Premium Essay

How Four of the Marketing Mix Elements Combine to Make It a Success.

In: Business and Management

Submitted By patrickbourke
Words 985
Pages 4
The marketing mix is a combination of marketing tools that are used to assure consumers and satisfy company goals. The marketing mix can be considered the offering of the company to the consumer. This offer is controlled by the following elements often referred to as the four P’s:
• Product
• Price
• Place
• Promotion
By using alternative mixes of these four elements you have the capacity to reach multiple customers within your target audience.
Biodesign is an advanced tissue repair graft for use in soft tissue repairs by surgeons. It is a product which is owned by Cook Medical, a medical device company.
Biodesign was a revolutionary technology that was first to market ten years ago and since then several competitors have come to the market. Since then Biodesign’s positioned has changed to meet the needs of today’s market.
Creating a successful marketing mix that will lead to increased market share, often takes market research and experimenting. Biodesign is no different, extensive market research was conducted and several mixes were tested before the final combination was agreed upon.
In the case of Biodesign, the product caters to a niche market, and the marketing mix matches that: the price is within market budget, they are distributing the product where it will be seen, and the promotion is geared to solve the problems that the audience is encountering.
***One of the main keys to the success of any marketing plan is the ability to work effectively in shaping marketing mixes that meet the needs of your specified target market.
So let’s see how the Biodesign marketing mix works:
Product
In the past, the thinking was that a good product will sell itself. However, there are no (very few) bad products anymore in today’s highly competitive markets. This along with improved consumer rights in terms of product returns when the product is perceived as...

Similar Documents

Premium Essay

Unit 5 P6

...The marketing mix provides an excellent framework for developing marketing plans in an orgnazation.The marketing mix for phsyical goods is generally accepted as being made up of the 4ps which are: · product · price · promotion · place once the marketing objectives have been agreeded marketing plans must be devloped to achieve goals.Buisenessses will often tailor its marketing mix to suit its objectives.The objectives often includes:support brand building,satisfying needs and aspirtaions of a targeted group of customers. Support brand building the marketing mix supports the building of brands and also through product stretaergies.Strengthening brand awraeness is beneficial for a buisness because a strong brand allows a buisness to make more effective use of its marketing stratergies by promoting more than one product within the brand range.This can often lead to the to a higher raise of the profile of new products in a brand. Satisfying needs and aspirtaions of a targeted group of customers.The four ps of the marketing mix are the parameters that a business can control,although they are subject to internal and external constraints of the marketing envioment.The goal is to make decisions that centre the four ps on the customers in the target market,in order to create perceived value and to generate a postive response.If a product genuinley satisfys the needs and aspirtaions of its target market ,it stands a better chance of long term success rather than a product......

Words: 607 - Pages: 3

Premium Essay

Marketing Mix Individual Assignment

...Marketing Mix Individual Assignment Adrienne Kelley MKT-421 May 5, 2014 Marketing Mix Individual Assignment Marketing is essential to the success of a company’s business no matter how big or how small, with the main focus on quality, consumer value and customer satisfaction. The marketing mix is a strategy used in marketing to ensure the primary focus is met on a consistent basis. The four elements of the marketing mix are known as the "Four P's" of marketing. The marketing mix combines these four elements to produce the results it needs to achieve in a specific target market. Many organizations use the four Ps to gain a competitive advantage in the marketplace. (SmallBizConnect, 2014).  The four major components of the marketing mix are explained below: * Product (or Service) * The product is the goods or services that a business sells to their target market. When developing a product or service the company should consider quality, design, packaging, and features of the product or service. * Place * Place refers to the location, distribution channels, methods, and logistics for getting the product or service to the customer. * Price * The amount of money customers pay to purchase the company’s product or service. Price setting must consider the competition in the target market and the cost of the entire marketing mix. * Promotion * The focus of promotion is to acquire new customers, while also retaining current......

Words: 1010 - Pages: 5

Premium Essay

Marketing Mix

...Defining Marketing Paper Heidi Maceo MKT 421 12/24/2013 Suzan Craver It is vital for organizations, firms, and companies to set up a goal and work hard in order to achieve that goal. Organizations, firms, and companies have different goals and type of business but they all seek for success, progress, expansion and prosperity. Therefore, they must have a strategy that includes the four elements of the marketing mix; product, place, price, and promotion. Product means the need-satisfying offering of a firm. The idea of “Product” as potential customer satisfaction or benefits is very important. Many business managers get wrapped up in the technical details involved in producing a product, but most customers think about a product in terms of the total satisfaction it provides. In order to satisfy a customer, the product must offer excellent service, a physical good with right feature, useful instructions, a convenient package, a trustworthy warranty, and maybe a familiar name that has satisfied the consumer in the past. I worked in a four star hotel called Movenpick Dead Sea in Jordan several years ago. The product of the hotel and spa that was built in both styles; old and new and offered outstanding products such as great reservation and customer service, excellent housekeeping service, food and beverage, banquet, sales and marketing along with the lovely amenities they provided. The quality of the product was rated by the customers and most of them were really......

