entirely focused on price and deliver a different experience to them. But the problem is that JC Penney is currently a “me too” retailer, with nothing unique to offer. They are selling to a customer segment that is trained to look for the cheapest deal and their products don’t possess the differentiation to take consumer’s focus off its price. When selling a relatively undifferentiated product, it is hard to convince customers to pay more than what a lower priced competitor might offer. Differentiation is a key to avoiding steep discounts, and for JCP it seems pre-mature to offer lower prices when products are not differentiated. That differentiation can come from products or from the service in...

Words: 881 - Pages: 4

Premium Essay

Assignment

...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......

Words: 1289 - Pages: 6

Premium Essay

Ipad Market Plan

...USA. It is well known to people for their innovations in the computer market. The company was founded on April 1, 1976, and incorporated as Apple Computer, Inc. on January 3, 1977. It ranks as the world's second largest IT company by its revenue, Samsung being the first. 2. Marketing Situation: * The Exchange Value: Apple's iPad has a price ranging between $499 to $699. Although this may seem as a high price, but in exchange customers recive a high quality product which is durable. * The Strategic Mission: "Technology alone is not enough. Faster, thinner, lighter; those are all good things. But when technology gets out of the way, everything becomes more delightful, even magical. That's when you leap forward. That's when you end up with something like the iPad 2" Above is apple's mission statement for the iPad. * The Marketing Goals: * Creating suspense, anticipation and hype before the release of the iPad 2. * The power of perception, so as to be seen as a powerful product. * Since more competitors have emerged since the ipad 1, it is important to have the biggest market share in this market. * The 4Ps also known as the marketing mix , is a set controllable elements used by a company to get that the firm required response in the target market. * Product: Ipad is a tablet device with various features. It includes a LED touch screen. Specifications comprise dimensions of 9.56 x7.47 inch.......

Words: 747 - Pages: 3