Determining The Final Marketing Mix

As the customer has some fixed value on the product based on the market value comparing with other products in the market.

The success of an organization depends on the ability of the business entity to adopt and integrate quality marketing mix. This relates to the generation and implementation of an effective and substantial balance among the elements of the marketing mix. The organization creates a successful mix through consideration of four critical factors. One of the main aspects of a successful marketing mix by an organization is making sufficient decision in engagement of the right product (Everett, 2009). This is an indication that the product must have the right features thus attractive to the target audiences in diverse market segments. The second consideration is the adoption of an effective and appropriate price mechanism with the aim of exploiting the available market opportunities. According to this factor, organizations must adopt effective pricing mechanism in order to offer quality products at healthy profit levels. The third consideration or success factor is a critical decision with reference to the right place for marketing and distribution of the product. This is a reflection of the need to deliver products at the right place at the right time for the satisfaction of the needs and preferences of the consumers. Finally, the organization should also make substantial decisions in consideration for appropriate, effective, and efficient promotion or advertisement mechanism. The main objective of this project is to examine the marketing

Price is an important factor in the marketing mix not only because it drives revenue and business sustainability, but also because it acts as a signal of value to consumers. Consumers often use price as a way to gauge quality or exclusivity. Moreover, price can also help segment the market, by customer, product-form, location, time-basis, or price sensitivity. By offering products at different price ranges, a wider range of consumers can

Discuss the marketing mix components: product strategy (position, branding), pricing strategy, distribution (marketing channel) concept, and promotional (marketing communication) strategy.

The marketing mix helps marketing companies to develop better strategies, so that the product or service they offer would target their target market accurately. When marketing a product the marketing company should have a unique selling proposition this attracts the audience’s attention.

6. Analysis of the market mix _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Figure 3.1 Factors Which Influence the Marketing Mix Decisions Figure 3.2 Conceptual model developed on the basis of study and research 07 18 19

Using an organisation you are familiar with; explain how factors in the external business environment influence marketing strategies and outcomes

The sixth step in the planning process is to develop a retail mix for each

3. The final part of the assessment involves determining the final marketing mix in relation to the new marketing opportunity.

• Pricing of a product is extremely crucial for a business because “the price of your product can either break or make your business”[i]

“Evaluate the marketing strategy of a blue-chip company you are familiar with. Your evaluation should critically discuss the concept of the marketing mix as applied to your chosen organisation and at least one other academic marketing theory.”

Describe your marketing mix for the company and its products or services. You should include a range of options for varying the marketing mix and address the following;

Review of the detailed marketing activity. A study of the company 's marketing mix; in terms of the 7 Ps - (see below)

This will help the company to deliver product and services that satisfy customers, hence increasing profitability.