Words: 1291 - Pages: 6

Premium Essay

Marketing Mix

...The Marketing Mix The Marketing Mix The objective of this document is to gain an understandable idea of the marketing mix. The marketing mix is an indispensable element of every firm’s marketing arrangement. The marketing mix includes four key facets recognized as product, place, price, and promotion. The mix is the arrangement of the entire four groups in which a thriving marketing movement is generated. In an effort to identify with the elements of the marketing mix every category should be examined independently and the link connecting each one of the marketing blend or mix must be tackled. First, product is the piece of the marketing mix that pertains to the blueprint and formation of the tangible item or service that is presented to the consumer. Therefore, product is noticeably vital to the remaining parts of the marketing mix because the creation offered will mainly be the foundation for producing the additional three elements of the marketing line of attack. Hence, the business is required to follow a line of investigation concerning the target market to come to a decision if a potential product is in fact wanted by the purchaser. Thus, if the company discovers considerable desire for the product then the company should advance toward the designing course of action. As a result, the firm will set the scale of the value concerning the product with the price of the product in an effort to realize a sense of balance that produces an item that is extremely appealing...

Words: 1992 - Pages: 8

Premium Essay

The Marketing Mix

...the marketing mix using the marketing management process. In today’s hypercompetitive marketplace, when a firm has the right marketing mix chances for success are very good; if the marketing mix is only marginally successful a firm’s future is in doubt. This paper will briefly describe the marketing management process. Next the elements of the marketing mix are described. Along with each element, examples are provided showing how each part of the marketing mix affects the development of an organization’s marketing strategy and tactics. “The marketing management process is the process of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans” (Perreault, Cannon, & McCarthy, 2009, p. 32). Planning activities include setting objectives, evaluating opportunities, creating marketing strategies, preparing marketing plans, and developing a marketing program. Implementing the plan is putting everything into practice. Controlling the marketing plan after implementation includes measuring results, evaluating progress, and adjusting the marketing mix accordingly. Through the marketing management process as part of defining the marketing strategy, a firm defines its marketing mix. When a firm hits on the right combination of the four Ps of the marketing mix, it will enjoy success. The four Ps are “…controllable parameters likely to influence the consumer buying process and decisions” (Constantinides, 2006, p. 408). The four Ps......

Words: 1862 - Pages: 8

Premium Essay

The Market

...forecast the growth of the market 3. To identify the competitors in the market 4. To break the market down into relevant segments 5. To create an appropriate marketing mix to appeal to customers in the market. There are different types of markets for example: Business-to-Business (B2B) markets in which a businesses customers are other businesses. Business to Consumer (B2C) markets in which businesses sell to other customers. . Markets are typically structured into segments. Primary segmentation is between customers buying entirely different products. [2]. Contribution of marketing to achievement of its business objectives The strategic plan therefore is the detailed planning involving marketing research, and then developing a marketing mix to delight customers. Every organisation needs to have clear marketing objectives, and the major route to achieving organisational goals will depend on strategy. It is important, therefore, to be clear about the difference between strategy and tactics [3]. . Marketing can thus be seen as the process of developing and implementing a strategy to plan and coordinate ways of identifying, anticipating and satisfying consumer demands, in such a way as to make profits. It is this strategic planning process that lies at the heart of marketing. Marketing is now accepted as a strategic discipline or general management function and in this respect must care for the health of a business in the future - especially...

Words: 5306 - Pages: 22

Premium Essay

Tesco's Marketing Concept

...Definition of Marketing Heidi Cohen the President of Riverside Marketing Strategies explained marketing as the following: “In line with the firm’s business goals, marketing attracts consumers’ scarce resources, attention and disposable income, to drive profitable revenues. Marketing is the process of getting a product or service from a company to its end customers from product development through to the final sale and post purchase support. To this end, marketing strategy consists of business goals, target customers, marketing strategies, marketing tactics and related metrics. As a function, marketing extends across the customer’s entire purchase process including research, engagement, purchase, post-purchase (including supplemental support and returns) and advocacy. “ In other words marketing is a tool what companies use in order to convince customers according to their wants and needs in order to receive profit for the company. There are different tools and strategies for that it is changing according to the product or service what is trying to be sold. But also highly depends on the demander just as age, gender, social background, interest geographic location etc. elements of the marketing process In the following lines the four elements of marketing process will be introduced. The four stages are Situation Analysis, Marketing Strategy, Marketing Mix Decisions, finally Implementation and Control. Let’s begin with Situation Analysis. This step is often......

Words: 1797 - Pages: 8

Premium Essay

Marketing

...WHAT IS MARKETING? Marketing Focuses on Exchange One popular conception of marketing is that it primarily involves sales. Other perspectives view marketing as consisting primarily of advertising or retailing activities. For some of you market research, pricing, or product planning may have come to mind. While all these activities are part of marketing, it encompasses more than just these individual elements. The American Marketing Association defines marketing as the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Effective marketing requires that managers recognize the interdependence of such activities as sales and promotion and how they can be combined to develop a marketing program. The AMA definition recognizes that exchange is a central concept in marketing. For exchange to occur, there must be two or more parties with something of value to one another, a desire and ability to give up that something, to the other party, and a way to communicate with each other. Advertising and promotion play an important role in the exchange process by informing consumers of an organizalion's product or service and convincing them of its ability to satisfy their needs or wants. Not all marketing transactions involve the exchange of money for a tangible product or service. Nonprofit organizations such as charities religious groups,......

Words: 3088 - Pages: 13

Premium Essay

Marketing Mix

...Marketing Mix “The four P approach has led to a manipulative attitude to people” (Gummesson, 2002:285). “What marketing deserves is new approaches, new paradigms, which are more market oriented” (Gronroos, 2002:140). “We propose that the mix has now reached its vanishing point, and we argue that marketing requires a new paradigm” (O’Malley & Patterson, 2002:50). What is common among the above three quotations is the fact that they are all against the Marketing mix. They also share the common belief that it’s time for a radical change, one where the 4Ps are rejected for a new paradigm. But the importance of the 4Ps is being undermined. Despite its limitations, they still form the base which is being used by modern organizations. This paper attempts to show the importance of the marketing mix for modern marketers and that it cannot be relegated from modern marketing strategy. The paper is divided into six parts. Beginning with the introduction it then moves on to the development of the marketing mix theory. The third part contains the literature review of the mix. The fourth asserts that marketing mix in conjunction with RM and CRM can result in a successful marketing strategy and the fifth uses Lexus as an example to prove this assertion. It ends with the conclusion. What Is Marketing Mix? The Oxford Dictionary of Business and Management’s definition of the Marketing Mix is of “the factors controlled by a company that can influence consumers’ buying of its products”......

Words: 4449 - Pages: 18

Premium Essay

Organizational Analysis

...Safaricom's 7 P's of marketing. Safaricom limited is a telecommunication company that offers a wide range of intergrated services including mobile and fixed Voice, SMS, Data, Internet and Mobile money (M-PESA) to over 25 million subscribers and currently command market share of 67% according to Communications Authority of Kenya (CA). The Company also commands widest mobile network coverage enabling it to maintain its position as the region's mobile market leader. Safaricom revolutionary mobile money transfer service M-PESA has over 22 million subscribers, supported by a nationwide agent network of over 90,000 agents who enhance the accessibility of the service to all customers. The marketing mix refers to variables that a marketing manager can control to influence a brand’s sales or market share. The marketer E. Jerome McCarthy proposed the four Ps classification in 1960, which has since been used by marketers throughout the world (Wikipedia, 2014). The marketing mix is a familiar marketing strategy tool, which was traditionally limited to the core 4Ps of Product, Price, Place and Promotion. It is one of the top 3 classic marketing models. The 7Ps model was devised by E. Jerome McCarthy and published in 1960 in his book Basic Marketing. The 4Ps were designed at a time where businesses sold products, rather than services and the role of customer service in helping brand development wasn't so well known. Over time, Booms and Pitner added three extended ‘service mix P’s':......

Words: 2078 - Pages: 9

Premium Essay

Mkt/421

...1,050-word paper in which you define marketing. Include in your paper your personal definition of marketing and definitions from two different sources. Based on these definitions, explain the importance of marketing in organizational success. Provide at least three examples from the business world to support your explanation. Properly cite sources used in the paper. Format your paper consistent with APA guideline DEFINITION OF MARKETING By know this .com Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer. Marketing is the process of planning and executing the pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individual and organizational goals." American Marketing Association. My personal definition Marketing is a set of activities, which will satisfy the objectives of both the organizations its stakeholders including customer.  Marketing is the process of planning and executing the pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individuals and organizational goals. (www.wikipedia.com) There are two major aspects of marketing which is the recruitment of new customers (acquisition) and the retention and expansion of relationships with existing customers (base management). The four general sets of activities......

Words: 7785 - Pages: 32

Premium Essay

Marketing Study Guide

...MARK 3000 • Chapter 1 o LO 1- What is marketing? ▪ A set of activities • Using the four P’s to deliver value and benefits to a targeted group of customers (target market) ▪ A company philosophy (the marketing concept/orientation) • The objective of the company is to (1) satisfy consumer wants, and (2) meet organizational objectives. • What does the consumer want? ▪ The four P’s • Product (what are we making?) o Can be a… ▪ Physical good ▪ Service ▪ Idea • Price (how much are we charging?) o Monetary, barter, etc. • Place o Where is the product available? o How do we get the product where it needs to be? • Promotion (how is the product communicated?) o TV, internet, free samples, newspaper, etc. ▪ Exchange • Exchange is a desired outcome of marketing. • Five conditions of exchange o At least two parties o Each has something of value to the other o Each is capable of communication and delivery o Each is free to accept or reject the offer o Each feels it appropriate or desirable to deal with the other • Marketing can occur even if exchange doesn’t o LO 2- Marketing management philosophies ▪ Other orientations • Production o Focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. o As long as it......

Words: 2916 - Pages: 12

Premium Essay

Marketing Communication in Consumer Context

...Question: Marketing communication in consumer marketing context. Discuss. Organizations engage with a variety of audiences in order to pursue their marketing and business objectives. In addition, there are consumers – you and me – people who are free to choose among the many hundreds and thousands of product offerings. Marketing communications provides a core activity so that all interested parties can understand the intentions of others and appreciate the value of the goods and services offered. Marketing communications is a management process through which an organization engages with its various audiences. Through understanding an audience’s communications environment, organizations seek to develop and present messages for their identified stakeholder groups, before evaluating and acting upon the responses. By conveying messages that are of significant value, they encourage audiences encouraged to offer attitudinal and behavioural responses. Marketing communications provides the means by which brands and organizations are presented to their audiences. The goal is to stimulate a dialogue that will, ideally, lead to a succession of purchases and complete engagement. The communication process involves nine elements: two major parties (sender, receiver), two communication tools (message, media), four communication functions (encoding, decoding, response, and feedback), and noise. To communicate effectively, marketers must understand how these elements combine to communicate......

Words: 1804 - Pages: 8

Premium Essay

Adjust Marketing Mix

...adjusting the marketing mix Toyota Australia is the leading car manufacturer in Australia having a market share of 21% beating it competitors. The company has grown and developed from its establishment from Japan in 1937. Toyota Australia marketing mix followed the 4P's in establishing a brand that is renowned for its quality, innovation and services. They offered a wide range of vehicles which targeted the 30's to 40's age bracket and attempting to break into the gen y market. There price reflected the services and quality of manufacturing the vehicles, and the also offered consumers choice to add features. They mainly promote their brand through television, newspapers and by being a sponsor of reality shows and sporting events. They are internationally recognised and have made their mark in the marketplace Introduction Scope The following is a marketing mix review and recommendations report on the world's largest car manufacturer Toyota. The report will outline the fundamental elements of Toyota's marketing mix, and also recommendations will be made on how to improve on each marketing mix element of the organisation. Background Toyota Motor Corporation established in 1937, is the biggest car manufacturers in the world, with its factories spanning over various countries. It is one of the world's most successful and most profitable car manufacturers. Australia has one of the smallest and oldest car industries in the world and has played an important role in the success......

Words: 2526 - Pages: 11

Premium Essay

Analysing the Working System of Tesco’s Business

...Warren Buffett 2.2 Skills lead to success 3Marketing strategies of Tesco p4/p5/p6 3.1 The overview of marketing and marketing mix 3.2 Four P’s strategies of Tesco 3.21 Product 3.22 Price 3.23 Place 3.24 Promotion 4 Organisational culture of Tesco p6 5Employee motivation strategies of Tesco p6/p7 5.1 Definition and Importance of motivation 5.2 Theories of motivation 6 Conclusion p7 7 Reference list p8/p9 8 Appendix p10 1. Introduction In 1919, Jack Cohen built a small shop in the east of London. Afterwards, Tesco was born because of the combination of Jack Cohen and a tea supplier called T.E.Stockwell (Time100, 2012). Since then, Tesco has a steady growth. Now, Tesco is a leader in the UK retailer field which own 2979 stores and employ about 300,000 staffs in the Britain, accounting for more than 30% market share (Tesco, 2012). What’s more, Tesco is also honoured as the world’s third largest grocery retailer with 520,000 employees in 14 countries catering for different customers worldwide (Tesco, 2012). In 2011/2012financial year , the group sales and the profits before tax up to £72bn and £3.8bn respectively. Tesco is aim to provide value for customers to make them happy and earn their......

Words: 1953 - Pages: 8